Entrepreneurs always have to look forward while managing day-to-day business tasks. If you want to ensure your business’s future success, you need to look to the future generation that will be powering purchasing decisions. These are the 3 “M”s you should start thinking about now:
The 3 M’s:
Millennials, Marketing and Mobile.
According to the National Association of Realtors, millennials (those born between 1980 and 1995) already make up 32 percent of homeowners, which means they have major buying power. That rate is likely to increase rapidly over the next five years, since over 60% of millennials are still under the age of 30 and the average homeowner in America is over 32. In the next few years, millennials will make up the majority of homeowners in America.
As an entrepreneur, what does this mean for you? It means that you need to evolve your business to meet millennials’ needs and expectations (speak their language) or your business could rapidly become obsolete.
Millennials are unique because they are the most tech-savvy generation, but did not grow up with tablets in their hands. They still remember what life was like before technology took over, but at the same time they love the convenience it brings to their lives.
You can become the go-to expert in your field for millenials by adjusting your marketing strategy and going mobile.
Businesses that fail to evolve their services with the current marketing techniques and technology will eventually be outperformed by their more agile competition.
About 60 percent of small businesses have little to no online presence.
And only 12 percent have active Facebook pages.
Ignoring core online marketing channels could spell trouble for any small business looking to attract new customers, especially millennials (who already have decreasing attention spans).
The first thing most prospective customers will do today is Google you, even if their trusted neighbor or mother recommends you. If you have little to no online presence, it will be hard to gain trust.
Having an up-to-date and visually appealing online profile in the places people expect them (a website, Facebook page, Yelp page, bangin' Instagram account, etc) can help you draw in new business.
An attractive, professional website (optimized for mobile)
A strong social media presence
A blog or online community of some sort
If you want to grab the attention and gain the trust of millennials, you will need to empower them with an even blend of education and freedom of choice. Because millennials are used to constant contact and communication, gain their trust by making yourself an easily accessible resource for them by upping your mobile game.
1. Give them the option to get in touch with you the way they know best: through social media (or text messages, if you can)
2. Be open, honest and transparent with them (authenticity sells)
3. Be SUPER responsive (don't let a message or request sit in a queue, respond as quickly as humanly possible or risk the millenial's loss of interest)
Conquering the 3 M’s is vital to your business’s future. If you make your business mobile friendly, and you master a marketing strategy that attracts millennials and other core customers, you’ll be able to grow with the changing behaviors and demographics of homeowners.