Understanding Today’s Buyer Habits
Most companies have thrived off the old way of doing business. They’ve been able to benefit through ads, making the next “coolest thing”, and capitalizing on repeating the pattern. But here’s the problem, the old way of doing things doesn’t cut it anymore.
Today, most companies’ ads and “cool things” aren’t riding the wave like they used to. Why? Because buyers attention and focus has changed. Today’s buyers are different. Companies aren’t speaking to Baby Boomers anymore. Instead, you’re speaking to GenXer and to Millennials.
How does that change the game? Well, the first basic change… these groups think differently than Baby Boomers.
For Baby Boomers, it was all about accumulating wealth, status and all that goes with the both of those. It was about stability and conformity. It was about comfort, relaxation, and service. But, GenXer and more so, Millennials don’t care about all that. These two generations care about society. They care about today’s issues and about their futures in a whole different way.
Today’s focus is on sustainability, freedom, choice, and reputation. Today’s focus is on being a good person and creating massive change.
So, what does that mean for companies in 2019?
Not only has your customer base dramatically changed, and will continue to do so, but so has its focus. Although there’s still a desire to have the “coolest thing,” that coolest thing has changed to something that’s socially conscious.
Today’s generations who dominate the buyers market focus on socially conscious brands. You see this in all sorts of sectors:
- Financial Investments – SRI’s
- High-End Clothing – Accessible for All
- Fashion – Sustainability
- Automotive – Electric Vehicles
- Innovation – Renewable Energies
And the list goes on.
But that’s not all.
Their buying habits have also changed. Not only are these two demographics interested in socially conscious solutions, but they’re also active in their research when it comes to buying from brands. These two generations don’t waste a single second believing your ad, let alone watching your ad. Instead, GenXers do their research inside and out. They look at a product, an investment, or an opportunity and they research. They research, research, and research until they know EVERYTHING about that product, brand or investment. Once they have all the information, GenXers are typically more apt to proceed with buying habits that are in alignment with their research and values. If you don’t fit the bill, don’t expect this non-compulsive buyer to give in. There’s really no foolin’ these guys.
Millennials are a whole ‘notha story. These lil “tyrants” or “ungratefuls” are very much the opposite of what you assume of them. Millennials are the ones who are taking over consumerism, creating a whole new playing field. Millennials are about inclusivity and abolishing the status quo. Although this seems totally opposite to their YouTube startups or their Insta game, this generation is creating a massive change in how they work and play. They want to experience life, not work to experience life. The same goes for their buying methods. They want to experience brands. And so, to do this, guess what they do? They ask their closest. Yup, Millenials are all about word of mouth and have that type of influential power too. Millennials use their buying power to ask friends first of brands they recommend. When Millennials are shopping for an item such as an Airline ticket, they’re not going over to Google to find the best deal. Instead, they’re jumping on Facebook to create a post asking for their friends to drop their recommendations.
Millennials are also hyper-aware of this world and social issues. Thus, Millennials align themselves with brands that are doing good for society. That means, ethically sourced, animal cruelty-free, chemical free, basically… bullshit free. Once they’ve found brands like this who produce things like clothing, food, technology, transportation, equality and so forth, Millenials will typically invest and tell all their friends about it. Now, what do you think about that Insta game?
So what does that mean for you as a company trying to sell in 2019?
First, throw on the breaks for a short minute to reassess your strategy.
- What do you have to offer these two generations who are holding the buying power?
- Are you doing good for the world?
- Are you increasing your reputation by building your brand and community?
- Are you a brand that’s relatable?
- Can your audience relate to your mission?
- Wait… does your brand even have a mission?
These questions, although seem basic, are the questions that really are the factors to winning over these emotionally intelligent generations.
Your company is living in a new era where the market has changed and so has the game. Do you want to risk it all doing things the old way or would you rather start winning in a new way?
It’s up to you to choose because remember, your buyers have already made their choice.