A 2012 report by the U.S. Census Bureau found that Millennials now outnumber every other living generation, including the Baby Boomers and Generation X. This means that Millennials are beginning to shift business trends and companies that wish to survive will have to adapt and cater further to this generation. The following are five strategies you may want to implement within your small business to stay relevant in an ever-evolving marketplace.
While you may think that Millennials are lazy, narrow-minded, and materialistic, this couldnt be further from the truth. They just operate in a different way than generations before them. They seek out creative ways to increase their efficiency at work, while consistently analyzing and improving business processes within the workforce. This results in innovation which helps organizations evolve. Many experts see a trend where companies are beginning to embrace Millennials and address their needs. This trend is projected to grow as the generation starts to account for more of the work force.
Nurture Your Brand
The internet has levelled the playing field by opening up the business landscape to more people. Unlike Baby Boomers, which had to purchase a brick and mortar business to realize their entrepreneurial dreams, most Millennials dont bother with the overhead costs of establishing a physical location for their business. However, with lower costs comes more access to a variety of industries and an increase in competition. This has boosted the importance of branding for small businesses. Look into personal branding tools which will help your business increase its individuality and decrease the amount of direct competitors.
Welcome E-Commerce Solutions
With the rise of e-commerce, operating an online retail business has never been easier or cheaper than it is today. Due to the ease that businesses can now target and communicate with their audiences, there is an increasingly growing demand for e-commerce resources and tools. Recent reports have found that 58% of online shoppers add additional products to their virtual shopping carts to gain free-shipping quotas. As technology expands at a rapid pace, you should notice a continuing expansion of e-commerce trends.
Train Remote Employees
A decade ago, you probably would have never heard of a remote employee. Nowadays, startups and technology businesses are conducting the majority of their hires remotely. Meetings can be held over various video platforms, such as Skype, while social media, customer service, and programming roles only require an internet connection and a computer, allowing talented Millennials to be hired for jobs no matter where they reside.
As a whole, Millennials are the most environmentally-conscious generation and are resultantly very particular about the kinds of products they buy. They are the primary reason why there has been a rise in socially conscious companies. This generation cares about the planet and wishes to make sure that it is still around when they and their children grow old. More than $500 million has been saved by the growth of energy efficiency, a trend expected to grow it the coming years.