Dear Tammy: I've been reading a lot about millennials-how they think, what they buy, how they live their life. I don't get it, to be honest.
I am trying to build business; Isn't it a fact that they either want to travel or they don't? How am I to approach them differently?
Tammy: I've said this before in this column, but every market is a niche. You're going to market to a senior market differently than you would a young family. You're going to market business differently to a young family than you would a single businessman.
Everyone thinks and acts differently, and the millennial market is one that you really need to focus on if you want to improve your business.
The tourism industry is also catering to this market. Last year, The Hyatt Centric The Loop Chicago opened its doors in downtown Chicago touting itself as the first hotel to launch under Hyatt's new lifestyle brand specifically for millennial explorers, typically born between 1980-2000. There is a river cruise specifically marketed to millennials as well.
Millennials think differently about travel. Many prefer a more affordable place to stay versus a five-star hotel. They like to backpack through Europe instead of enjoying a luxury cruise.
Conde Nast recently reported on a study that showed millennials even treat business trips differently.
According to the article, "which reported on a 2016 report from MMGY Global, a travel and hospitality marketing firm who polled 1,007 business travelers from across generations, millennials took an average of 7.7 business trips over a twelve-month period-more than their older counterparts, Generation Xers who were born between 1965 and 1979 (6.4 trips) and Baby Boomers, those born between 1946 and 1964, (6.3 trips)."
You need to learn how they think, how they spend, where they want to go in order to sell to them properly. Once you do that, you will see that your business will grow.
It's important to take time to learn about all your niches for the same reason.
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