Why So Serious About Millennials?

Why So Serious About Millennials?
August 25, 2017 Alan Chen

Hi, my name is Alan, and I’m a Millennial.

I was born in the late 1980s, grew up playing Lego and reading superhero comics. At the age of 9, I switched on my father’s computer, and composed my first digital art piece with Paint. I started attending computer classes to learn ways of using Windows 95, where I dialled to the 50kbit-speed internet for the first time in my life and created my first email address.

My childhood, with these first-hand digital experiences, has made me a typical Millennial.

 

Rise of The Planet of The Millennials

Millennials, also known as Generation Y, 90s kids, the avocado advocates, and the killers of conventional industries [1], currently account for 29% of the Australian population [2]. By the year 2030, two-thirds of Australian income will be earned by Millennials [3], making them the largest spending cohort in the country.

Millennials are influencers. They are generally highly educated and employed. With one-third of them living with parents [4], their opinions have behavioural impact on the other consumer segments such as Generation X and Baby Boomers. It is critical for businesses to understand who Millennials are, and how they should be recognised as the next major target audience.

 

Millennials Need Only 5 Minutes To Qualify Their Experiences

Most consumers merely adopted the concept of digital transformation. Millennials were born into it, moulded by it. They continued to adapt innovations and disruptions even after they were already adults.

And with great adaptability, comes greater tenacity. Millennials are decisive when it comes to customer experiences. Their view of great customer experiences also lies in the companies’ ability to shift to new trends and technologies.

If Millennials can get off an Uber straight away at the destination without fiddling with cash, they will not bother hailing a taxi; if they can receive a response from social media within 5 minutes instead of 24 hours from corporate email, they will post their concerns on Facebook; if they must contact customer support directly to receive updates, they will not trust the brand and eventually move on to another digital-ready provider.

If Millennials disapprove their experiences with your business, your responses need to be instantaneous, because you will lose them faster than your hesitation to pay more attention to them. Today’s technology advancement enables innovations for refined customer experiences. This generation of consumers are keen to try your new ideas for the better. If the idea enhances their experiences, they will promptly adopt them, expect the progressive refinement, and ultimately become a loyal prospect of your customer-centric business.

Millennials may not be the market your business wants, but they are the prospects you need to convert.

 

The rise of Millennials is disrupting the industries, with businesses now revising their customer engagement approaches.
Talk to us to enable your digital capability for visionary customer experience strategies.

 

  1. Business Insider, ‘Psychologically scarred’ millennials are killing countless industries (https://www.businessinsider.com.au/millennials-are-killing-list-2017-8)
  2. Nielsen, Australian Millennials Myths Busted, 2017
  3. Macquarie Securities (Australia), Australian Macro Strategy Millennials – more to invest in than avocados, 2017
  4. CBRE, Australian Millennials Shaping Future of Real Estate, 2016

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