#LSA19: Secrets of Marketing to Millennial Business Owners & Decision Makers
February 26, 2019 | Contributed by: Courtney Dobson
The second part of a two-part session that focused on customer acquisition was presented by Sandy Lohr, CEO of MatchCraft. The presentation concentrated on millennials and how companies are doing business differently with them.
“It’s important for us to understand the mindset,” she said, “They [millennials] are the most educated group of young adults in the history of the United States.”
She began by discussing the stereotypes of millennials from the viewpoint of baby boomers and provided humorous Tweets to accompany those beliefs. She explained the importance of millennials to marketers by providing statistics including, that there are 80 million millennials in the United States, with $200 billion (and growing) in direct spending power.
She provided more figures that focused on millennials as business owners and decision makers, explaining that millennials are starting businesses at nearly twice the rate of boomers. Additionally, they are starting those business at the average age of 27, compared to boomer’s 35.
Referencing data from LSA’s Tech Adoption Index, she explained that 59% of business decision-makers ages 55-64 say they haven’t moved any business operations to the cloud, compared to only 16% of those aged 18-34.
She highlighted how traditional methods of communication have become more contemporary when dealing with millennials. For instance, instead of coffee, it’s smoothie or juice bar appointments, utilizing text messages over phone calls and transforming wining and dining into experiences like concerts and escape rooms. Instead of a one-size fits all perspective, millennials have paved the way for increased personalization of these traditional methods.
“The secret to reaching millennials as business owners and decision makers is to change … Personalization and earning their trust is extremely important,” she said.