3 Ways to Target the Lucrative Millennial Market with Franchise Development Services
Today’s post is all about how to tweak your franchise development services to target the lucrative Millennial market.
Meet The Millennials: Morally Conscious, Tech-Savvy, Hyper-Educated Prospects
Born between 1982 and 1993, there are currently over 80 million Millennials in the United States, which is larger than any other generation.
Generations, like people, have personalities, and Millennials are an interesting group: liberal, self-expressive, upbeat, and open to change. They’ve been affected by the housing bust and the financial meltdown of 2008, and many have never known a world without the world-wide web. As such, they’re tech-savvy, diverse, and connected global citizens who want to make a difference in the world.
After growing up in the age of social consciousness and environmentalism, many strive to give back–research by Walden University and Harriss Interactive reports that up to 81% have donated money, goods, or services to a charity or political rights advocacy group, and many base their purchase decisions on whether or not the company in question upholds similar values.
Findings from the Pew Research Center state that Millennials are on track to becoming the most education generation in history.
Given that they’re tech-savvy, highly educated, and eager to make a difference in the world, it should come as no surprise that so many are looking to start businesses–nearly three quarters of Millennials say that they want to become entrepreneurs, according to research from the International Franchise Association. In fact, a full 15% of the attendees at the 2015 International Franchise Expo were under the age of 30. It seems like a dream opportunity for franchisors–you’d be hard pressed to find a better audience to target with your franchise development services.
Few Franchise Development Services are Targeting Millennials in 2019
Millennial franchisees are a hot commodity that’s inexplicably overlooked, or at least underemphasized, by many franchise development services.
A report by the International Franchise Association included the following quote from one frustrated Millennial who works for a major franchise supplier:
“We’re the next generation of business owners, but when it comes to franchising, we’re not discovering the information we need to know. It’s as though franchisors are not speaking to us. They don’t know how to find us, they don’t know how to hold our interest (admittedly, we have short attention spans), and they don’t know how to approach us without sounding like they want to sell us something.”
So how can you ensure that your franchise development services start speaking to Millennials, both literally and figuratively? Read on.
3 Tips To Target The Lucrative Millennial Market
- Embrace transparency. Millennials love transparent franchises because they’re used to being able to learn lots of businesses, products, and even potential friends online. Much of Millennial culture is pro-sharing and pro-expression, so these buyers are naturally drawn to companies with the same organizational culture. Share behind-the-scenes information in ads, invite feedback on your current promotions and website, and encourage your staff to be active and expressive on social media. Highlight how important transparency is in your franchise research process/sales cycle, as well as how your brand promotes accountability and communication via technology and smart management.
- Meet them where they are. Millennials are the “always connected” generation, steeped in digital technology and social media. They are fluid multi-taskers whose digital devices can seem like extensions of their bodies. 75% of Millennials have an online profile, and 20% have posted videos of themselves online. More than 8 out of 10 say they sleep with a cell phone glowing next to their bed, and a full two-thirds admit to texting even while driving, according to the Pew Research Center.For best results, your franchise development ads and representatives need to meet them where they are. That means active and savvy social media management for starters. Mobile-responsive websites are also non-negotiable.
- Inspire them. Millennials have a deep-seated sense of morality, and internet interconnectivity has made them much more empathetic. As such, marketing campaigns that engage and inspire them to act in ways that can have a positive effect on the world at large, as well as their local communities, will be much more effective than bland copy promising big sales. Adopt a multichannel strategy that emphasizes the world-changing implications behind your business opportunity and watch the leads come alive!
Learn More About Clicktecs Franchise Development Services
There’s much more involved in creating a Millennial-focused franchise development strategy. To keep the conversation going, visit https://clicktecs.com/contact-us/ or call 905-564-0020 today.BACK