Want to know what Milliennials think? Ask!

Understanding any customer requires thinking like the customer, which is easier said than done. A recent Forbes article highlights the difficulty some older, more entrenched retail organizations are facing when catering to the young Millennial generation. Retailers, especially chain stores, are beginning to get antsy because the twenty-something year olds, who should be gaining buying power, have stayed in relatively the same financial position since college, due to the economic downturn, lack of jobs, and rising college expenses.

Millennials are unsurprisingly dissatisfied with this trend as well, given the fact that they’re working more and getting paid less. This has led some Gen Y becoming disillusioned with big business.

However there are positive elements of these trends that should be evaluated carefully.  Millennials savor rich experiences, customization, and brand loyalty. What this means for your organization is innovation. Avoid sinking into research that paints the Millennial generation in a negative light. Want to know what Millennials think about your organization? Try asking and doing your own research! What are their expectations when it comes to buying your products? Inquire and then develop action points. While you may not be able to change their core beliefs (and you shouldn’t try to appear as if you have deviated from yours), ask and listen to them to move ahead with this group.

Workforce diversity also plays a big role here. Do you have a diverse team of employees? Are different generations represented? Or at least the generations you are targeting? If you’re trying to reach a certain demographic, be sure you actually have that group on your team. They will provide valuable insight as long as you are willing to listen.

The key here is to be true to your organization’s beliefs and goals. Money is not the underlying factor for Millennials…authenticity is. If you’re struggling to reach Millennials, now would be a good time to sit down and revisit your strategy. Embrace innovation, ask questions and engage in dialogue to excel in the marketplace.