Efficiency, experience, and meaningful work. These three values are not only what millennials expect from their jobs, but also what millennial buyers expect from their vendors. Does your company, product, and customer experience appeal to millennial business leaders?
Millennials are defined as those born between 1982 and 1996. As Baby Boomers leave the office for retirement, millennials have been filling their place. In 2019, the oldest millennials will be reaching their 40’s. Today, 28% of millennials hold managerial positions. Of them, 48% are director level or higher. In other words, they now own and run the companies you sell to, are the end users consuming your product, and are the ones being appalled by the current invoicing experience.
- Efficiency: Your buyers are now prioritizing efficiency and all that comes with it: speed, access, convenience. Today, the most popular professions with the highest percentage of millennial workers include web developers, financial analysts, advertising managers, and statisticians. This is a demographic that process optimizes through technology, reskilling, and a flexible workforce.
This means when your customers are ready to pay, they want to be able to pay what they want, in the method they prefer, and do so quickly. They need real time visibility to their account as it stands. They need flexibility in cash application and payment method. They need access in one place at their availability. Not providing this is to fall short of customer expectations.
- Experience: The invoicing experience, when handled poorly, can be frustrating and detractive to an otherwise positive customer experience. Sales and customer success teams have already adapted their pitch toward efficiency and impact as part of their company’s narrative. However, this falls apart during invoicing. Would your customers want to be associated with a vendor who invoices through unending email chains addressing individual items on individual invoices?
Likely they would want something easier, and a lot more experientially appealing. Today, your buyers are more likely to be attracted to brands that are innovative, trusted, purposeful, and accessible. How many of those are reflected in your invoicing experience? Technology has evolved to accommodate that. Have you?
- Meaningful Work: More than ever, your customers are looking for meaning in the work they do. This means moving away from repetitive and manual tasks so that they can focus on creating value. When your own systems designed to serve customers are manual, you are inadvertently inviting them to join in paying the cost. Is your invoicing process adding or detracting from your customer’s experience with their every day work?
When your customers purchased your product, they also bought in to the association with your company (even if unofficially). If you are selling to a millennial-run customer group, what are the implicit promises you have made in being a supplier of more efficiency, seamless experience, and meaningful work? Growing up with technology and accustomed to an ever-increasing speed of access and delivery, a millennial-run business world has expectations that are simply table stakes. Don’t let your collection practices stay in the past while your customers have evolved.