Love them or hate them, millennials are everywhere. While they have gotten a bad rap among older generations as being lazy, narcissistic, and unwilling to pay their dues, both on and off the clock, millennials are crucial to building and maintaining businesses.
According to the U.S Small Business Administration, millennials currently make up a third of the population. Some traits common in millennials include
- A desire to and belief in changing the world for the better
- A dismissive attitude towards traditional diarchies
- Talents in being resourceful and adaptable
- More interest in having a purpose over having money
Another identifying trait in millennial is creativity. Seventy-three percent of millennial consider themselves “creative”. The world wide average is sixty-four percent.
Creativity to millennials means a combination of artistic expression and the discovery and development of new ideas.
What does this mean for businesses?
From an employment standpoint, it means that millennials are likely to be idea machines, they will come up with new ways of solving old problems, and are likely to do this outside of a traditional company framework.
It also means that millennials make great small business owners. Their drive for purpose, high creativity, and flexibility all lend themselves well to entrepreneurship.
From a marketing view, it’s important to millennials to feel creatively involved in the creation of products and brands. Lay’s “Do Us A Flavor” contest is a great example of this principle.
Millennials also expect to be entertained by brands. The best way to achieve this is by creative marketing. Apps, contests, and promotional items are all ways to let millennials feel connected to companies.
Make sure to allow for feedback. Seventy percent of millennials feel the need to share their opinions on companies. This is easy to implement. Try some hashtags t shirts and put QR codes on bags. Allow as many avenues as possible to let the millennial consumers participate.
Millennials are not to be feared. Though they are different from other generations in many ways, they are creative and hardworking. Let the millennials work for you.