Millennials in Franchising

Millennials are becoming a large force in the business industry. They hold different values than past generations, and these values are starting to reflect in the franchising world. Businesses are struggling to adapt to how quickly Millennials changed the traditional business model, but it is crucial that franchises learn to advertise to the younger generation in order to stay in business. Here are some ideas to consider when trying to appeal to the Millennial audience, and why franchises should start trying to advertise to the younger generation.

Millennials want Purpose
Unlike Baby Boomers and Gen X’ers, Millennials want their work to have meaning. They are more altruistic and want jobs to reflect that. Millennials often get called selfish and entitled, even by their own peers but over 84 percent of millennials donated to a charity in 2014. They are the largest generation in the United States and even though they have student debt and are living out of their parents’ basement, Millennials are volunteering their own time to charities that reflect their values. “Seventy-seven percent of millennials said they’re more likely to volunteer when they can use their specific skills or expertise to benefit a cause” according to The Washington Post. Franchises who do extensive charity work, like McDonald’s or Taco Bell can appeal to Millennials sense of purpose.

Millennials Want to be Their Own Boss
According to Forbes magazine, seventy-two percent of Millennials want to work for themselves. Franchises provide the perfect opportunity for them to think outside the box and give them the experience of running their own business that Millennials desperately want. Millennials are creative critical thinkers, and they have a passion that makes them able to handle the challenges of starting a new business. That isn’t to say that they can’t be taught. While Millennials love to work for themselves, they also respect mentors. They are eager to learn and are great team players.

Millennials are Technology Savvy
Millennials have practically grown up on social media and created it into the powerhouse that it is. They know how to market to themselves better than other generation. Computers and technology are like a second language to Millennials. They know their audience and know how to market to get results. The future of marketing is on social media and they already know the major platforms inside and out. Millennials are confident and social, allowing to better connect with their peers. Millennials are into automation and which is the future of franchising and all business models.

Franchises are ignoring the largest potential untapped business market. They believe that Millennials don’t have money to spend, but money is not the biggest obstacle that businesses have to hurdle when thinking about millennials. The truth is franchises don’t want to change their business model to appeal to the younger generation. Millennials don’t think like anyone else, and big corporations don’t know how to persuade a generation that can’t be persuaded. But don’t count out Millennials just yet, because including them can mean strengthening the future of your company.

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