Tag: Millennials

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Business Growth

Maximize Value For Millennials

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Ah, Millennials. They are a much maligned – yet coveted – consumer. I truly believe this demographic will single-handedly change how goods and services are bought and sold. So, who are they and how should a powersports dealer capture their sale?

The Millennial generation was born between 1980 and 2000. They are the biggest in history, even bigger than the Baby Boomers. Financially, this group won’t reach their peak earning age until 2020.  However, Millennials already control a large chunk of liquid assets, an amount that is forecast to grow to $7 trillion by 2020. By 2025, they are expected to generate 46 percent of all U.S. income.

This generation spends money very differently than their Baby Boomer elders. According to a Goldman Sachs Research report issued this year, Millennials are far less likely to purchase something because it’s convenient. Quite the opposite. They will delay a purchase in search of a lower price or a better deal. While they do spend money – they focus on value rather than impulse.

Millennials are the first completely digital generation, living almost entirely on their smartphones. They are research obsessed and will quickly become the expert on an item before they purchase. With this information in hand, how do you tackle this knowledgeable, value-driven customer?

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Recipe for Powersports Success with a Generational Melting Pot

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

For the first time in U.S. history, today’s American workforce includes four generations of employees – Traditionalists, Baby Boomers, Gen X’ers, and Millennials – each with preferred styles of communication. Each generation brings unique strengths, qualities and even requirements to the powersports dealership. The downside – managing the different expectations of each generation is a challenge.

According to a recent Ernst & Young survey, 75 percent of managers reported that managing multi-generational teams is a challenge, and 77 percent said that different work expectations among generations is a leading challenge they face. Let’s look at what motivates each generation.

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Business Growth

Do You Know What Makes Millennials Purchase Motorcycles?

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Millennials, born between 1980 and 2000, are becoming the most sought-after generation by businesses. At the end of 2015, they had spent $2.45 trillion. By 2018, they’ll spend greater than $3.4 trillion – more than the previously coveted baby boomer generation. Each day, over 10,000 people turn 21. But here’s the rub. Millennials possess a very different purchasing mindset versus previous generations. If you want to sell to them, you must understand them – and likely change how you sell. Heads up powersports dealers – the times they are a’changing!

What Motivates Millennials?

Numerous labels have been attached to the millennial generation. But just as the Depression formed the World War II generation, the Millennials are a product of the 80s, 90s and 00s sociology. Let’s consider a few traits that should impact your sales efforts.

Millennials have the highest education rate of any generation to date. They’re smart and focused on research, taking nothing at face value. For a powersports dealer, this means you better have the facts to substantiate the claim that bike X is better than bike Y.

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