Los Angeles ORM is beginning to understand that their target markets are varying as the generations come up and each have very specific characteristics. Although Generations X, Y, and Z all grew up with the evolution and introduction of technology but Millennials were the ones to really adopt the lifestyle of having technology at their fingertips everywhere they went and anytime they want.
The greatest distinguisher between Millennials and Generation X is their habits. When Los Angeles ORM hired students in college and university, they realized that there were differences in the way each student worked and each way the student organized themselves. As Los Angeles ORM staff observed them, both with unique ways of working, still efficient, the company realized that Millennials have more authority and confidence in their work, therefore more purchasing power. They are not afraid to speak their mind which is an asset in Los Angeles ORM’s company.
Most traditional communications media, including telephony and television, are being reshaped or redefined by the Internet, giving birth to new services such as Internet telephony and Internet television. Newspaper, book, and other print publishing are adapting to website technology, or are reshaped into blogging and web feeds. The entertainment industry was initially the fastest growing segment on the Internet. The Internet has enabled and accelerated new forms of personal interactions through instant messaging, Internet forums, and social networking. Online shopping has grown exponentially both for major retailers and small artisans and traders. Business-to-business and financial services on the Internet affect supply chains across entire industries.
It is important to understand for businesses and individuals selling goods or services to Millennials that they are the most influential generation group on the Internet. Their understanding of technology and strong personalities combined can make or break a business. This means that if a Millennial is not satisfied with a company and their products or services, Millennials could be responsible for negative reviews on the Internet. What’s even more concerning for business owners is that online reviews and commentary are the most trusted form of advice and feedback for other consumers? It is so powerful that it can persuade consumers to either engage with the company and buy the product or not do the same at all.
Increase relationships of reciprocal understanding between older employees and Millennials. The UK’s Institute of Leadership & Management researched the gap in understanding between millennial recruits and their managers in collaboration with Ashridge Business School. The findings included high expectations for advancement, salary and for a coaching relationship with their manager, and suggested that organizations will need to adapt to accommodate and make the best use of Millennials.
The solution is not to avoid serving Millennials. The solution, according to Los Angeles ORM is to provide them with even better service. Make them understand that they are a valued customer and put effort into gaining their long-term clientele. Millennials are also a very loyal group so if they are satisfied they will preach your name on the Internet and want to build a long-term relationship with the company or individual.
