Millennials: Important to your business

The largest generation since Baby Boomers is the group called millennials or Generation Y. Many experts set 1977 through 1995 as the span of their birth years. The buying power of these individuals is enormous and small businesses need to figure out how to target these important customers.

The United States Census figures show that this age group totals over 20 percent of the residents in Southwest Louisiana so it is a large part of the local buying public. What does a business owner need to understand about millennials in order to target them as customers?

Millennials are the most diverse generation in American history. In general, they have more college degrees which means more debt. The time spent in college and the greater debt mean that they are more likely to delay major life experiences such as marriage and buying a home. Even moving out of the family home is often delayed for millennials.

This generation has used technology since they were children so it is an integral part of their life. A business must connect digitally to millennials to sell to them. Using social media is crucial to reach this audience. A business’s online presence determines how it is seen by millennials. A website that isn’t user-friendly and easy to navigate on a mobile device will instantly repel a millennial.

To reach these important customers, a business owner should get higher on LinkedIn and improve rankings on search engines. Millennials like videos so posting on YouTube or including an interesting video on the business website or social media page or link can be very effective.

Experts say that millennials are outcome driven, so use a “how to” video that starts with the statement, “This video will show you how to prepare a dinner that will impress your friends” or “This quick how-to video will teach you to build a simple table.” Make a personal connection to the viewer and you’ve won a customer.

If you would like to brainstorm on how to make millennials your customers, the business consultants at the Louisiana Small Business Development Center at McNeese State University are ready to talk with you. Call 337-475-5529 to schedule an appointment with an experienced professional for no-cost assistance.

For over 30 years, the LSBDC at McNeese has worked with entrepreneurs and business owners who are looking to start or grow their small business. Visit www.lsbdc.org/msu to learn more about us.

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DONNA LITTLE is the director of the Louisiana Small Business Development Center at McNeese State University. Contact her at 475-5945 or dlittle@lsbdc.org.

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Funded in part through a Cooperative Agreement with the U.S. Small Business Administration and Louisiana Department of Economic Development. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.