Managing and Selling to Gen Y
By
Superfloral staff
PostedNovember 6, 2019
In 2019, according to Pew Research Center, the youngest millennial is 22, and the oldest is 38. These folks are simultaneously becoming the most important consumer group and taking over the workforce, which is presenting challenges for businesses, as both marketers and employers. Millennials are unwilling to settle for anything less than what they perceive to be their right to eternal happiness, as either consumers or employees.
This generation is a new breed of consumer, and research shows that their unique shopping behaviors are influencing those of older consumer groups, who are increasingly mimicking the demands of this younger group. As workers, millennials seek purpose over payouts and flexibility over financial stability, believing that work should fit into their lives rather than the other way around. These factors mean that retailers will have to change how they do business quickly, or they will fall by the wayside.
These statistics, as well as the other features in this issue, should help you in hiring, working with and selling to millennials.
“Millennials, with their unique traits and mind-sets, are forcing companies to change offerings, both on the sales floor and in the workplace.”
MILLENNIALS AS EMPLOYEES
75% The percentage of the U.S. job market that millennials are projected to occupy by 2025.
Source: The Brookings Institution; brookings.edu
94% The staggering number of millennials who prefer to have mentors in their workplace. Millennial workers like guidance and coaching, and they thrive on positive feedback, so notice and acknowledge positive contributions.
Source: Survey conducted by Suzan Shedid, The Palladium Group; thepalladiumgroup.com
MILLENNIALS AS CONSUMERS
Gen Y Loyalty Transparency (truthful, unbiased information) about products, services and a company makes a difference with millennial consumers.
94% say they are likely to be more loyal to a brand that offers complete transparency
56% say they would definitely be loyal for life to a brand that offers complete transparency
39% say they would switch to a different brand that offers more product transparency
Source: Label Insight’s Transparency ROI Study; labelinsight.com
WHAT GEN Y WORKERS WANT
It’s widely thought that millennials care the most about how much money they will make during their lives, but according to several surveys, including one conducted by Suzan Shedid of The Palladium Group, that isn’t true across the board: Only nine percent of respondents placed money as their top priority.
The top two job/career priorities among survey participants are:
• Having a job they’re passionate about – 54%
• Prestige and status – 47%
Other factors important to millennial workers in their jobs/careers include: career growth, the impact they will have on the world, a friendly environment, and a creative environment.
Source: Survey conducted by Suzan Shedid, The Palladium Group; thepalladiumgroup.com
Movin’ on Up
Millennial workers want to move up fast. They are eager, they want to learn, and they need to feel continual progression/upward movement within an organization. Figure out how to make that happen – possibly by creating new positions or different levels within existing positions. If you don’t, these workers will move on to another company.
Source: Rhonda Abrams, PlanningShop; planningshop.com
68% The percentage of millennials who demand an integrated, seamless experience regardless of the channel (i.e., able to transition effortlessly from smartphone to personal computer to physical store in their quest for the best products and services).
95% The percentage of millennials who say they want companies/brands to actively court them. They say that coupons sent via email or mailed to their homes have the most influence on them. Other channels, such as text messages, influence just over half of millennials in terms of their shopping behaviors.
Source: Accenture; accenture.com
