Most generations are focused on bashing Generation Y, famously known as the millennials. Rarely will you come across articles that praise Gen-Yers and what they have to offer. But in reality, every generation went through the same scenario. While it is true that some millennials need more time to be successful and learn more things about everyday life, it is important to realize that there is more to millennials than what we give them credit for.
Many millennials may still have a long way to go in terms of wealth and career. But we can’t deny that they have their own lessons to share that every other generation can learn from. They already have influenced their predecessor, Generation Z without the latter knowing it. If you need some serious business advice, then you don’t want to miss the following lessons from Generation Y.
Invest More in Experiences and Less on Luxuries
Most people think millennials spend their money on things that have little to no value such as travels, gourmet coffee, and gadgets instead of long-term investments. But what many don’t know is that millennials’ way of investing in experience is their way of leading a higher quality of life. Instead of investing in luxuries just to impress your customers, pay for things that will grab their attention, and retain their interest.
If entrepreneurs have this mindset of investing in experience, then they can achieve greater business success. Take note that millennials boast their experiences, not material things. If you can do the same and offer your target audiences with experiences instead of merely things they can see and touch, then you can gain customers for life.
Choose to Be Socially Responsible
Most millennials crave purpose and want to pursue the greater good. They advocate for sustainability and fight for corporate social responsibility. If you can improve your process to make your brand more socially responsible, then you can attract more millennial consumers, build a good brand reputation, and boost the morale of your employees.
Being socially responsible is not just about hiring selfless people, mobilizing resources to help solve social issues, and saying yes to a business code of ethics. It can also include working like-minded suppliers and getting your vendors on board. For instance, if you’re in the manufacturing business who rely on metal cutting services, you can ask your suppliers to check if they meet your strong belief about ethical practices and fair pricing.
Generation Y is the most loyal generation one can ever encounter. Once they choose a brand, they will stay loyal for as long as the brand can offer what millennials want from them. This includes price fairness, quality, and customer services.
If entrepreneurs can offer the same loyalty to their consumers, then one can expect a higher customer retention rate. Find ways to ensure your customers can resonate with your brand. Ask for feedback, listen to their pain points, and make sure to take necessary steps to let them know you are listening to what they have to say.
Millennials are curious and often question everything. They are not afraid to ask why, how, what, when, and who. They are open to change and are often seen as challenging the status quo. Millennials are also known to stop being content in their current status.
They are always in the questioning phase even if they are already experiencing success because they believe there is always room for improvement. If you stay curious, you can find other ways to run your brand. This can mean embracing changes, automating tasks, and adopting new techniques to find new leads.
Find Work-Life Balance
If there is one thing everyone knows about millennials, is that they crave work-life balance. They take advantage of their vacation days and jump at every opportunity to rest or have fun. They value their mental health and would be willing to give up their job if it meant joining another organization that will allow them to earn, learn, and pursue a work-life balance.
Most entrepreneurs take too little breaks as they are often tempted to say yes to overworking. If you don’t want our health, happiness, and business to suffer, make sure to find ways to achieve work-life balance. The better you can get at balancing life and work, the more productive you will be and the more your business will benefit.
Just because millennials have a different way of handling things already meant they are doing it the wrong way. We could all learn a thing or two from millennials when it comes to running a business. Generation Y is not only reshaping the workforce but is helping business owners like you find other ways to improve your brand and achieve greater success. Choose to be loyal, socially responsible, and curious. Pay more attention to experiences and start financing work-life balance if you want your business to thrive.