Millennials are defined as the group of people born between the early 1980s and the early 2000s. They are classified as civic-minded, taking an interest in politics and the environment, and are more tech-savvy than any previous generation. Millennials have never known the world without the Internet. They transformed life as we knew it with companies like Facebook, Dollar Shave Club and Etsy. With a track record like that, it’s no wonder that businesses worldwide are fighting for their attention.
Think your pharmacy will survive by focusing on the aging population instead? Think again, millennials matter to your pharmacy!
Here are 4 reasons you need to pay more attention to millennials:
1) Their Numbers Are Huge
There are eighty million millennials in America alone and they represent about one-fourth of the entire population! It’s hard to believe that one generation accounts for such a big chunk of our society, but it’s true. That’s why winning their attention is critically important to your pharmacy’s success – the numbers don’t lie.
2) They Are Here to Stay
As the most recent generation to come into adulthood, millennial buying power is still in its infancy. As your elderly customer base dwindles, gaining repeat business from millennials will become increasingly important. Not only will this generation be here for the long haul, but the number of millennials in your pharmacy will continue to grow exponentially over the next 25 years.
3) They Have Major Influence
Millennials can impact your business through word-of-mouth like you’ve never seen before. They influence both older and younger generations with their opinions on everything from fashion to food. While baby boomers rely on traditional advertising, millennials look to social media for authentic reviews on local businesses. Once you build a reputation with millennials, the impact on your business growth can be monumental.
4) They Practice Brand Loyalty
According to a survey conducted by Forbes, 60% of millennials said that they are often or always loyal to brands from which they currently purchase. If you attract this generation and turn them into customers, they will most likely continue to buy from you in the future.
Companies have been struggling to connect with this generation because many of the traditional methods of advertising have proven ineffective at capturing their attention. The sooner you make an effort to build relationships with millennials in your area, the better.
Expanding your millennial client base is just one way to build your business. At Pharmacy Development Services, we have dozens of proven business strategies for the independent pharmacy, as well as the expertise to point you in the right direction immediately.
If you want to learn more about different ways to attract, engage and delight millennials, register for this on-demand webinar