The first digital generation and their increasing influence on business and society is a complicated demographic to generalize, and are different to previous generations. It is essential for businesses to adapt and understand their shifting attitudes and behaviors. Their level of trust is influenced by the power of the Internet – which allows them to better judge a brand’s transparency, credibility and authenticity. A Business to Community article analyzed the results of an Elite Daily survey of millennials in late 2014 about their trust in brands and advertising:
- Traditional media, such as TV, influences only 3% of millennials while only 1% said an ad would make them trust the brand more. Alternatively, they are more swayed by feedback online and in person by friends (37%), parents (36%) and experts (17%) before making a purchase.
- Marketers should strive to “engage” rather than “sell” – 62% of those surveyed said they would be more likely to become a loyal customer if the brand engages with them online.
- Creating a positive image and sharing certain information about your brand is key to success. Sharing information about the quality of your product (39%) and others’ experience with the brand and product (30%) is important to satisfying millennials. 75% also said that it was very important for a brand to give back to society.
There are five areas of improvement businesses will need to attend to in order to rebuild millennials’ trust.
- Integrity/Transparency – Emphasize ethical practices, be straightforward about the message and idea of your brand and products, and take responsibility for actions in order to address issues within the company and with customers
- Engagement – Listen to customers and take into consideration their feedback, engage in meaningful conversations with them online and in person that make them feel included in the message of your brand.
- Products & Services – Always look to improve on your product and services by creating innovative ideas, striving for high quality and highlighting the positivity of customer experience.
- Leadership/Operations – Strive to grow honest and admirable leaders that are consistent with their quality of work and sensitive to the global environment.
With the implementation of improvement in these areas, your brand will be able to engage millennials and gain their trust and service for the long run.
