As we have all discovered, 2016 is living up to the predictions that it would be a promising year for small business owners and entrepreneurs. The new developments of modern technology has given small businesses the opportunity it needs to develop the low-cost, quality products and services that it has needed. Millennials- this is the “new” word that we are hearing thrown around frequently when it comes to business and growth. There’s no group with more market influence today than Millennials, also known as Gen Y. The largest demographic group ever born in this county. America’s 83.1 million Millennials (born between 1982 and 2000) are having a huge impact on many industries. Look for an increase in the number of weddings as the bulk of Gen Y starts approaching the average age for getting married (27 for women, 29 for men). The $79 billion wedding industry touches so many businesses, such as restaurants, florists, caterers, bakeries, tourism, hair and makeup stylists, retailers selling wedding attire, gifts, stationery, jewelry, and many more. It is vital entrepreneurs targeting brides and grooms be tech-savvy, since 93% of those planning weddings use online resources to do so and 61 percent use their mobile phones to access those businesses, so make sure your website is mobile-friendly.
Millennials are also impacting home décor in a different way than older generations. They want smaller, functional homes—in fact, 77% want a home with technological innovations. And after the weddings and homes come babies. In 2014 there were 3,985,824 babies born in America, very close to 4 million, which marks an official baby boom year.
If you want to reach Millennials, the best way is to email them. Over 40 percent say they prefer being contacted via email, rather than social media (5 percent) and text messages (2 percent).
Millennials are important in another way to small business owners—as potential employees. This trend has years to go, so there are some things you should know about Millennial staffers. It’s Oldest members are now entering into their early 30’s. This generation is reinventing the way businesses manage the workplace and its employees.
Millennials demand comprehensive leadership and opportunities for growth within every position they fulfill. Transparency, collaboration and a seamless work-life balance are vital not only to their comfort, but also to their success within the workplace. Millennials also effortlessly adopt new technologies as they’re announced, therefore erasing the awkward adjustment phase every preceding generation has endured after a computer and equipment update. In regards to millennials’ relationship with technology, brands and services — what used to be a one-way conversation is now multifaceted, 24-hour-a-day, seven-day-a-week dialogue between brands and their customers. Often through the use of online surveys, a large percent of millennials are willing to provide insight on their consumer habits and decision-making processes, in return for improved products and services,
For entrepreneurs from the millennial generation, the ability to rapidly spread information is key to successful marketing. Millennials are also more conscious about the social responsibility exhibited by their employees or employers. In an effort to maintain impeccable work-life balance, they seek workers and workplaces with shared ethics and ideals.
Because millennials place so much value on quality and ethics, they prefer to use technology to take care of the busywork. Things like online meetings and web conferencing services provide a virtual communication platforms. They rely on tools such as ClickMeeting, Huddle, Memit, and
WorkflowMax for help with workflow optimization and project management for collaboration and productivity in the workplace.
Don’t be afraid of, or let the millennials intimidate you, learn grow and realize that this group of people can help your business to soar in every way.