Connect Summer 2017 | Page 19

Retooling for Growth : The Millennial Factor

Millennials have surpassed Baby Boomers as the largest , most racially diverse and highly educated generation in U . S . history . Now , entering their prime earning and spending years , they will impact every aspect of the economy and continue to reshape how we do business . Future growth and survival for your company may depend on leveraging the buying power of this key customer segment through a strategic realignment of resources .
Currently numbering nearly 85 million , Americans born between 1982 and 2000 can no longer be discounted merely as teenaged stereotypes of the “ selfie culture .” Last year , the first millennials turned 35 , and over the next 19 years , they will be joined by their younger contemporaries in a peak earning and spending age bracket of 35 – 55 . They ’ ve captured our attention since they were old enough to influence spending , but now they are more than influencers — they ’ re consumers . It ’ s time to stop avoiding millennials and start learning how to give them what they want .
Strategic Investment Retooling your business means adapting to the changing market by strategically calibrating existing systems . Whether tweaks to your policy manual or an organizational overhaul , some investment of time , personnel , and financial resources will be necessary to realign the legacy strategies previously aimed at attracting a much different generation .
As you think about which updated investments will yield the highest returns , consider your organization ’ s capabilities in these high-impact areas :
� Mindset . Converting millennials into brand ambassadors requires a shift in the way your entire organization understands the customer . Many companies make the mistake of assuming millennials hold the same life values that older generations did at the same age , but growing up during the Great Recession has altered millennials ’ relationship with money . Early struggles with unemployment , lower salaries , and school loan debts have forced them to prioritize their spending and delay many of life ’ s traditional milestones , like marriage and home ownership . Avoid appearing tone-deaf and create an organizational philosophy grounded in an understanding of this generation ' s unique values .
ÎÎUpdate policies and procedures , training , and mission statements to reflect a more inclusive approach .
ÎÎReview company literature and rewrite language that excludes nontraditional values .
ÎÎDevelop products and services that speak to the unique pain points of millennials .
ÎÎOffer customizable payment methods or financial tools to address the budget needs of millennial customers .
MEET THOMAS X . GEISEL ,
Executive Vice President , President of Specialty Finance Commercial clients in need of flexible , specialized lending options turn to Tom Geisel and his team of experts at Sterling National Bank . Many middlemarket companies struggle with capitalization in rapid growth scenarios , acquisition opportunities , or other unique circumstances . Geisel takes a personalized , collaborative approach in securing the necessary resources to solve these clients ' issues and fuel growth . Services include assetbased lending , payroll finance , factoring , mortgage warehouse lending and syndications , as well as industry-specific financing such as equipment , restaurant franchise , health care , lender finance and public finance .
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