While talking about Millennials and how they are affecting the economy and the Internet, we are going to use two example of how websites are adjusting to this change in the market: Wealthfront.com and Care.com.
From the Millennials standpoint according to The Pew Study “Millennials in Adulthood” just 19% of Millennials say most people can be trusted, compared with 31% of Gen Xers, 37% of Silents and 40% of Boomers.”
According to a Neilson study that looked at what made their generation, most unique Millennials ranked Technology Use first (24%), followed by Music/Pop Culture (11%) and Liberal/Tolerant (7%). Juxtapose that with the Baby Boomers who put Work Ethic first. That study goes on to say 74% feel that new technology makes their lives easier and 54% feel new technology helps them be closer to their friends and family.
According to Adam Hanft (CEO of Hanft Projects) in his article for Huffington Post named “The Stunning Evolution of Millenials: They’ve Become the Ben Franklin Generation” they beat Schwab (six years). The secret ingredient in Wealthfront’s pudding is something called algorithmic investing (also robo-investing). According to Hanft (he calls technology and “whizzy algorithms” deities of the Millenials) what kicks Wealthfront’s tremendous growth is (and I quote) “its canny use of technology and whizzy algorithms, the deities of the Millennial, in the service of a rather boring, long-term, Ben Frankliny investment conservatism. This is more often associated with people who need hip replacements than hipsters.” Ouch, that hurt me personally. I have just had both of my hips replaced. Is that how the Millennials identify us Baby Boomers?
Care.com is a very browser friendly site that strive to “match families with caregiving professionals.” This site pretty much covers anything a family may need. I went to the Home tab/Housekeeping page and found top tabs that include Children, Seniors (I may use this section myself), Pets, Home and Military Families. There are articles that are organized under these headings: “Advice for Housekeepers”, “Cleaning Tips”, “Health and Safety”, “Hiring Cleaning Help”, Home Organization, Housekeeping Business Tips, Moving Tips and Advice and then Spas and Beauty Services.
So, we have talked about the Millennials and how they are a force in our economy to be reckoned with but how do we approach them? What do we do differently in order to gain their trust and business?
Three Lessons Retailers Can Learn From Amazon, by Leah Swartz, Millennial Marketing.com, http://www.millennialmarketing.com/2015/05/three-lessons-retailers-can-learn-from-amazon/
Well, in her blog entry, Leah Swartz of Millennial Marketing.com thinks we need to emulate Amazon.com. It’s true, Amazon recognized the buying power of this generation and went after their business. You can’t knock the results. From 2009 to 2012 their sales went from $25 million to $75 million.
Ms. Swartz tells us we should be unique, we should be useful and we should be innovative. To be unique she describes their Amazon Home Services program. This allows you to book the services of plumbers, buy a pair of sandals, and maybe even purchase the services of goat grazer (Amazon apologized for not having a goat grazer pro available near my zip code) all at the same website. Ok Leah I agree, they are indeed unique.
Your company must also be useful. As an example of this she talks about Amazon Prime. She said even Millennials don’t like to pay for shipping when ordering something online. They see the value in paying $79 in advance every year so that they can save that shipping charge.
She then points out your company should be innovative. Amazon has innovation in its DNA. The very fact that Amazon exists and offers what it does was innovation at its finest. Prime was certainly an innovation. Now Amazon offers Amazon Dash. Never heard of it? Go to Amazon.com and search “Amazon Dash”. Dash is a button device keyed into a specific product (such as Cottonelle tissue, Tide soap and Gain soap). When you run low on one of these products, just push the button. It then uses your phone or wifi to purchase the product you need and ships it to you via Amazon Prime (no charge shipping). No fuss, no muss.