Don’t look now, but millennials are taking over the world, literally. As of 2021, the World Economic Forum estimates there are 1.8 billion millennials, which roughly corresponds with 27% of the global population. Does that mean that businesses everywhere are recalibrating their sales strategies and reviewing sales presentation materials to appeal to this generation? More importantly, are they anticipating a windfall of purchases as millennials—or Generation Y as they’re otherwise known—start opening their wallets?
Are Millennials the Biggest Spenders?
Surprisingly, millennials aren’t quite there yet. While the generation born between 1980 and 1994 is the biggest adult cohort today, they’re not exactly the big spenders we expected them to be. Let’s take housing, for example. In 2022, baby boomers took back the title of largest homebuyer generation. They bought 39% of all homes sold in 2022 that year, while millennials accounted for only 28%.
To be fair, the COVID-19 pandemic was a trying time for people across all generations. One possible reason for the baby boomer homebuying spree was the lockdown phenomenon. Many boomers who were already on the fence about retirement, saw the implementation of severe travel and work restrictions as an opportunity to retire. And many of those who left the workforce, invested their retirement funds into housing.
Meanwhile, working millennials had to worry about more pressing matters—such as keeping their jobs and paying off existing debts, such as medical bills and student loans. Plus, matters like high inflation rates and higher interest rates are preventing Gen Y from making more substantial purchases. Instead, they’re waiting until the economy—and housing prices—have stabilized.
Understanding the Millennial Mindset
Aside from dominating the workplace today, millennials are also the most educated generation to date. Pew Research reported that 39% of millennials have at least a college degree, beating both Gen X (29%) and baby boomers (25%).
Unlike their predecessors, millennials have adopted a different approach to spending. They lived their formative years during the boom and bust years of the 80s and 90s—and also witnessed firsthand the dangers of recklessness. As teenagers and young adults, they experienced the consequences of 9/11 and the 2008 financial crisis. As a result, millennials accepted the reality that, despite working harder, they’d have to settle for less on retirement.
The Pursuit of Experience
What makes Generation Y different from older generations is their preference for experience over material possessions. They would pay good money to travel the world, attend music festivals, go on adventures, or enjoy fine dining. These activities all have one thing in common—they offer unique experiences that create lasting memories.
Millennials also love to share these experiences. It’s their love of posting stories, images, or videos that helped popularize social media. At the same time, improvements in communication technology make it easier to document these events. Then, modern camera phones and widespread Internet connectivity gave them the means to record their experiences and share them almost instantly.
Still, prioritizing experiences doesn’t mean that millennials won’t buy tangible products. In fact, Traqline reports that Generation Y uses over 64% of their spending money on consumer electronics, smart devices and major home appliances. Being digital natives, they naturally prioritize tech gadgetry over other purchases. And with the rise of remote work, many millennials are beefing up their home office setup to capitalize on work-from-home (WFH) opportunities.
Millennials as Targets of Sales Presentation Pitches
Forget their reputation as a generation that values experience over materials—millennials love shopping just as much as anyone else. That said, being digitally savvy means they have a natural inclination for online shopping. It also means that, unlike older buyers, they’re much more likely to look up things on their own. Instead of relying completely on the salesperson to provide the information, they’ll gladly do the research themselves.
But there are other characteristics of millennial buyers to consider, for example:
They Are Thoughtful Buyers
Buying a product or service isn’t simply a matter of matching needs with price and availability. Millennials have taken the buying process to new—and explicitly detailed—heights. They want to buy products from reputable manufacturers who use ethically sourced materials, implement sustainable processes and pay their workers fair wages. In short, a company’s reputation is as important as the quality and price of its products.
They Rely Heavily on Word of Mouth, Social Media Recommendations and Reviews
Millennial buyers prefer talking to a sales representative after they’ve decided on a purchase. It’s a marked contrast to older buyers, who frequently relied on sales reps for any or all information relating to a product. Gen Y would rather undertake the research first and look for industry studies or community-based reviews. If they need more convincing, the next stop is social media posts to check for online endorsements, third-party reviews, or online promotions.
Millennials Expect a Lot From Customer Service
Millennials grew up alongside smartphones and the Internet. As a result, they’re extremely comfortable with the digital marketplace. In other words, they have no qualms about shopping online and learning on the fly. Moreover, Gen Y can easily adapt to customer self-service options, such as chatbots or consulting other online resources.
They Are Passionate About Their Beliefs and Advocacies
Not only will millennials not support a company that doesn’t align with their beliefs and advocacies—they’ll also likely join in efforts to call them out. Here, subjects that might either attract new buyers or alienate existing customers could include: social issues (diversity and representation), political issues (migrant worker rights or trade unions), or environmental concerns (pollution or plastics).
They Prefer Convenience
Millennials prefer uncomplicated routines that allow them to accomplish a task in as little time as possible. This is why they relate so well to the convenience of online shopping. No commuting time, no looking for a parking space, and no jostling with crowds to get items or pay at the till. They also want uncomplicated checkout processes that let them pay for purchases seamlessly. Conversely, they’ll abandon eCommerce sites that don’t save their preferences or track liked items—and repeatedly ask for personal information.
What to Include in Your Sales Presentation
The objective of a sales presentation is to offer customers solutions that fit their needs. Just make sure to design your presentation in a manner that connects with your millennial audience. This means supplying the information buyers need and avoiding offering things that they hate.
Showcase Your Online Presence
Remember that millennials love convenience, and your sales presentation is the perfect medium to introduce your online persona. Use an interactive slideshow to walk clients through your company’s offerings—from the central website to the eCommerce site as well as the various social media channels, along with all the other resources available on your website.
Share Your Story
When presenting to Gen Y, start by getting them invested in your story. Explain just how your product will meet their needs. Weaving a story that covers all the bases is a great way to keep your audience invested and engaged—and prove to each buyer that you understand their unique customer journey.
Include User Reviews
Not all reviews are created equal. Look for competent reviews that highlight your strengths and point out what you could do better. At the same time, make sure that they know what they’re talking about—and that they’re also invested in your brand’s success. Furthermore, it’s not a good idea to handpick something overwhelmingly positive. Objective and unbiased reviews are best.
Share What Makes Your Product Different From the Rest
Your product has a unique selling proposition (USP). Your brand team should be able to help you with the details. As such, highlight these USPs, but remember to keep your sales presentation aligned with the customer journey.
Emphasize Avenues of Contact
At your sales presentation, introduce any service agreements that come with a purchase. Highlight the many touchpoints that clients can use to contact the account and customer service team about any questions they might have. However, keep in mind that closing the deal isn’t the end of the transaction. Instead, it’s the start of a partnership that needs nurturing.
Be Authentic
Finally, try to retain the authenticity that established your popularity. Don’t think too much about making the sale—rather focus the sales presentation on providing a solution for the client. After all, you’re not one of those slick salespeople attempting to score a quick buck. Also avoid overusing industry buzzwords if you want to make your solutions more relatable.
Ingage is the Perfect Interactive Sales Presentation Tool for Millennials
Does your sales presentation come with the right tools to satisfy the Gen Y market? Ingage is a cloud-based interactive presentation software solution that allows entire teams to remotely collaborate when creating the perfect sales pitch. In addition, interactive elements help ensure that no matter how technical or complex your client’s requirements, you’ll have the means to keep things simple, informative and to the point! And that’s what your target market really wants.
Find out more about using Ingage to create your best sales presentation. Simply sign up now and the folks at Ingage will be more than happy to contact you to arrange a free demonstration.
