The world is changing, and as it continues to do so, millenials are becoming the key consumer base the hospitality industry needs to thrive in the 21st Century. That is why this week I’ve detailed my top five tips for attracting millenials to your hospitality business.
You Need Millenials More than They Need You
As many a politician has said in the past, the children are the future. The millennial generation (18-29) are the up and comers and they are so valuable to a business’ bottom line because it is they who will come to shape consumer trends in the coming years and decades. They also have a significant amount of disposable income, meaning that if you attract millenials, your profit margins are almost certain to see a significant boost.
The millennial demographic is particularly important for the hospitality industry. This is because it is consumer driven in a way few others are. It relies on real customers to earn a profit, unlike, say for example, the financial industry, which makes its money in a more indirect manner.
Htet Tayza’s Five Ways to Hook in the Millenials
This is why you need to attract millenials now; not only will they boost profit in the short term, but their brand loyalty will keep you in good stead as they grow to become the dominant consumer sector. Here’s five way you can do so:
1) Embrace Social Media: Millenials love social media- it’s only popular because they made it so. You’re far more likely to reach them online than with a traditional marketing campaign.
2) Go Green: Did you know a survey by Sustainable Brands found that 80% of millenials care about the energy practises of the company they work for? If you don’t go green, that’s a lot of business down the pan!
3) Throw a Party: Millenials are young people and young people like to party! Don’t be boring, throw a party every once in a while and make sure you have a banging DJ on the decks. Watch and wait as suddenly all the millenials bring their hard earned disposable income straight to your door.
4) Cater Specifically to Millenials: They’re never going to come to you if you don’t cater to them. If you run a restaurant, for example, you might want to include a few discount options to bring in the student customers, who’ll stay loyal to you for years to come.
5) Share the Wealth: The millennial generation are the most socially conscious yet and they like to buy into brands that reflect their values. Support charities and show millennials that you share their passion for social justice.