Why and how small business should attract millennials
The Millennial generation, or adults ranging from 18 to 34, is influencing the economy, and, in turn, how retailers operate. They have become the primary target in advertising and business strategies just as the generations did before when they became adults.
According to Forbes, this new generation is the largest in U.S. history and uses the technological age to their advantage. Millennials prove to not only be educated but as consumers, they are highly interested in more than just price.
Millennials as consumers
As consumers, they are willing to pay more if the experience is personalized. Not only that, the Millennial generation also enjoys traditional entertainment such as movies and dinner.
“They demonstrated this over the holidays when they spent an average of $220 on these activities – more than Generation X or Baby Boomers,” according to Forbes.
Bob Mann, who served for decades in the retail industry, is now a speaker and consultant for suppliers wanting to get their products on retailer shelves. In a recent blog, Mann details how the grocery market is becoming highly competitive with Amazon and Walmart making moves to be as competitive as possible.
Grocery stores are adapting by using what Mann calls the high-low strategy that lowers prices to attract a high number of consumers or adding exotic produce to their available products.
“They (the Millennial generation) are more interested in better service and quality that comes from smaller stores,” Mann said. “They no longer find it necessary to find everything they could possibly want in one giant store. These generations are increasingly willing to perhaps pay a bit more to get better, more convenient items.”
So, in the highly competitive retail environment, what can small businesses do that gives them an edge against the bigger all-in-one stores?
Engage online, especially mobile
While past generations have gotten more information from sources like cable television, print and radio, a Statistica chart shows that social media is becoming the main source for information, advertising included.
Small businesses should have profiles on social media platforms where their audience is actively participating but also what fits their business. It’s not enough to just be on the social media platforms. Small businesses must engage their audience with information about their company culture and business offerings. Millennials have a vested interest in where their products are coming from and the kind of company in which they are working.
Small businesses are poised to make this information more readily available and have an advantage when working to connect on a more personal level with their audience compared to big box stores that must rely on data and technology to create a personalized experience.
Another aspect of having a strong online presence is of course your website. It must not only be mobile friendly, it must offer ways to connect with your business online.
Streamline your service
One way that small businesses can shine is with offering delivery services and white glove services where that style of service would be beneficial. They can hire a local delivery or courier services company like On Time Logistics to provide added value to their company.
Small businesses can also find affordable ways of offering shipping to customers outside of their immediate areas, which will allow them to have an e-commerce presence as well as their brick and mortar locations.
Depending on the delivery provider, small businesses might be able to expand their delivery service to a full region. For example, at On Time Logistics, our offices in Northwest Arkansas, Tulsa, and Little Rock deliver throughout the state of Arkansas and most of Oklahoma on a regular basis. We also offer scheduled delivery services to Kansas and Missouri.
As a small business ourselves, we know first-hand how difficult it can be to compete in a changing economy against larger companies and a changing customer demographic. It’s important to adapt our businesses to what the consumer wants and needs!
Are you working to make your small business more convenient and streamlined for your customers? If this includes warehousing, delivery or white-glove service, let us know. We proudly serve in the Northwest Arkansas, Tulsa and Little Rock regions. Call us today!