Here come the millennial decision makers. For half a century, the world’s workforce and its business practices have been dominated by the baby boomer generation. Their significant numbers have made up a great portion of the workforce for decades, with over 1 million born in 1947, compared to 657,038 children born thirty years later in 1977.
Why is this significant? This boom in population, hand in hand with the economy boom and spread of capitalism, meant that the boomer generation built the foundations of modern business practice.
However, these old foundations are looking to new management. It has been predicted that by 2025, millennials or, generation Y, will make up 75% of the global working population. In taking over the labour force, they will also be taking the reins of business leadership – Gen Z following not too far behind.
This major shift in the world’s working population will require you to rethink your business model and marketing strategy to appeal to these new business leaders. So how can you make sure you are not left behind by Generation Y?
Get with the times! Harnessing social media and technology in your marketing campaigns
The time has come, the walrus said, to let go of traditional outbound marketing techniques!
Social media is used by almost every millennial today. Some 90% of millennials can be found on Facebook and more than 11 million global millennial decision makers are on LinkedIn – that’s 12% of the millennial population.
These technological natives with their intuitive skills for social apps and modern online search tools have come to know them like a second language.
Millennial decision makers research potential partners and clients effortlessly so you need to make sure that everything valuable about your business can be found by them when they start looking.
The use of up-to-date LinkedIn, Facebook and even Instagram pages with contact and website links cannot be underestimated. Presented in the right way, websites in particular can be a resourceful gateway to prospective clients. Here is where you showcase your brand, flaunt your clients, and exhibit your work. This is your first impression, so make it count!
Make your content especially useful when launching any new marketing initiatives. Don’t sell – educate.
The most important thing to consider when harnessing social media for marketing, however, is engagement. People are more likely to share interesting and informative content, than say, a 12-page product brochure!
On social media, communication is a two-way street, and algorithms place a higher importance on engagement than frequency. Likes, comments and shares will reward you with further exposure meaning it is more likely you are to be seen by potential clients. 90% of social media users say that they have engaged with a business this way. It is an excellent way to promote blogs, services – new and old, and garner traffic for your website.
Authenticity – the difference between success and failure
Inheriting a world on fire (in some cases literally) means that socially responsible business practices carry more weight with this generation than with their predecessors.
Millennial decision makers are far more likely to associate with other businesses that they feel are making sincere efforts to maintain and increase their social responsibility. 76% of Millennials consider a company’s social and environmental commitments when deciding to work for a business and 64% will actively decide against taking a job for employers with poor social responsibility practices.
Companies can use this to their advantage by working with diversity hiring organisations and making long term commitments to making their company greener.
However, you must be authentic and sincere. Millennial decision makers smell an insincere marketing a mile away
Don’t risk social criticism for greenwashing products or pink washing advertising. Honest, authentic marketing campaigns must reflect your business’s reality.
The importance of flexibility
For almost a year now, the world has learned to live with, work in, and embrace the “new normal.” And businesses should too. 60% of the UK’s adult population is currently working remotely amidst the pandemic, with 23% committing to continue this practice once lockdown is officially over. A flexible mindset towards marketing can also mean greater accessibility for clients.
The baby boomer generation was far more accustomed to working face to face, having meetings in person, and commuting to client offices. With remote access tools like of Zoom, Skype, and Teams taking over, it has become far more lucrative to embrace remote styles of marketing. This allows businesses to engage with multiple clients in the time it would take to travel to and from just one, as well as connecting with a larger base of clients from around the globe.
So, with a new generational changeover of management in the working world, adapting to these new styles of selling and marketing is essential to consolidating a business to work with millennial decision makers. Change, however, does not have to be a death sentence – by remaining open, flexible, and accessible, growing business in the 21st century can become far more profitable for themselves, and beneficial for an increasingly socially and environmentally conscious world.
