Millennials: In-the-Know and Ready to Buy

By Kevin Cundiff, VP of Retail for Fortegra. 

Millennials. They truly are the in-the-know generation. They do their research to educate themselves on their potential purchases, and by the time they actually get to making that purchase, they know exactly what they want.

In fact, according to CMO.com, nearly 75 percent of Millennials research their options online before going to a store to make a purchase—and they often never even make it to the store, opting to just have it shipped to their door.

But in the event a Millennial does darken the door having done their digging beforehand, what is a salesperson to do? Well, here are a few ways to prepare.

Come equipped with data that tells a story

The practice of researching items online then purchasing them in store is known as ‘webrooming’, and it influences the entire sales process. Hypothetical examples of how a product worked for another customer are no longer enough. Today’s informed consumer values proof. But on-the-spot proof can be tough, unless you come armed with data.

Data that tells a story—including supporting numbers and facts—can help build credibility and trust, and sometimes can be proof enough.

Listen to what they know—and show them something they don’t

Although it sometimes might seem like it, having an educated customer isn’t a bad thing. Communicating with the customer to learn more about what they know can actually help you make the sale. Listen to the customer and tie their education back to something you know they want and that you can deliver. Who knows, you might even lead them to something they didn’t realize they needed!

Ditch the nonsense

We’ve all done it (or at least thought about doing it). You find yourself backed into a corner and your tried-and-true sales pitch isn’t working. So, you try to change the subject, or worse, make something up. Customers who’ve done their research know their stuff and can spot the phony baloney a mile away. A frantic sales pitch will cause more harm than good.

If the facts aren’t with you, try playing to their ego. Acknowledge the effort your customer has made and find out what you can do to help make his or her purchase decision as informed as possible—even if it means pulling in outside resources.

From selling tablets to selling furniture warranties, being aware of how to interact with and ultimately sell to Millennials who know their stuff will continue to be an increasingly important part of how you do business. Make sure you’re prepared for the challenge.

Contributed by Kevin Cundiff , VP of Retail for Fortegra Financial Corporation – a Tiptree Financial Inc. company (NASDAQ: TIPT). Fortegra and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting programs. Delivering multifaceted coverage with an unmatched service experience for both partners and their customers, Fortegra solves immediate, everyday needs, empowering consumers to worry less and Experience More.