Appealing to Millennials should be a breeze for franchisees

If it seems like each new day brings with it a headline detailing the perplexing buying habits of Millennials, it’s probably because it does. Think pieces analyzing the Millennial generation, and, more specifically, its wants and needs, are big business (or at least easy to craft on a short deadline).

If this sounds familiar, it’s probably because Generation X had to contend with the same stories feigning concern, curiosity and befuddlement. But pearl-clutching editorials focused on younger generations were a mainstay long before the Internet gave every Jack and Jill the opportunity to throw in their two cents. Just imagine how much small-town newspaper ink was wasted on Baby Boomers back in the day. Greasers! Hippies! Yuppies! The opportunity for “Get off my lawn,” fist-shaking screeds were seemingly endless.

Then again, it’s easy to see why franchise owners would be hungry for any and all information on Millennials. Businesses need customers, and Millennials are poised to replace Baby Boomers as the largest consumer-spending group in the U.S., according to Chain Store Age.

However, instead of viewing Millennials as some kind of alien species you must dissect to understand, it’s much simpler and more effective to zero in on some basic facts that not only apply to Millennials, but all modern consumers. The truth is, Millennials are savvier, not stranger, and this is likely to be the norm for future generations as well.

Value matters
Every headline you’ve ever read that described Millennials as frivolous with money forgot one important fact – this generation has had to deal with one of the worst economic periods in American history. This has made Millennials frugal shoppers who won’t hesitate to look around for the best value.

Whether it’s a burger or a bra, Millennials are careful about what they spend their money on. Much of this has to do with necessity. According to the Urban Institute, as of 2010, the average wealth for Millennials was 7 percent lower than their counterparts in 1983.

Franchises hoping to attract Millennials would do well to keep this in mind when it comes to pricing.

Substance over style
Plenty of stories have portrayed Millennials as obsessed with authenticity, as if it’s some kind of fashion trend. But think about it: Millennials have greater access to information technology than any other generation previously, as well as the know-how to use it.

This makes it easier for Millennials to research brands and determine whether a product or service is legitimate or a marketing ploy. It’s not that Millennials are obsessed with authenticity; they just have the tools and knowledge necessary to call out bogus business practices.

Solid products and superior customer service will go a lot further with Millennials than flashy ad campaigns. After all, the truth behind your latest jingle is always just a click away.

Turning understanding into action
There’s no denying that every generation has its own unique quirks (just try showing someone their senior portrait and see if they don’t cringe), but when it comes to engaging with Millennials, there’s no big mystery to solve.

A combination of economic factors and technological advancements have made this generation more cost-conscious and well-informed than their forbearers. Once franchises understand this, appealing to Millennials will suddenly seem much simpler than they thought. You know why? Because it is.