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Millenial concept - Young man working

Why millennials should matter to SMEs

From supporting a cause to making your website mobile-friendly, here are four suggestions on how small businesses can attract millennial consumers.

Millenial concept - Young man workingSince the term millennial first started taking off, the oldest members of the generation have grown from tech savvy teens to digitally-connected adults now in their mid-30s with jobs and purchasing power. SMEs are missing out on big bucks if they don’t target this generation of conscious consumers.

Big mistake, especially when you consider that according to recent research, millennials would much rather spend their money to support small businesses than large corporations. Makes sense for a generation that values independence, shopping locally and has an interest in the authentic stories behind the products they purchase. They’re also likely to be brand loyalists so if your business is ready to tap into the millennial market, it’s high time to revise your business strategies. As local London accountants for small businesses, we’re here with a few tips to get you started.

Have an influencer endorse your product

Make your product or service stand out with the help of social media influencers. A simple retweet from a prominent online persona will make your brand visible to thousands or even millions of social media subscribers. Did you know that if one influencer shares one of your posts, your visibility will be boosted by 31.8%? So just think about what happens when you get more than one influencer on board. If you’re business sells cosmetics, for example, you’ll want to contact beauty bloggers as well as vloggers who do makeup tutorials on YouTube. They’re already getting loads of freebies though so do some research to find out who’s interested in your profile and then start networking and building relationships.

If you care, they care

Millennials tend to be socially responsible consumers and they are eager to fund causes they care about. They’re likely to participate in crowdfunding campaigns, donate to charities and are looking to make a social impact. Millennials want to make the world a better place, so if they see that your company cares for a cause as well, they’re more likely to be interested in you and your business.

Make your website mobile-friendly

Roughly 80% of millennials own smartphones and if your website is still not mobile-friendly you’re missing out on your chance to be seen. It’s also important to make the page responsive, because nobody has time to wait more than two seconds for a webpage to load anymore; there are cat videos waiting to be viewed.

Have a Plan

Repositioning your brand to attract millennials takes time and effort, and it’s important to keep your cash flow positive in the meantime to sustain your operations. At Tax Agility, we’re all about financial performance and control. We’re small business accountants with local offices around London in Putney, Richmond and Cavendish Square. We’ll work with you to examine your numbers and provide practical advice on the strategic decisions that will take your business forward and make you more profitable.

If you want to talk to us about how we can help you build a better business or you’re interested in our small business management consulting service, contact us today on 020 8108 0090 or get in touch via our contact page to arrange a complimentary, no obligation meeting.