I love working with Millennials as well as understanding their purchasing habits.
From IBM’s Institute of Business Value’s study on Millennials, I had 3 Aha moments about how they like to purchase!
- The world’s gone social! Millennials meet with vendors face-to-face during the sales cycle, but they would much rather interact remotely during this initial phase
- In God we trust, all others bring data. Millennials place equal weight on data analysis and the opinion of family and friends when deciding whether or not to make a B2B purchase costing US$10,000 or more
- Millennials are eager to share positive experiences, but very reluctant to share disappointments
These 3 ahas, tell me that in order to meet their needs, we need to:
- Be social in the sales cycle ! Since this social network scene makes the most sense to millennials, consider setting up an internal private social site to gain more input, and answer questions.
- Share data and analytics to assist in the progression! Since millennials want the data, share it! Do your homework to make it valuable but don’t forget the “word of mouth” as well.
- Make it easy to shout it from the mountain tops! Since this new generation likes to share positive experiences, make it easy for them to do so. This enables them to become your brand ambassadors!