In the Know

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When it comes to purchasing decisions, millennials know exactly what they want.
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.

And, many times, they’re making those purchases online instead of heading to a brick-and-mortar location to chat it out with the sales associate. Even if they’re not purchasing online, they’re doing research online beforehand. According to CMO.com, 72 percent of millennials research their options online before going to a store to make a purchase.

So, when a salesperson encounters a millennial who has done their digging beforehand, what should they do? Here are a few ideas:

Come Equipped with Data
The practice of researching items online, and then purchasing them in-store is known as “webrooming,” and it influences the entire sales process. Hypothetical examples of how a product worked for someone else are no longer enough. Today’s informed customer values proof. 
On-the-spot proof can be tough, but if you come with data that tells a story – including supporting numbers and facts – you can build credibility and trust, even with the in-the-know customer.

Listen to Them
Although it might seem like it sometimes, 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 a sale. Listen and tie their education back to something you know they want and that you have available. You might even lead them to something they didn’t realize they needed!

No Nonsense
We’ve all done it (or at least thought about doing it). You find yourself backed into a corner, your typical sales pitch isn’t working, and you’re crashing and burning. So you try to change the subject – or worse – make something up. Customers who have done their research know their stuff and can spot something phoney 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 ensure his or her purchasing decision is as informed as possible – even if it means pulling in outside resources.

Whether you’re selling tablets or furniture warranties, being aware of how to interact with and ultimately sell to millennials who know how to do their research – no matter how challenging they might be – will continue to become an increasingly important part of how you do business.

 

About Kevin Cundiff: Kevin Cundiff is 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.

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