Are errors consistent and easy to pick-up on or are they everchanging? It’s actually a combination of both, which is why you should stay informed on the mistakes eMerchants make while following a millennial’s approach to success.
With the eldest baby boomers turning 71 this year, the spending power that once remained in their hands has faded and shifted to the entrepreneurs of the Gen X and the Gen Y. As a result, the companies that focused on tapping the purchasing power of the baby boomers for long are struggling to connect with the new generation that finds it hard to comprehend the traditional marketing and advertising techniques.
While the Gen Xers are small in number and financially rooted in their careers, it is the high income-earning potential and connectedness of the millennials that the entrepreneurs are targeting to climb the ladder of success. To connect with and market to the millennials better, the entrepreneurs are adopting their habits and in the same attempt, many are making mistakes that are costing their business a fortune.
Want to know what mistakes eMerchants make while following millennial’s approach to success? Well, here you go:
1) Not Being Open And Honest
The restless fingers of today’s millennial are digging information 24*7 online. They are the largest content consumers, incredibly good at segregating the truth from the lies, and absolutely honest and unapologetic about whom they are. Businesses that try to mirror the success approach of the millennials work too hard to woo the customers with content, but forget that if they have a skeleton hidden in the closet, the consumer of today will probably dig it up sooner or later! The more transparency and attention brands will serve the customers, the more customers will care about the brands.
2) Clinging To The Past
I am sure your father did the best for his business, in past, but old practices will seldom work in the present or future. Millennial customers and marketers don’t perceive the brands the way their parents did. The concept of economic competence has now been taken over fully by the emotional intelligence; therefore, the businesses would have to make their marketing advanced, stimulating, and potentially viral (just how the millennials like) to succeed.
As I mentioned before, gone the days when the sole purpose of carrying out business was to achieve economic competence. The consumer of today wants to be heard and involved to feel a genuine connect. While doing what the millennials do, leverage the social media to give a face to your brand. Offering a sneak peek into your company culture and involving customers in decision making deepen their affinity for your brand.
4) Not Saving Early
When asked, 1 in 2 millennials replied that they seek retirement at the age of 65; though 70% haven’t started saving for their retirement, as their main focus is still on covering their basic expenses. Not saving early is probably the biggest mistake one can commit while following the millennial’s approach. A dollar saved in a retirement plan in your 20s, is added in the value protected from tax and worth a lot more than a dollar saved two years or a decade later.
5) Social Media Mishandling
Thanks to social media for enabling the brands to reach a room, town, or the entire world with a few savvy strategies. Social Media has become such an integral part of ‘millennial life and business’ that the fine line between what should or shouldn’t be posted for public display is often forgotten. While individual do this and end up suffering small losses, a brand usually has to repay heavily. If, on social networks, your brand is following the “Gen y” approach to drag attention, be careful else it may end up turning you one of the brands awkwardly shoehorning to sell an emotional connection to the customers.
With more than 75 million millennials entering the market, businesses need to take a step back and emulate some their best habits to become more appealing to the new generation and understand their needs better. However, in the same attempt what brands should remember is that there no formula written in stone for assured success in the marketing landscape. Every firm has its distinct metrics, goals, and functioning on which the marketer’s approach should entirely depend, if the brand seeks to prosper.
Are there other mistakes eMerchants make while following new trends? We’d love to hear your take in the comments below!
Guest Author Ankit Gupta owns and manages ExportersIndia.com, one of the largest E-commerce B2B Portals in India. Owing to his passion for writing, Ankit keeps sharing his valuable insights with entrepreneurs, to keep them updated with the latest news and trends. Follow Ankit on Google+, Twitter or LinkedIn to get more updates related to business.