The demographic labeled “Millennial” make up a massive 80-million-person portion of the market; these 18-36 year-olds buying power is about to exceed the Boomers. They're different in almost every way from any other generation in history, so we do well to pay attention to their likes and preferences, dislikes and complaints. Because Millennials’ purchases provide so much, careful study of them will reveal ways to grow with the times and rethink how we do business.
A few core traits define this young crowd: they are special, sheltered, confident, social, conventional, pressured and fancy themselves to be high achievers. All their lives, their parents have told them they can be anything they want, do whatever they feel and have whatever they desire…while at the same time sitting them in time outs, filling their hours with enrichment activities and hammering in social values. They expect the best, and many strive to give their best in return.
Millennials adore technology like a security blanket. They grew up alongside digital devices. As Apple, Microsoft , Amazon and Google steadily perfected their interfaces, these kids did not experience the crashes, glitches and other annoying things that taught previous generations to be patient. This group is not used to technology not working, and they have little tolerance for slow, bulky and/or unfriendly digital interactions. They expect intuitive, simplified sites that get the job done fast.
Over 41% of this crowd do not own telephone land lines. Smartphones are their lifelines. On these handheld devices, they watch movies, bank online, research products, locate facilities and interact with friends. Millennials are literally attached to their devices at the hip; most sleep with their phones and use them for everything pertaining to life.
Highly social, they shop in packs. The opinions of others matter greatly, and few will embark on major decisions without consulting a large portion of their circle via social media first. Millennials usually also value their parents as part of their social group and give great weight to their input, but because they tend to research more, they often advise more often than they receive advice from their elders.
Perhaps most importantly in business, Millennials want a shopping experience…not just a transaction. A comfortable, clean, aesthetically pleasant environment matters to them on many levels, and might greatly determine how long they stay and whether they buy. Good, honest conversation with the company representative anchors the all-important connection that they seek. Since values are so important to them, they are often more likely to buy from companies that support causes they believe in, and actively seek out businesses that donate to their favorite charity.
When buying cars, though they rely heavily upon their mobile devices to locate and price a vehicle, an overwhelming 96% of Millennials want to test drive before they buy. This sales interaction has the potential to land squarely in the Millennial’s sweet spot—appealing to all aspects of their multifaceted generational personality. A great experience here in the test drive could win a customer for life…as long as things keep going their way!
At ATC, we value variety as the spice of life. We're dedicated to helping your dealership grow with the times and reach the goals you set with classes designed for all parts of business. Contact us today to enroll your teams!