According to an article published by Fortune magazine (February 2016), Millennials are on target to have a larger wave of entrepreneurs than did baby boomers. In addition they are expected to show larger gross profit margins at 75% compared to boomers reporting an average of 42%. Along with higher profits, millennials are also employing larger teams on average of 122 employees over that of boomers with an average of 30.
What does that mean if you’re in Sales? It means you need to find a way to get to the millennials faster than your competition to be able explore with them all the needs they currently have for your product/service or will have in the future.
Millennials are no different than other generations when it comes to buying from people they trust. They will seek out a reference or referral from others. However, they are also excellent at exploring opportunities on the internet via social media where they also make many of their buying decisions.
Most times that buying decision is made prior to even talking to a sales person or virtually connecting.
There is a huge shift that has already begun to take shape. Companies need to look at how they have been growing their businesses and reaching their target markets. The “same old” ways are changing and you may find you will be leaving business on the table or letting it pass you by.
If you don’t want to miss out on one of our nation’s largest up and coming generation (Millennials = Your next customer) then it’s time to review, revamp and find new ways to market your services. Imagine all the new companies and a huge generation that are going to need your services or products?
You can ignore it if you want to but don’t pause for too long or you will have missed out on a great opportunity to reach new customers and grow your business.
How will you compare to your competition and what will you do seize this opportunity?
Feeling overwhelmed and frustrated about growing your business?
Contact us at Strategic Business Development, we’d love to hear from you. We have worked with and helped hundreds of small, savvy and smart businesses create a growth strategy plan for successful growth and results.
More Customers + More Sales = More Profits
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