How To Target Your Business to A $200B Generation Without Really Trying

Twentieth century history of America likes to point to the baby boomers as the transforming generation. But according to Forbes contributor Micah Solomon, the next big generation is the one that follows far behind the boomers: the millennials.

This cohort, born between 1980 and 2000 to boomer parents, is now entering economic maturity with good jobs and about $200 billion to spend per year, according to Advertising Age. In fact, the millennials will likely spend over $10 trillion over their lifetime as consumers. With business now just a click away thanks to e-commerce, its up to businesses that depend on this rich cohort to also tailor their business model to fit with the values-centric attitude of this generation, while offering instant, but not pushy customer service.

Solomon’s suggestions for how businesses reach out to millennials blend the old demands of face-to-face interaction with the speed and efficiency of modern technology, which for the first generation to grow up with computers is a necessity. For example, using humans in efficient, data-driven roles helps provide value to customers. Though algorithmic means, humans engaging in peer-to-peer, intelligent ways makes millennials feel part of the process of commerce, rather than being lectured or talked down to as some older business models suggest.

The days of scripted conversations, neat dress codes, and condescending language won’t work on this generation. Letting your employees show off those plaid shirts and rose tattoos while engaging in a genuine conversation that comes from the heart, not a sheet of paper, is the way to get this generation’s business (especially if they’re buying from fellow millennial cohorts). Selling customers on the experience, rather than just the product, is the real way to appeal to them.

Millennials want to be involved with the process of buying, to gain an appreciation for both the product and the values of the business selling them that product. Sharing information and reviews through social media, and having open paths of dialogue, like American Eagle’s chat app, is also important for stimulating customer interactions, as well as speeding up the sale of specific items so that they can be enjoyed longer.