Understanding Millennials: How Social Media Drives Buying Decisions
Franchisees and franchisors are increasingly aware of social media’s influence on buyers. Millennials, those currently aged 22 to 37, are a significant subset of those buyers. The trick is to understand how this demographic responds positively to social media–because while they are heavy social media users, they have distinct opinions on social content and application.
Want to get Millennials motivated to buy from you? First you need to understand them. Arguably, this influential crowd has gotten a bad rap as other generations overgeneralize them as avocado toast noshing, Kardashian idolizing, job-hopping, selfie-snappers. There’s more going on beneath the surface of this tech-savvy demographic that has always known the Internet. Consider that Millennials are:
- Financially aware. According to a 2016 Ramsey Solutions study, nearly 40 percent of Millennials knew how much money they needed to save for retirement, narrowly beating out Baby Boomers (37 percent) and Gen Xers (36 percent).
- In charge of their own lives. Many demand time off, flex schedules, remote working arrangements, and other means of allowing them to get the most out of their day both professionally and personally.
- Loyal to employers. That’s right; this generation stays with their employers longer than Gen Xers did at the same age. They’re more likely to stick around for three to six years.
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