For businesses in the retail industry, millenial customers are a valuable asset. If your store can create a loyal customer out of a millenial, it can pay off in continued profits for decades to come. By investing in retention methods early on, you can find the strategy that is most successful for your store.
The millenial generation, which is roughly defined to include people born between the early 1980s to the early 2000s, is unlike any other generation that came before. Millenials grew up with technology and a more "me-focused" environment. Thanks to the Internet, they have unprecedented access to almost any business and product on the market. As a result, businesses must work harder to add value for millenial customers that goes beyond price; after all, a lower-cost option is always just a click away.
One of the defining factors of the millienial generation is members' comfort with technology. For the majority of their teen and adult lives, millenial customers have enjoyed quick access to information. With apps and the Internet, they can place orders and conduct product research in seconds. As a result, many people in this age group are turned off by long or inefficient transactions. Retail businesses can retain millenials by making the shopping process as efficient and hands-off as possible. Invest in proactive systems that send out instant confirmation emails or texts to keep the customer updated. Focus on products that anticipate customers' needs and minimize the effort they must take to order or research your products. At minimum, your store should have a comprehensive website that is easy to navigate and a smooth, fast online ordering system. The easier you can make the shopping process, the less likely your millenial customers are to jump ship to another business.
With the widespread availability of online customer reviews, young customers can crowdsource an opinion quickly. For businesses in the retail industry, it is crucial to understand that the only real way to impact those reviews is to provide excellence. When you offer top-notch products, friendly and responsive service and a pleasing shopping experience, your reviews will change accordingly. The inverse is also true, as Comcast learned the hard way; one person can damage your reputation and hurt your business. Every part of your business should be aligned, from the receptionists to customer service.
Thanks to the constant stream of information from computers, phones, TVs and other devices, many millenial customers have short attention spans and limited mental bandwidth for advertising. To cut through the information overload, your marketing must be entertaining, persuasive and brief. It should cover multiple platforms that your customers use frequently, from online streaming television to social media. By designing a steady stream of clever campaigns, you can keep young customers coming back for more.
Retaining millenial customers is a significant challenge for retail businesses. To keep these free-spending customers, your company must adjust to meet their unique needs and preferences.
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