Issue No. 28 May 13, 2015

In recent issues of the CfHP newsletter, we have discussed the importance of recruiting and retaining millennial employees. In this newsletter, we focus on millennials as consumers, and what companies can do to turn them into customers.

Millennials are a new breed, with habits and attitudes that business leaders of older generations may not understand. They make up an enormous segment of the consumer market (they already account for about $1.3 trillion in annual spending) and their spending power will continue to grow. Any business that wants to succeed in the coming years needs to pay attention to millennials right now.

To help prepare corporate leaders for what's coming, the Center for High Performance has created futurecraft®, a hands-on executive experience that takes leaders on a virtual tour of forward-thinking companies. Through futurecraft®, companies will gain a window into future-state best practices, helping them plan for a major shift in the marketplace.

Please read on to learn more about the impact of millennial consumers, and visit the CfHP website for more information about futurecraft®.

Get ready for the future

In the year 2020, millennials will make up half of the U.S. workforce. Are you ready for this major shift in the marketplace? Our new executive experience, futurecraft®, helps you prepare. Watch the video to learn more.

Watch more CfHP videos.

Millennials' impact huge and growing

With Baby Boomers riding off into the sunset and an even larger group of millennials taking their place, company leaders who don't take the impact of the millennial generation seriously are in for a rude awakening. As millennials move into their prime earning and spending years, they will reshape the economy in their own image, and have a colossal impact on the way we all buy, sell and work.

Companies that "get" millennials have an opportunity to build brand relationships with them that are strong and long lasting. Apple is a prime example. It has successfully tapped into this generation and rings up mind-boggling sales every time a new product is released.

Who is the millennial consumer?

Millennials are now the largest generational group in the United States, with roughly 75 million members. They are also the first digital natives. With instant access to product information, reviews and price comparisons, they don't have to rely on brand recognition or advertising when making decisions about what to buy and where to buy it. They are far more likely to trust recommendations from friends and peers over celebrity endorsements. They influence the buying decisions of their Baby Boomer parents, and will inherit their wealth. And they use technology (social media, texting, instant messaging, blogging) to communicate their own opinions about everything.

Millennials already account for about $1.3 trillion in spending annually, and that's just the tip of the iceberg. As the economy recovers and millennials grow older, shed debt and advance in their careers, their spending will grow. Wait until they take over the positions of retiring boomers and hit their peak spending years!

How can you reach the millennial consumer?

Perhaps the smartest step a company can take to attract millennial customers is to hire and develop millennial employees. After all, who knows better what millennial consumers want than their peers?

You can also tap into their buying habits. Start by updating your own web presence. Make product information and updates available online so they are easily accessible through multiple channels and from any device. Be more strategic with your social media plan to keep your message in front of millennials and to respond instantly to their concerns.

It's also critical to recognize that millennials are more susceptible to marketing that ties products to a cause such as social responsibility, the environment or health and wellness. This generation is truly interested in "doing good" when they make a purchase. And this could be a good thing for all of us.

Also, understand that one-size-fits-all marketing won't work. American millennials are the most diverse generation ever. To reach them in a meaningful way, you may need to re-evaluate your business model and even experiment with new lines of business to appeal to a younger customer base.

This is a time of significant change. High-performing companies are investing time, resources and ingenuity to attract millennials and turn them into loyal customers. Is your business one of them?


Looking for a keynote speaker on millennials?

How to hire millennials and acquire them as customers is not only a hot topic, it's critical to the future success of any organization. Susan Lucia Annunzio, president and CEO of the Center for High Performance, is an expert on the topic and can share her knowledge with your organization to help you prepare for the very real and significant shift happening in the marketplace. Among other things, you will learn who the millennials are, how they work, how they are changing the workplace and what it all means to you. For more information on booking Lucia for a keynote speech, please contact Lisa at

Center for High Performance

40 East Chicago Ave, Suite 183 • Chicago, Illinois 60611 • T 312.867.7710 • F 312.276.4256
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