Are Millennials Buying Your Product, or Your Values?
July 23, 2019 | Contributed by: Neal Polachek
As some of you know, I spend part of my time traveling around the country speaking to business owners – of varying shapes and sizes – about how they should ThinkLikeAnApp.
This article contends millennials are buying a company’s values – not their products per se. The article written by a woman journalist and marketing consultant in Abu Dhabi points out correctly that today’s modern consumer cares much more about a company’s values than its products.
This isn’t surprising given how Amazon has made buying any product, anytime so easy. And often through our phones.
Today’s modern consumer (this applies to B2B as well) is hypersensitive to what values a company conveys and to what extent it is living up to those values. This notion of authenticity is one of the pillars of my ThinkLikeAnApp approach for succeeding in today’s ultra-competitive local marketplace.
As author Manar Al Hinai correctly points out in the article, it is the millennials’ access to instant information, exhaustive interest in social media, and a massive computer in their pocket that has so radically shifted the power from the supplier to the buyer in this decade.
I do take some issue with the author’s suggestion that only millennials care about a company’s values. My 92-year-old mother also pays attention to the values that companies she buys from portray. They matter to her as well. The big difference is, she is not likely to use the power of social media to shame a company that falls short of living up to its purported values.
In the SMB SaaS world, millennials increasingly hold the power. Every day in the United States, about 10,000 adults reach retirement age.
A new generation is taking over small business operations and making very different decisions about how to run these businesses than the previous generation. This means using cloud tools vs desktop software or even pen and paper. But does it also mean making decisions about who to partner with based on values as much as the quality of the software? This may be a good question to pursue in a future edition of the Modern Commerce ™️.