Articol de: Elena Badea, Managing Director, Valoria Business Solutions
Currently, 50% of the globe population is under 30 years of age. It is the youngest population segment in the history of humanity. According to the World Economic Forum Global Shapers Survey made on more than 30,000 young people aged under 30, from 186 countries, Millennials consider the entrepreneurial ecosystem as the most important factor which contributes to strengthening the influence of youth in a country. Entrepreneurs, intrapreneurs or simple consumers, Millennials are the ones who change the rules of the game in business.
Beyond the impact on society, the Millennials also change how companies do business with the B2B sector. A global survey conducted by Heinz Marketing shows that in the B2B segment, 13% of the Millennials make purchasing decisions, 27% influence them, 17% are project managers, 38% are in purchase research, and 5% have other roles.
A new experience is required in B2B
As consumers, those born after 1980 want a different purchasing experience. This generation is doing research before contacting a potential vendor. The direct contact initiated by a potential vendor at the beginning of the purchase cycle removes most of the chances of doing business with those of that generation. Purchasers of the Y generation do not look at studies or analyzes, but search for information on their own, considering their own criteria.
Profiling those who avoid B2B vendors
When engaged in B2B transactions, 60% of the Millennials avoid contacting potential suppliers by the middle of the purchase process, because they need time to do their own research. The informational asymmetry between suppliers and buyers does not count anymore. The decision-making autonomy stimulates Millennials to find their own means of collecting information and making purchasing decisions.
As employees and project team members, 28% of them start their research for a purchase at the request of the boss, and 30% of them because they have a problem they want to solve. They are the least inclined to start the process proactively to solve a problem faced by the team they belong to. Only 25% have this approach, and 16% do it when they find something interesting. Millennials can work in teams, but everybody is looking for their own solution, which then compares with those of the other colleagues.
Authenticity and trust count for Millennials
When buying, Millennials looks at company values and product quality. They ask friends and acquaintances for advice, not sales consultants. Their affiliation to the social and professional networks makes it important to them to gain the respect and appreciation of friends and colleagues, that is why 45% start collecting information on potential suppliers via social media. So, on the one hand, buying is defined as an approach with a strong selfish component. On the other hand, Millennials want conscious, human, and authentic companies that work with integrity because they make business decisions based on their personal values, a decision process that privileges such companies.