Friday, December 7, 2018

Millennials Aren't Killing Your Business, You Are!

Attention Baby Boomers, Millennials are here to stay. If you own a business in any of the following products you’ve probably seen your sales and profits falling. You try lots of different things to save what you can but it just isn’t working.

Canned Tuna American Cheese Homeownership
Motorcycles Beer Buffalo Wild Wings
Starter Homes Hooters Golf
Paper Napkins Breakfast Cereal Applebee’s Yogurt Bar Soap Diamonds
Designer Stuff Gyms Home Improvement Stores
Fabric Softener Traditional Banks Traditional Department Stores
Football Oil based products Coal

Baby Boomers try to blame the Millennial’s addiction to all things High Tech, Cell Phones and their love of the environment for why they aren’t buying your stuff. You simply don’t understand their political views and you still haven’t figured out what social platforms they’re using this week or who they follow. How many have heard of DamonAndJo? They have 750,000 Millennial followers!

The facts however show a different scenario why your business may be slowing down.

First, Millennials are cash strapped and burdened with college debt. Eating out at even mid priced casual restaurants is out of the question. Buy a home? With what?

Second, they want to be part of the solution to world pollution, world hunger and want a healthier world than they were born into.

And last but not least, your business sucks. Millennials can smell a dying business a mile off. Just like vultures, they will wait until the store files bankruptcy and the closing sales begin before they pick it clean. Techie stores like Circuit City, H H Gregg and Radio Shack simply couldn’t figure out how to sell them anything.

Meanwhile Best Buy, which at one time was heading down the same road, began actually asking Millennials what they wanted in an electronics store. Just a few years ago a Baby Boomer could walk into a Best Buy and be greeted by a sales clerk that was almost as dumb as they were when it came to new types of TVs, computers, cell phones and other Millennial toys.

Today when a Boomer goes into a Best Buy they see Millennials huddling around a sales associate their own age who doesn’t have to explain how Bluetooth works, the difference between and an I3 and I7 processor and have you noticed that the new Apple and Samsung phones don’t come with an instruction manual?

Now take another look at the list above and ask yourself why would a Millennial not buy these products. It’s not because the products lost real value in their lives.

They lost their appeal simply because Millennials really can’t afford them or see them as low tech and therefore unappealing or they see them as environmentally bad.

Now take a look at your customers. Are they mostly Boomers? And your sales force---Boomers? Your management---Boomers?

If you answered yes to two or three of these you just might be the next Radio Shack with good product but not knowing how to market and sell it to a Millennial.


Anonymous said...

Coach, your article is not only on point but when you mentioned Best Buy I had the same experience. Thos yong people didn't roll their eyes when I asked a question but I could tell they wanted to. Made me feel older than my 57 years.

The modular factory I work for is owned by Boomers, the sales reps are Boomers including me and in fact most of my builders are AARP members. Ouch.

Anonymous said...

I don't see this from being too much different than the difference in any other generations. Just a few different differences.