Millennials and The Sharing Economy
The 92 million member strong millennial generation has entered their prime spending years and their impact on the global economy has already begun to change the way business is done. Consider the following about the rising generation:
- Millennials spend, on average, 6 hours a week shopping online or doing product research.
- 80% of millennials completed on online purchase in the last month.
- Millennials are the most likely subset of the population to use social media. Including 51% who say they would be likely to make a purchase because of social media.
- Online shoppers (69%) would like to see more product reviews.
Today’s (and tomorrow’s) customers expect an engaged and customer centric online experience with a brand or business. They want to know what thoughts and feelings others have come away with after doing business with you. Further, they want to know whether you care what those thoughts and feelings were. A vast majority of them will read online reviews prior to completing a transaction. The question becomes, does your online presence (and your review profile in particular) help or hurt your bottom line?
Customer feedback is an invaluable tool not only when it comes to improving your business, but also growing your business. Online reviews are digital word of mouth and their use and popularity have exploded over the last decade. in 2007, Yelp had approximately 4 million reviews. In 2017, they have 127 million. Facebook rolled out reviews for business pages in November of 2013. Now, Facebook reviews are growing at 4x the rate of other review platforms and are featured in Google search results. Your reviews matter, and will only matter more as we further transition into the Millennial Economy.
Any successful reputation management strategy starts with these three rules;
- Ask – If you want the review, ask for it. Studies show that the vast majority (70%) of consumers will leave a review if asked to do so. Friendemic makes asking easy. With the Catalyst mobile app, it’s easy to invite each and every customer to leave their feedback.
- Respond – Specifically, to all reviews both positive and negative. A key ingredient in successful customer centric engagement is responding to their feedback. Not all feedback will be positive but all feedback is an opportunity to improve your business. Remember, the larger audience when responding to a review. It is important to address the needs of the individual while also remembering that future customers’ decision will be influenced by your reviews and how you respond.
- Deliver – The most effective way to make sure your customers share glowing reviews about your business is to deliver a glowing customer experience. Take the feedback you receive and put it to work improving your business.
We live in an engaged, sharing economy. Those businesses who adapt most effectively will be positioned to gain the trust and and business of the largest generation in world history when they are most prepared to spend. Friendemic has the tools to help you easily and effectively manage your online presence and ensure your reputation is your greatest asset.