Are Baby Boomers and Millennials Driving Your Business?

Millennials are a driving force in today's consumer world.

With the millennial generation making up about one fourth of the American population, they have a big hand in the consumer world. Companies, from the auto industry to the work out gear world, are trying to win them over.
Millennials differ from the baby boomers in their spending trends.

Companies are seeing this and trying to be more innovative with their marketing strategies to appeal to the younger generation.

With high levels of education which lead towards high incomes, the millennial population has the money to spend. And they can set the trends of where the money is going.

This can raise some concern, as seen in the article, “Auto Industry Raises Concerns About Spending Shift From Baby Boomers to Millennials”, but it also can inspire companies to shoot for a new demographic.

Among some of the millennial consumer trends:

1. They love engaging on social networks. What does this means for companies? Get on social networks. Engage, discuss, invite. This generation loves social media, and when a company can engage with them there, bonds and loyalties are formed.

2. They like technology. What does this means for companies? It means a couple of things...make sure your website is mobile friendly. It also means if you can have an app to go with your business, do it. Whether you work in auto loans or bubble tea, have an app.

3. They are altruistic. What does this means for companies? This means that if your company can give back to the community, do it. Not only will it possibly bring in the millennial demographic, but it's just plain good. You'll see satisfaction within your company when you start giving back. That doesn't mean you have to go far, either; you may be surprised to see plenty of need in your own backyard.

4. They check stuff out before buying. What does this means for companies? It means that while these potential customers are searching online for reviews, you need to follow what is being said about you and your product or service. You'll want to know the good, the bad and the ugly so you can respond to it and speak about it if necessary.

The millennial generation is different from that of the baby boomer; they still need stuff; they still need to buy goods and services.

That means they need car loans and clothes and furniture. They just like to go about getting it in a little different way.

This is causing a shift in how businesses need to market their product/s and interact with customers to stay current and successful.