August 30, 2017 / News
Millennials are a broad bracket of people, born between 1982 to 2004. The phrase millennial often inspires images of narcissistic youths that crave instant gratification and think the world owes them something (this sentiment is especially common amongst older generations). However, this biased slant doesn't paint an entirely accurate picture. Millennials are more engaged with the world around them, they're conscious of social, economical, and environmental issues, they possess an entrepreneurial spirit and value authenticity. Above all, Millennials are largely defined by their mastery of the digital space.
Millennials grew up with the internet, and don't know a life before digital technology. The plethora of information they have at their fingertips, no matter where they are, or what time it is, and the constant social connection they enjoy, have made them incredibly powerful consumers. Millennials know what they want and they want it now. Their attitudes, behaviours, traits, and tendencies divert dramatically from generations that came before them, which has forced many businesses to adapt their practices. Businesses have recognised that if they fail to rise with the Millennial tide, they run the risk of missing out on this very lucrative market.
In Australia, Millennials have the highest levels of employment, are the most educated generation, and enjoy relatively high levels of disposable income. Effectively tapping into the needs and wants of this demographic can do wonders for a business' bottom line. These savvy, young consumers are making a real impact on the way that businesses operate and re-configuring the formula for success.
The Impact That Millennials Are Having On Businesses
1 - Shift Towards Local & Environmentally Responsible Businesses
Millennials, more than any other generation, are willing to pay a little extra for goods and/or services to support smaller Australian businesses, or companies that are environmentally conscious. Environmental mindedness is becoming an increasingly important factor in the decision-making of Millennials. When making a decision about which option to choose, a business that has environmentally sustainable practices will have a significant edge over the others. This trend is predicted to only gain more momentum in the future.
2 - Personalisation & Customisation
Mass customisation is out, and personalisation and customisation are in. One of the most effective ways to cut through a saturated market, is to provide Millennials with the ability to 'co-create' a product/service that is unique to them. Millennials are all about self expression and are no longer satisfied by bland, generic offerings. Also, marketing and advertising efforts that effectively utilise consumer data to craft a message specifically tailored to their needs, will have greater resonance with Millennials than having a 'one-size-fits-all' policy.
3 - Shared Rather Than Owned
With the rise of apps like Uber and Airbnb, it is clear that Millennials are no longer looking to own, but instead opting to rent resources as they need them. Owning a car and/or a home is now being increasingly perceived as a long-term financial burden, which has effectively reduced its attractiveness. The sharing economy has allowed Millennials to enjoy the benefits of these goods and services, without the expenses and hassle associated with ownership. The ease of access to a range of resources, the freedom it allows and its cost-effective nature, mean that the 'sharing economy' isn't just a fad that will fade away, but a lasting solution for Millennials to the problem of the rising cost of living.
4 - User-Generated Content
Consumers are no longer just passive receivers of information. The internet, in particular social media sites, have enabled consumers to also produce content and quickly disseminate it to a potentially very large audience. Allowing for user-generated content, such as reviews, videos, comments, and other forms of active consumer participation, can help build a community around a business/product/service and foster greater brand loyalty.
Since, businesses cannot control the nature of the the content that is produced by users, it is extremely important that these conversations are frequently monitored, as any negative word of mouth that is generated can go viral and has the potential to be very damaging to a business' reputation.
5 - Convenience & Speed Over Everything
Convenience is king for Millennials. Take the success of of Deliveroo, Foodora, and other food delivery services as an example. The main draw for these apps is that with just a few clicks on a computer or mobile device, a person can bring you exactly what you want, straight to your door. Since Millennials are time-poor and lead increasingly busy lives, they are willing to pay a little extra to save time on mundane things, like cooking dinner, and spend that saved time on more fulfilling and interesting activities. To effectively capture the Millennial market, businesses will need to show that they can provide On Demand products/services faster and more reliably than their competitors.
If you're looking to hire quality, pre-vetted workers On Demand, contact us at Workfast today! Visit our website, or call 1300 824 403.