Strategies for Selling to Millennials
Millennials—individuals born roughly between 1980 and 1995—are now the largest generation in the United States, outnumbering even the baby boomers. Recent research suggests that generational bands are shortening to 15 years, as opposed to the traditional 20 years typically referenced.
Millennials are ambitious, highly educated, tech-savvy, hard-working and altruistic. Whether they are establishing employee benefits or choosing P&C policies for their companies, millennial leaders want a business partner who can meet them on the same fast-paced level.
Because the millennial generation is more plugged in and connected than ever before, they can be easily reached with a few adjustments to your sales strategy. With the explosion of technological growth in the last few decades, how millennials perceive information and services is different than any other generation. When your prospective client is a millennial, it’s important to know how they might react. Here are some tips for how to present your business and services to millennials:
1. Be transparent and authentic: Millennials greatly value transparency, especially when it comes to pricing. When presenting your business and services to millennial decision-makers, it’s important to clearly state your services without overpromising. Another way to offer transparency and attract millennials is to offer a fee-for-service or consultancy model. Using this compensation method, your services and fees are clearly identifiable and prove your trustworthiness.
2. Utilize social media: A recent study by the McCarthy Group found that 84 percent of millennials don’t trust traditional advertising. Instead, many millennials trust what they see about companies on social media platforms such as Facebook and Twitter. Businesses with no social media presence may be considered obsolete by millennials.
However, you don’t need to hire a social media consultant to create a presence on social media. Try to find someone in your company with social media experience, or someone who is willing to learn.
3. Monitor your online reputation: Millennials are increasingly using anonymous, online reviews to check the quality of products and services they buy. It’s important to check online sources to find out what people are saying about your business.
4. Personalize your services: Many millennials won’t sit through a PowerPoint presentation or listen to a value proposition presentation; if a millennial is the decision-maker at a prospect organization, these types of presentations may dissuade them. Instead, millennials like to feel as though goods and services directly target their organizational needs. Try to plan beforehand how your agency’s services can target common issues the prospect organization or others in the industry might be experiencing. When possible, try to tackle these issues on a personal level when presenting your services to millennials—identify the specific pain points they’re feeling and then highlight your agency’s ability to provide solutions to those problems.
5. Use a powerful, emotional story: Millennials tend to connect with stories. Consider using a success story about how your services or employees made a substantial, beneficial impact on a client’s business. Not only will this show the benefits of your services, but these stories can be easily shared online. Millennials greatly value creating new and personal relationships and sharing your agency’s successes on social media accounts is an easy and personal way to reach out to them.