How does this change affect your company?
Millennials are people who lived through their childhood and adolescence during the longest economic cycle of capitalism; now they are between 20 and 35 years old and are starting to form families and access management positions in companies.
Millennials are said to have enjoyed a comfortable and happy childhood and adolescence, to seamlessly blend the real and virtual worlds, to be unable to live without technology, and to maintain a strong commitment to individual and social progress. Social scientists claim they are “a social group that will shape the future.”.
With Millennials come new consumers, our customers, and they are characterized by:
They are digital natives; technology is an extension of their own bodies. For example, they watch TV online, meaning that "prime time" will soon disappear and the way advertising on that medium will change.
– They are multi-screen and multi-device, and also multitasking, so if we want to reach them we will have to integrate all channels into our communication strategy.
They're addicted to their smartphones; 45% say they can't live a day without their phones, and it's on these devices that they start looking for what they need. Apps are essential.
– They are social: they consult, share and comment on social networks.
– They are critical and demanding, they value the experience of other consumers and contribute their own, so negative experiences will seriously affect the consumption of our services.
They demand personalization and new values; they want companies to offer services tailored to their needs and highly value organizations' commitments to society, transparency, and sustainability. Furthermore, they prefer sharing to owning.
And since these changes seriously affect businesses, we should work on these three ideas as soon as possible:
– Review our customer communication strategy, opening it up to new channels and social media.
– Rethink our product or service, based on giving more value to use than to ownership, facilitating mobility and creating experiences for consumers.
– We must make real commitments to society, sustainability, and transparency.
Pau Riera
General Director. Finance Area
Àmbit Assesor
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A graduate in Economics from the University of Barcelona, he is also a Certified Actuary, Real Estate Agent, and Insurance Broker.
He furthered his training with courses in taxation, business valuation, and credit management offered by the College of Economists of Catalonia and the Center for Financial Studies (CEF).
In 2000, he became the managing partner of the firm, and since 2011, he has also been responsible for the Finance Department.
For five years, while already a member of the management team at Àmbit Assessor, he also held the positions of Deputy General Manager and Finance Director at Alco Grupo Empresarial.
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