{"id":21,"date":"2016-08-12T21:57:24","date_gmt":"2016-08-12T21:57:24","guid":{"rendered":"http:\/\/efgintelligence.com\/powersportsswitchback\/?p=21"},"modified":"2016-09-13T17:15:47","modified_gmt":"2016-09-13T17:15:47","slug":"know-makes-millennials-purchase","status":"publish","type":"post","link":"https:\/\/efgintelligence.com\/powersportsswitchback\/2016\/08\/12\/know-makes-millennials-purchase\/","title":{"rendered":"Do You Know What Makes Millennials Purchase Motorcycles?"},"content":{"rendered":"
\"Glenice
Contributing Author:
Glenice Wilder
Vice President
EFG Companies<\/figcaption><\/figure>\n

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\u2019ll spend greater than $3.4 trillion<\/strong> \u2013 more than the previously coveted baby boomer generation. Each day, over 10,000 people turn 21. But here\u2019s the rub. Millennials possess a very different purchasing mindset versus previous generations. If you want to sell to them, you must understand them \u2013 and likely change how you sell. Heads up powersports dealers \u2013 the times they are a\u2019changing!<\/p>\n

What Motivates Millennials?<\/h4>\n

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\u2019s consider a few traits that should impact your sales efforts.<\/p>\n

Millennials have the highest education rate of any<\/u> generation to date.<\/strong> They\u2019re 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. <\/p>\n

Millennials are the Internet generation<\/strong>. They were raised with technology and do not function without it. They will do their research online long before they ever set foot on your dealership floor. And when they do enter your showroom, your team needs to be as well-informed as they are, or they will go somewhere else (or simply purchase online!)<\/p>\n

Millennials are connected to a wide range of people<\/strong> \u2013 and it is their lifeblood. Their \u201cvillage\u201d is strong and holds sway when forming opinions. Peer review sites, community chatboards, Facebook friends and LinkedIn colleagues are consulted before purchases are made. As a powersports dealer, it is important to have a presence on these sites \u2013 and a stellar reputation.<\/p>\n

Millennials are fiscally conservative.<\/strong> They entered the workforce in an incredibly weak economy and likely are still paying off a mountain of student debt. They are somewhat fearful of their career future and manage their money carefully. It is imperative that your sales team \u2013 and F&I department \u2013 have pricing details down to the penny. And be able to show value for each item.<\/p>\n

Finally, Millennials are committed to efficiency<\/strong> \u2013 and results. Just as they demand instant gratification from their technology, they expect the same from their purchasing engagements. They don\u2019t have time for small talk or lost paperwork. If you run a tight ship, your dealership will score points with this group.<\/p>\n

So what does this mean for your dealership when targeting this demographic? Here are a few things to consider.<\/h4>\n

Build a relationship \u2013 online.<\/strong> Your customer is online researching their purchase before you ever meet face-to-face. Meet them online, provide useful information, and answer questions quickly. If you become their valued source of information, they are more likely to purchase from you.<\/p>\n

Become part of their \u201cvillage.\u201d<\/strong> \u00a0In support of their \u201cvillage,\u201d Millennials are devoted to their causes and their friends\/family. Engage with them in and around the community by supporting the local sports teams, civic groups and other social causes.<\/p>\n

Sell on fact-based value.<\/strong> This generation likely is not interested in luxury amenities so don\u2019t waste their time talking about bells and whistles. Instead, focus on value and have the facts at your fingertips. Remember, they\u2019ve already done their research.<\/p>\n

Millennials have tremendous buying power but their approach to a purchase is different. Make adjustments to your process and you might have a customer for life.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019ll spend greater than […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[13],"tags":[5,14,16,15],"class_list":["post-21","post","type-post","status-publish","format-standard","hentry","category-business-growth","tag-glenice-wilder","tag-millennials","tag-motorcycles","tag-powersports"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7NG7I-l","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/posts\/21","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/comments?post=21"}],"version-history":[{"count":3,"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/posts\/21\/revisions"}],"predecessor-version":[{"id":27,"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/posts\/21\/revisions\/27"}],"wp:attachment":[{"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/media?parent=21"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/categories?post=21"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/efgintelligence.com\/powersportsswitchback\/wp-json\/wp\/v2\/tags?post=21"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}