The most prominent generation in this century has been the Generation X, also referred to as ‘Millennials’. Although, there is no consensus on the exact range of the years of birth, “millennials” are children given birth to between the 1980s to around 2000. According to Index Mudia, The percentage of the Nigerian millennial is about 50.35% of the entire population.
The preference and behavior of the Nigerian millennial are changing how businesses have traditionally engaged consumers. Rather than being told the value of a product or service, millennials prefer to do their own research in order to make a purchase decision and they usually favor a different approach.
Therefore, it is important for your business to know how millennials make purchase decisions and how to approach them. As a business who wants to convert millennials, you should understand these five factors that influence their purchase behavior;
1. What Others Are Saying
Millenials care about what other people are saying about your business. A positive review from a friend or someone they look up to is a powerful thing. Relatability is a ig deal for millennials.
How to Approach Them
You can create a referral program to motivate your customers to tell others about you. millennials love being considered the first to find a brand or product, so rewarding them for telling their friends about your business is a great strategy. You can also encourage customers to leave online reviews so millennials can research your company when making purchase decisions. As long as people are talking, millennials will be listening.
2. Value over Everything
Even though you might think millennials are all about whats new and trending, they actually weigh the integrity of a business model against their own set of values. As such, businesses that align with a social cause are usually big attractors. If they also think a business is coming from a questionable background, they’re more likely to avoid purchasing.
How to Approach Them
Make sure your values as a business resonates with millennials and align your products with them. You can also begin to look for ways to support a cause in ways that come authentically from your own values and engage your customers and solicit feedback from them.
3. Exposure to Internet