Good to Great: How to Scale With an Outsourced CFO

Millennials. The mere mention or thought of this demographic (born in the early 1980’s to the early 2000’s) sometimes induces a furrowed brow or a general state of puzzlement. Popular culture, media outlets and research studies typically make this group out to be sacred, complex, clueless and almost mythical in nature. Advertisers keep tabs on their every move. Businesses are contantly told to customise products and services in an effort to appeal to their unique tastes.

Even as you read this introductory paragraph your mind is probably inundated with a myriad of images or maybe just focused on one peculiar persona-type. Whatever the case may be, the general consensus is that Millennials are an intriguing, important and influential group. Trivializing or dismissing their impact on any business would be a mistake.

With that said, the one question a mature business Director of a service based business, would ask himself is this: “How different can it really be to sell to these guys?” The answer might come as a shocker – it’s not that different! Let’s start by demystifying and deciphering this demographic.

 

Interpreting “The Millennials” …

Every generation possesses characteristics that make them distinctive - Millennials are no exception. Generally speaking, “these guys” are racially diverse, politically liberal, economically burdened (albeit optimistic), socially suspicious, religiously agnostic, well (if not over) educated and technologically shrewd. Their overall view of the world has been criticised (by other generations) as being largely utopian and devoid of “real life” pragmatism: think “glass half full with ice”. Having grown up under the blanket of the digital-age, they’re always online, hyper-connected (via a multitude of screens, devices and platforms), exposed to an abundance of information, and ultimately have a diverse disposition.

In addition, Millennials have a different relationship with businesses in comparison to the generations before them. They have a heightened expectation that goes beyond revenue – simply put, this demographic require company’s corporations to do more beyond hitting shareholder goals and making a quick buck; they must stand for something and be socially responsible.

The brands they typically gravitate towards appear to have an underlining theme: they’re purpose and not profit driven. This is not to say that these brands don’t hit their profit margins and keep investors happy, they’ve just re-focused their monocles and priorities to align themselves with ideologies that mesh with Millennials.

Another crucial difference is their definition of the term “value” in relation to products and services. They tend to have a much more holistic view that goes beyond utility. In short, it’s not just enough to make a high-quality product or deliver exceptional customer service.

 

 

Millennials are also interested in the “how” and “where” the product parts are sourced, and also, if the employees who attend to their service needs are treated and paid fairly. They’re also concerned about the impact business practices have on their micro and macro environments. Yes, that’s a lot to expect from a business, but for them, that is usually the determining factor when considering working for or patronizing a business.

Despite this intriguing nuance, there is one trait that Millennials share with all other demographics – the need to be understood. They want to feel that your business genuinely understands them from their challenges to their hopes and aspirations). Like any other customer from any generation, they’re looking for empathy: a deep-rooted compassion that is reflected in a provided by your product or service.

This might sound like a no-brainer and easy to do, but in fact, requires a lot more discernment. It is also worth noting that “these guys” have an active and well attuned “malarkey-meter” (to put it mildly) and can detect a phony brand half a mile away.

So, back to the initial question: how can you – as a business owner with a busy and already hectic schedule – strategically position your brand to appeal to Millennials, truthfully and devoid of gimmicks? Well, here are some thought starters to consider:

 

1. Reexamine your business to identify a brand-new value

This involves going back to square one and doing a good old SWOT (Strength, Weakness, Opportunity, and Threats) analysis of your brand -The goal here is to:

1. Evaluate your brand in the current business climate
2. Identify strengths that not only equips you with a competitive edge over your business rivals, but, helps redefine your USP (Unique Selling Proposition) in a “contemporary” way
3. Unearth a potential white space that your brand can help fill/address through a unique service/product offering. 
   
   

2. Develop a comprehensive profile of your Millennial target

As previously mentioned, Millennials are just like any other customers – with the exception of brand purpose. With that said, conduct qualitative and quantitative research and check  reports and articles that offer further insight into the nuances of this demographic. The objective here is to equip yourself with enough information to build a complete profile of the Millennial and understand their pressure points so you can easily create brand solutions.

 

3. Convey your brand solution in simple terms

Brevity they say is the soul of wit – this also applies primarily when selling to Millennials. Numerous studies have shown the short attention span that this demographic has: they have neither the time nor energy to figure you (and by extension your brand) out – many thanks to the latest cat videos on YouTube. As such, communicating the human truth/problem your product/service is tackling in a succinct manner is essential.

 

4. Find the right conduit for your message

The Internet – and, in particular, social media - has fundamentally fragmented the channels in which brands can reach consumers, especially Millennials. An unfortunate mistake most businesses make is by being on every single one of them with the hope of reaching them. Albeit, with an intimate understanding of your demographic - you can pinpoint exactly where they exist and target them accordingly. 

With all that has been said, it is chiefly visible and a safe conclusion that selling to Millennials isn’t that different from selling to any other demographic or consumer – of course, taking into consideration their general idiosyncrasies.