Enter Millennials. Does your business model fit? - Knowledgelink
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Technology is evolving at a rapid speed, and it’s fantastic. Millennials spend more time with their noses in their phones than they do picking them up to make a phone call. The word “phone” doesn’t even apply anymore. We are in the heart of a technology boom, and the explosion keeps getting larger.

For example, at the touch of a screen, you can listen to any song in the world, watch any video in the world, and consume an infinite amount of new material.

So, why hasn’t your business model adopted all it can within the new technology era? Why are you still using the archaic business models that “you always have,” instead of shifting your business model to work for millennials?

Enter the new workforce.

“According to the Pew Research Center, more than one-in-three American workers today are Millennials (adults ages 18 to 34 in 2015), and this year they surpassed Generation X to become the largest share of the American workforce.”

Millennials consume TONS of content every single day, but their consumption behavior is unique:

Knowledge consumption for millennials (and increasingly, the world) has shifted to predominantly online. Millenials don’t spend time in the library looking for new books or articles to read. Instead, they watch on computer or phone screens. It’s here where they click through an infinite amount of content to see what interests them.

Millennials consume knowledge in bite-sized pieces. A quick click through, skim, first glance and millennials will tell you everything you need to know about a particular subject matter. Their attention spans are shorter. However, they are able to consume loads of new material in a quicker manner.

Millennials actively seek out knowledge. Millennials are informed. Unsure of a fact? Just a quick type into Google, and the answer appears. This is how they grew up, used to information at their fingertips. They constantly look for new information, to become more informed about a particular subject matter. And, they love consuming new material.

Millennials base their knowledge consumption on the opinions of others. Enter social media, review websites, and blogging. Millenials love their peer’s opinions, and they value what other’s have to say. The insight of others affects millennial’s decisions to purchase, watch, read, and participate.

So, now that we understand a bit more about millennials, how does this affect building an online business?

Make sure your online business is well suited for this generation. They make up a hefty percentage of the world. And, millennials make up an even heftier percentage of the world’s buying population.

Make sure you have an online business. Even if your business model focuses on you being there, in person, you need to have an alternative option online. It’s extremely important to build a successful online business for your clients.

Package your information in small, bite-sized pieces. You’re an expert. But, don’t overdo it. Deliver your knowledge in small, easily consumable bites. This way, your audience will actually pay attention.

Be the expert in your field. If someone is actively seeking information surrounding your expertise, be the point person for the search. Position your online business as an information resource for people interested in your area of expertise.

Reviews matter. Make sure your business has the opinions of others to back it up. Millennials are more inclined to listen to the opinions of their peers. So, make sure you have people reviewing your business. And, make sure the reviews are visible to the public eye.

In summary, the structure of your online business matters. Millennials are increasingly taking over the workforce. You should be prepared to deliver your knowledge in an appropriate style for millennial consumption.

The future of content consumption lives online. Make sure your business is ready to handle the change.

 

 

 

 

 

 

Author: Peter Getchell

Peter joined Knowledgelink in 2005 with more than eight years of experience in client services and sales. He currently is a member of the executive team and spearheads all business development initiatives for Knowledgelink. As a long time Boston and Phillies sports fan, Peter catches a lot of slack from the New York faithfuls. Peter now resides in Connecticut with his wife and two beautiful daughters.