3 FACTS ABOUT MILLENNIALS THAT WILL IMPACT YOUR STATEMENTS

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Today, there are an estimated 95 million millennials in the United States and roughly 53 million of them in the labor force.  As time marches on, this number will continue to increase, and your customers in this segment will advance to mid and c-level roles.  In other words: It is wise to continually search for new ways to reach this generation. That being said, below are some key facts about millennials (and how they can impact customer-facing documents):

Millennials are Digital Natives
Millennials are characterized as a knowledgeable group in digital media trends and applications. They are accustomed to accessing data at any given point from any mobile device or computer. What does this mean for your customer-facing documents? You cannot survive on mail and email alone! Mobile delivery and ePresentment will help you achieve a desired response with this particular group.

Millennials Appreciate Receiving Mail
Before you make a goal of completely eliminating snail mail in lieu of web, email and mobile delivery, remember that millennials still value tangible items. Mail is no exception. Yes, this is shocking- but valid due to digital oversaturation in the marketplace. A study of response rates by the USPS in 1987, 2011 and 2012 reveals that people 18-21 would read mail immediately 65% of the time, while people 21-24 would read immediately 45% of the time. The best way to capitalize on these statistics on your customer-facing documents is, of course, to keep sending mail. However, keep in mind that consumers make subconscious choices about people and products within 90 seconds of contact or interaction, and between 62 and 90% of that initial assessment is based on color alone. Utilize color marketing and customer-specific messaging because it will help your documents stand out and encourage customers to open and respond favorably to snail mail.

Millennials Like to Support a Cause
Research shows that almost 50% of millennials would be more willing purchase from a company if they know their purchase will support a cause, while 37% say they are willing to purchase a product or service to support a cause they believe in- regardless of the cost. This is where segment marketing comes into play while building your customer documents. If your organization, for example, supports a certain charity foundation or sustainability initiative, there is nothing wrong with communicating that to your customer base. This will give you more credibility in the eyes of your millennial customers and increase brand loyalty.

For more helpful statistics about millennials, you can visit goldmansachs.com and leadscon.com (an expanded aggregation of stats). With millennials and other generations, it is always a best practice to keep an eye out for trends and statistics that can impact customer communications.