In business, understanding a client and their needs is key.
Contractors. Times, they are a changin. Baby boomers are getting older, and millennials are stepping into the spotlight. This means your primary client is shifting to the younger generation. Allow us to help you understand this new type of client you might not be familiar with. I’d like to share with you some information originally posted by Pro Remodeler. You can find that article here.
Who is a millennial, and how are they different from a baby boomer? Generally speaking, a millennial is someone born between 1984 and 2004. According to census data, there are about 75 million millennials in the US, compared to that of 74 million baby boomers. An almost equal dynamic that is sure to shift in the coming years. Baby boomers get older, while millennials reach their prime.
Let’s talk data. Millennials are more racially diverse. Baby Boomers are 75 percent white, millennials are only 55 percent white. Millennials also make up 43 percent of working age minorities. This comes from a report done by the Brookings Institution.
A different perspective. Millennials view of the world is far different than that of previous generations. They are more open, accepting and involved. Progressive, diverse thoughts are in. For example, when defining diversity, according to a survey done by Deloitte, the majority of millennials value opinions, experiences, and ideas. Previous generations put that same value on economic standing and social feel. The difference here is what really counts.
This information helps you understand the significance of millennials. Ten years down the road, they may be who you primarily do work for. Not only is their significance important, though. Millennials take on a completely different worldview than that of baby boomers. As a contractor, this is important. You may need to change the way you operate or change your attitude to reflect a client’s needs.
Knowing how your client thinks can allow you to understand what they want. In the case of millennials, their wants are different than that of baby boomers. Millennials want more social accountability. In a report done by Neilsen last year, results found that 73 percent of millennials, compared to 66 percent overall want to see companies that they work with have a social accountability. This means donating to a cause, supporting the environment or marketing some kind of sustainability. Millennials will even change the company they work for if it means supporting a cause. As a contractor, this is something to think about. Ask yourself, am I doing everything I can to attract potential clients? In business terms, this is called marketing. How are you promoting your brand with your potential client in mind?
You can check out the original article, posted on Pro Remodeler Here
Thanks for reading!