13 Characteristics of the Millennial Generation All Business Owners Must Know
The productive age population in Indonesia is currently dominated by the millennial generation. You as a business owner can take advantage of this condition to create goods or services that can meet this generation’s needs. However, you need to understand the characteristics of the millennial generation first to be more successful in making and marketing their products.
The millennial generation consists of people born from 1981 to 1996 and has become the largest population in Indonesia. They can be the biggest market share that can increase the chances of your business success. Understanding their characteristics will ultimately add to your success in promoting the product.
So, what are the characteristics of the millennial generation? Find the answer in this article!
The Most Common Characteristics of the Millennial Generation
Misconceptions that emerged from generations before the millennial generation made the millennial generation often labeled negatively. In fact, humans of this generation have adaptive and creative traits because they have lived side by side with technology since young. These are some of the characteristics of the millennial generation in living their daily lives.
1. Can Get Easily Bored
You may have felt that market trends are changing faster than ever before. The reason is that the millennial generation is easily bored with a popular item that they have seen or bought. They can get the item quickly online, but no longer use it after a few uses. You also have to always move fast and understand the current market trends if you want to be successful among millennials.
Millennials don’t just love technology. They also understand the technology used in their daily life and work. The millennial generation has grown up with the rapid development of technology since childhood so almost all of their lives depend on the sophistication of this technology. For this characteristic, you can provide online transaction options so that they are interested in buying your products.
3. Prefers Cashless Payment Method
Cash is no longer the sole payment method at this point. Millennials prefer cashless and credit card payment methods. Simply by making a payment via a payment application on their smartphone, they can immediately pay off the ongoing payment transaction.
4. Practical, Speedy, and Instant
The rapid development of technology also makes the millennial generation like everything practical and instant. These characteristics are also influenced by their mobility and the density of their daily work. Many new business opportunities are born because of the characteristics of this millennial generation, where examples are food delivery applications, online ticket ordering applications, or delivery service businesses.
Several businesses in Indonesia have also started turning to marketplaces to sell their products to target the millennial generation who prioritizes practicality.
5. Easily Adaptable to Changes
Millennials are also open and able to adapt to various changes. They can adapt to various types of conditions and systems that occur without being shocked by these changes. When the COVID-19 pandemic required many people to use cashless payments, they immediately adapted and began implementing these changes which are now a common habit.
6. Prioritizes Experience over Assets
Some millennials prefer to collect their money to have a unique and memorable experience. They prefer to save to travel around the world or learn new things to improve their experience rather than buy assets for future needs. For those of you who are engaged in the service sector, present the maximum experience for consumers so that they are satisfied with the services provided by your business.
7. Critical to Social Phenomena
Technological developments have also resulted in the dissemination of information being more rapid. As a result, today’s millennial generation knows a lot about social phenomena from all over the world. They are also able to think critically and voice their opinions about these social phenomena. You can take advantage of this characteristic by creating content relevant to the phenomenon for marketing purposes.
8. Always Shares Personal Information or Lives
Many millennials are also driven to share their personal lives or information on their social media. When they find out the latest information, they tend to share it with family or friends after the veracity of the info has been validated. These characteristics can be a great opportunity to develop a word-of-mouth marketing strategy to promote your business.
9. Open-Minded for Many Things
Millennials are known as open-minded people. This is what makes them able to adapt to changes in their surroundings. They are also able to accept differences of opinion when discussing differences in the surrounding environment. You don’t need to be afraid to innovate in product development or carry out marketing strategies because the millennial generation is no longer afraid of changes and new things.
10. Willingness to Learn
The attitude of the millennial generation that is open and willing to adapt makes them willing to learn new things. They have critical thinking about the world and want to develop their knowledge and skills in life. Millennials also understand the importance of setting and achieving goals in their personal and career lives.
11. Demanding Feedback
Millennials can learn from anywhere, including the feedback they get when working or doing something. They are active and always seek feedback, input, advice, and guidance from their superiors. When they receive a warning, they immediately reflect on the mistake and try not to repeat it in the future.
12. Creative and Free-Spirited
The millennial generation is actually a transitional process from the conventional baby boomer way of thinking to a modern way of thinking and relying on technology in their work. The environment around the millennial generation is also influenced by many innovations that make their lives easier. They grow up to be imaginative thinkers and always come up with creative solutions when problems arise in their lives.
13. Prioritizes Social Interactions and Cooperation
The millennial generation likes to work together and collaborate in making a project. The nature of the millennial generation who respects differences of opinion also makes them prefer the involvement of several people with different points of view in solving problems. You can also take advantage of the characteristics of those who like to interact and think creatively by building engagement on social media.
Find Your Potential Target Market with Profind
The characteristics of the millennial generation above are indeed relevant to market developments that are dominated by the role of technology at this time. You can use this information to study their behavior in shopping or meeting their basic needs. This information can be an important indicator in determining the target market for your business.
Your business must use a modern approach to reach the target market of the millennial generation. Leave the old way of recognizing your target market and use Profind’s Electronic Know Your Customer (EKYC) which has been integrated with more than 10 online services such as ride sharing, e-commerce, travel applications, and others.
You can also identify potential customers accurately and immediately only with this application as a way to profit off of the characteristics of the millennial generation. Contact us right now and try the demo version EKYC of this EKYC as well as its full version to enjoy the ease of finding the perfect target markets from the millennial generation!