According to the 32,000 voices in global research[1] on millennials, 51% of C-Suites and managers admit they have no strategy to target millennial customers. Being that millennials are the largest population set on the planet, have the highest annual purchasing power ever recorded, benefactors of the greatest transfer of wealth in the history of humanity, and hold 82% of all tech jobs, 51% of leaders freely admit they are missing the unsurpassed opportunity for growth and profit in their lifetime. Even more troubling, when millennials are asked the same question, “Does your company or organization have a strategy to target millennial customers?”, 72% of millennial employees state that their respective company has NO strategy to target millennial customers, which emphatically suggests two issues. First, the C-Suite admission of 51% is low, and second, very few companies are legitimately strategizing to secure growth and profit with millennials. Thus, there is a tremendous opportunity waiting for someone to own.
There is no doubt, someone will own the growth and profit of millennial employees, customers, and members. Why not you? Why not now? My comprehensive millennial research shows the growth of your company will be determined by the decisions that you're currently making regarding millennials. However, it also shows that very few are owning the growth and profit of the millennial customer base. When millennials are asked, “Is your employer's marketing and product line relevant to millennials”, 64% say, “No.”
The research also shows that owning the growth and profit of millennials is contingent on an intentional strategy that is focused on relevant channels of communication and an emphasis of financial priority. When one of the largest banks in America piloted and implemented the outcomes of my research in a strategic region, the region earned top growth awards in the 3 most important categories: new client acquisition, growth factor, and profitability. To accomplish those objectives, based on the data in the project, we developed an intentional platform of voice that produced products and services that were relevant to millennials. The outcomes validated the growth equation from the research; millennial voice = millennial relevance, millennial relevance = millennial growth.
As W. Edwards Deming stated, “Without data you’re just another person with an opinion”. When it comes to millennials, you must have the facts in order to own the growth and profit of the demographic. Based on the definitive outcomes in my research, the majority of C-Suites and/or companies are not utilizing data to develop their respective trajectories of growth with millennials. Therefore, what are you using to construct a future with millennial employees, customers and members? Bookstores and the internet are saturated with opinions and assumptions that conference speakers frequently quote as “truth” regarding millennials. Are you certain that you’re developing your trajectories of growth on “truth” about millennials? Applying assumptions and opinions that are based on a few personal experiences have the potential to be devastating to any organizational structure seeking growth. Yet, owning the growth and profit of millennials is just matter of allowing us to help you implement a growth structure that emulates the facts.
Ideas to Consider
As a leader, you should be able to answer:
Who in your organization owns the millennial client initiative? Do you have a millennial strategy in place for marketing? Prospecting? Ongoing Service?
How is your organization sourcing your market data?
Do you have a trusted partner with which you work to apply the data, validate your strategy, and implement your solutions?
For help in developing a model and strategy for growth with millennial employees, clients and members, our professionals are available to discuss your specific situation.
[1] Wessinger, K. (2019). Bridges over Ladders. c2e Press: Athens, Georgia.