The Millennial B2B Purchasing Machine
by MGB2B
The trope of Millennials being lazy, entitled, avocado-toast obsessed side hustlers is over. The eldest of the group are now 38, purchasing homes, having children, and being generally responsible humans. It’s no surprise they are poised to become the largest audience for B2B markets. And when it comes to marketing, their default is digital. Cold calls and print are being replaced with video, retargeting, SEO, and social media when it comes to B2B purchasing decisions. Whether you haven’t started the transition, or are just in the beginning stages, it’s worth a look at the following stats as you ramp up your program.
A Whole New World
A study done by Merit found that 85% of Millennials turn to social media to research products and services for their companies. This generation was raised in a digital age; it’s no surprise it’s their go-to when they want information for B2B purchasing decisions. With the ability turn on a phone, tablet, or computer and get all the information they need, why would they go anywhere else?
What Do They Want?
Seeing is believing. Ranking at 30%, videos are their preferred content format when it comes to new products and services. This surpasses case studies, white papers, and brochures. Highly engaging, readily accessible visual content is what they seek, so long as it is presented in a succinct and efficient way.
Educate, don’t lecture. Training, demos, and product news ranked far higher at a collective 68% than industry news and thought leadership. The assumption here is that, when research is done for a purchase, Millennial buyers want to cut to the chase.
Brand benevolence. Millennials care about companies social, environmental, and philanthropic efforts — a lot. 80% rank a company’s moral compass as important to their purchase decisions. To take the point even further, about 40% turn to Glassdoor to read employee reviews of the company to see if they want to engage with a brand on a long-term project.
What This Tells Us: B2B purchases aren’t being made on a whim. Millennials want to know they’re getting a quality product while leaving no stone unturned. This also tells us that they want what everyone wants: clarity, content, and full-disclosure from brands. If the brand supports a cause or charitable effort, even better.
What’s Next?
Some 73% of 20-to-35 year olds are involved with purchase-making decisions at their workplace, and that number is growing. Armed with the knowledge of the Millennial influence in the market, as well as the information they’re searching for, the importance of creating content for them is a no-brainer.
The winds of change are coming, and they’re pointing in a more streamlined direction. First impressions matter. The rise in the millennial b2b purchasing audience is the perfect opportunity to strengthen your brand; all you need to do is take time to focus on their needs.
Tags: b2b, B2B marketing, Millennial Market, Millennials