Millennials – they truly are the in-the-know generation. They do their research to educate themselves on their potential purchases, and by the time they actually get round to making that purchase, they know exactly what they want. Kevin Cundiff explains how salespeople can equip themselves to meet the needs of this particular customer archetype …
According to CMO.com, nearly 75% of Millennials research their options online before going to a store to make a purchase – and they really take their time doing this research, with 36% of Millennial consumers spending over 30 minutes doing comparison shopping before actually making a decision on what they want to purchase.
What’s more, they often never even make it to the store after doing all the digging, opting to just have the item shipped to their door by ordering online.
But in the event a Millennial does darken the door having done their digging beforehand, what is a salesperson to do? Well, here are a few ways to prepare …
Come equipped with data that tells a story
The practice of researching items online then purchasing them in store is known as webrooming. With the prevalence of smartphones, many Millennials are doing this while they’re actually in the store looking at the physical item. They want to see others’ opinions, check reviews on similar items, and compare prices, influencing the entire sales process.
Hypothetical examples of how a product worked for another customer are no longer enough for a salesperson to nail down a sale. Today’s informed consumer values proof – but on-the-spot proof can be tough, unless you come armed with data.
Data that tells a story – including supporting numbers and facts – can help build credibility and trust, and sometimes can be proof enough. This can come in the form of a customer testimonial, in-store metrics, industry research, or something else concrete. Whichever tool you choose, pulling out one of these examples early in the buying process can help move your Millennial customer from iffy to committed by showing them true product value.
But if it still comes down to price, be prepared for that too. The Millennial shopper knows your price – in-store and online – and those of any close competitors. Do you? Do you know what control you have over it?
“Encouragingly, it turns out the in-the-know generation is also 52% more likely to make impulse purchases than other generations”
Know what your options are in terms of creating a deal, price matching, and throwing in potential freebies. The last thing you want to do is convince the customer the product is right for them and have them go buy it from a competitor down the street to save 20 quid.
Listen to what they know – and show them something they don’t
Although it sometimes might seem like it, having an educated customer isn’t a bad thing. Communicating with the customer to learn more about what they know can actually help you make the sale, too.
Once you’ve identified their interest, lean on any technical expertise you have in the product area. Online reviews can be helpful, but they often leave consumers questioning the compatibility of all the items they own. Help guide them to a product that fits into their device ecosystem, or provide guidance on what’s needed to ensure a great user experience.
Listen to the customer and tie their education back to something you know they want and that you can deliver. Who knows, you might even lead them to something they didn’t realise they needed. Encouragingly, it turns out the in-the-know generation is also 52% more likely to make impulse purchases than other generations, so you actually do have a chance to change their mind!
Ditch the nonsense
We’ve all done it (or at least thought about doing it). You find yourself backed into a corner and your tried-and-true sales pitch isn’t working. So, you try to change the subject – or worse, make something up. Customers who’ve done their research know their stuff and can spot the phoney baloney a mile away. A frantic sales pitch will cause more harm than good.
If the facts aren’t with you, try playing to their ego. Acknowledge the effort your customer has made and find out what you can do to help make his or her purchase decision as informed as possible, even if it means pulling in outside resources.
It’s no secret you can learn more when you listen. Unsurprisingly, many experts say that the salesperson should handle only 20% of the talking, with the customer handling the burden of conversation through the sales process. By letting your interactions play out by the 80/20 rule, you won’t find yourself scrambling for info.
Whether you’re selling tablets or furniture warranties, being aware of how to interact with – and ultimately sell to – Millennials who know their stuff will continue to be an increasingly important part of how you do business. Make sure you’re prepared for the challenge by accessing relevant data, listening to your in-the-know customers, and leaving the bluffing at the poker table.
Kevin Cundiff is the vice-president of retail for Fortegra, a single-source insurance services company that, through a network of subsidiaries and preferred partners, offers a range of credit protection, warranty, and specialty underwriting solutions.
