While I have written several blogs on how to lead millennials (How To Lead Millennials, The Millennial Generation Lacking Service Aptitude, & The Currency for Millennials is Purpose), this article focuses on how to sell to them. A recent study by the Harris Group reveals that 72% of Millennials prefer to spend their hard-earned cash on experiences rather than on material goods. America’s now largest generation cares less about cars and houses and more about skydiving and touring foreign countries. It’s a trend that’s ultimately helping fuel growth of billion-dollar-plus start-ups like Uber, WeWork and Airbnb. Millennials, who have tremendous spending power, that’s expected to only accelerate, require more than the orderly exchange of money for value. Attentive Customer service is key to earning their loyalty and stimulating a positive social response. It is also a trend that many retailers haven’t adjusted to. Those who don’t adapt will find themselves closing hundreds of locations or filing for Chapter 11.
Experiential > Stuff
Millennials view ownership differently than previous generations did. While young adults have traditionally placed high value in a car and home, millennials have commitment issues with these types of purchases. Since 1987, Harris Group found that the share of consumer spending on live experiences and events relative to total U.S. consumer spending increased 70 percent. “Millennials aren’t spending our money on cars, TVs and watches,” Taylor Smith, CEO and co-founder of Blueboard, told CNBC. “We’re renting scooters and touring Vietnam, rocking out at music festivals, or hiking Machu Picchu.” Blueboard, which sells “experiential” packages to companies, has Customers including Astex Pharmaceuticals and GoPro. The company designs perks such as skydiving, cooking classes and couples massages.
Is your company positioned to attract the different needs that the Millennial Customer generation is after?
The future of CX has never looked so good
Meet the 2017 Class of the CXE Academy. Twelve new certified Customer Xperience Executives (CCXE) are some of the best-trained professionals in the world ready, and prepared to create a Customer Service Revolution within their organizations. Watch this 2-minute video on their yearlong journey to earn their CCXE distinction.
Are You Ready To PIVOT Into Greatness?
The Pivot Point is a multi-disciplinary business-mentoring firm founded by Cesar Torres. The Pivot Point is focused on mindset, profitability, and goal achievement. Pivot towards greatness – the time is now! Through passion and drive, Torres has become a successful entrepreneur owning several Anytime Fitness centers, a meal prep company, personal training business, and a business-mentoring program. Cesar has grown hundreds of private owned businesses over the past 17 years and loves developing winning mindset habits. He has developed systems empowering individuals to create their life’s dreams.
Cesar Torres Presenting At The Secret Service Summit
The DiJulius Group is excited to announce that Cesar Torres and Charles Chang, CEO, of The Pivot Point will be presenting at the 2017 Secret Service Summit, October 26th & 27th in Cleveland, Ohio. They will present on 2 topics: Fostering a Contender “Mindset in Your Team” and “Moments of Truth“. Summit attendees will learn to Pivot towards greatness.