Even though the oldest millennials will turn 38 in 2020 (based on U.S. Census Bureau stats) marketers are still trying to figure out the generation. Assumptions about their “teen behavior” have seemed to persist (how long was this generation labeled “entitled”?) far past the natural expiration date. Does your business understand how to connect effectively with millennial customers?
This is particularly challenging for B2B companies. Millennials have taken over from boomers as the largest generation in the workforce. That means their business decision-making and purchasing power is increasing as they rise through the corporate ranks.
Millennials are also touted as digital natives who are online 24/7. But communications consultancy Ketchum asks, “What if companies have it all wrong?” To get the answer, Ketchum conducted a study of B2B millennial decision-makers—Ketchum’s Face Value: Connecting with B2B Millennials which busted some commonly held myths about millennial customers:
Myth #1: Millennials are exclusively digital-first
Not so. According to the study, 76% of respondents would rather build a personal relationship with a company than read its product emails, and 61% want new business meetings to take place face-to-face.
Myth #2: Millennials prefer pixels over people when seeking information
Actually, the study shows colleagues, industry experts, vendors, and academics are all trusted more than online channels or industry events. Millennials even trust friends and family (56%) more than conventional sources such as vendor websites (49%), trade media (47%), or marketing materials (46%).
Myth #3: Millennials are guided solely by a company’s reputation for doing good
Close to half (49%) of millennial B2B decision-makers think it’s very important to work with a company that has a strong social purpose. But they balance purpose with pragmatism: reliable service (81%) and cost (76%) rank highly.
Myth#4: Millennials prize work-life balance over working hard
They’re putting in the hours—lots of them. Nearly 40% spend five or more hours looking at work-related content outside of working hours. And, yes, they are always connected—but 40% like it that way, saying it’s part of their personality.
When it comes to building relationships with new B2B vendors and partners, millennial buyers prefer a personal touch—face-to-face meetings (61%) and phone calls (55%) rank higher than instant messaging (15%), texting (12%), and e-newsletters (7%).
“Digital and social media tactics and purpose initiatives remain important influences on purchase decisions, but the real ROI comes when millennial decision-makers believe you understand them uniquely. Most B2B companies are not yet investing in that level of audience insight or high-touch engagement,” says Melissa Kinch, partner and managing director, technology at Ketchum.
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Ketchum’s study found that contrary to the notion that millennials are “social media-obsessed and have trouble adapting to the workplace, this generation seems to be earning its Burnout Generation label.” Almost half always bring work from home and “68% say they feel like they are ‘always-on’ the job, even at home.” They’re not complaining though—40% say they actually like that feeling and they consider “always-on” part of their personality. Ketchum warns marketers not to inundate them—only 30% prefer reading marketing emails outside of work and 27% say they notice the emails but ignore them.