Saturday, 5 August 2017

What 'Generation Y' can do for your business

Curious 'Generation Y'ers' such as Peks Ikeji (M) often return to Bank & Entrepreneur Africa Lady Vendors, Chinyere (L) and Amarachi (R) to buy every edition of the magazine

Gen Y'ers - those born in the 80s and 90s - are often referred to by society as fickle, irresponsible, and technology nerds. But looking at the people they meet everyday while selling Bank & Entrepreneur Africa magazines, our Lady Vendors will tell you otherwise. They see, instead, a bunch of constantly curious people.

This is how Generation Y'ers have impacted the Lady Vendors: They stop by the ladies, and incredulously ask why anyone would still be selling hard copy magazines in a digital age. While the ladies are looking a little confused (this kind of questioning is not in their sales script), the Gen Y'er asks permission to flip through the publication. They spot a whole lot of websites and email addresses. They are impressed with the handy resources. They buy a copy, and tell us how they scan the information into their phones. So it's scan, store, and click or share. 

It turns out that Text FairyScannable, Adobe Scan (Android | iOS), CamScanner, and Goggle Goggles are popular scanning apps.

Best of all, Gen Y'ers never complain about not having cash to pay for their purchase. In the absence of a PoS machine, the Lady Vendors quickly whip out the company's bank account details, and in a few minutes, an electronic transfer via smartphone has happened. 

We quickly learnt at Bank & Entrepreneur how best to engage this segment that are perpetually chained to their phones - just give them something to be curious about. An innate curiosity to know and be informed drives their relationship with technology, as it drives their relationship with the magazine. We do the research, pool together clickable links across a few pages, and the Gen Y'er buys, scans, stores, shares, and browses away. 

The magazine's relationship with Gen Y'ers is a curious one, but it works every time. Could they instead be downloading digital copies of the magazine. Of course - thousands of Bank & Entrepreneur Africa readers do this - but the Lady Vendors have nurtured a niche channel all on their own (based on personal relationships), and have kept their commissions alive.

As Millennials become a more influential demographic and contribute significantly to the bottomline of any business, businesses must incorporate their needs and wishes into the organisation's offering - in order to be successful.   

Having noted that more than 40% of its magazine buyers are 'Gen Y'ers', Bank & Entrepreneur Africa will constantly be analysing the Millennial mindset and lifestyle to strengthen its strategy and profitability.

If you're an entrepreneur, we hope you're paying attention!

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