Practical strategies to address funding gaps, foster inclusive networks, and create work cultures where everyone thrives.
Millennials and Generation Z are redefining many aspects of the business world, both as consumers and employees. As an entrepreneur and business owner, understanding the mindset of the next generation is key to engaging and building relationships with this new wave of consumers and employees. Recently, I shared insights with over 700 wealth advisors on how to connect with new generations, specifically Millennials and Gen-Z. With this in mind, here are four strategies and practical ways to adopt them that are relevant across all sectors.
Millennials and Generation Z value companies, brands and leaders who prioritize authenticity and transparency. This group prefers less formal communication compared to previous generations, gravitating towards friendly, relaxed and direct interactions. In addition, they tend to be less hierarchical.
This doesn’t mean they don’t appreciate professionalism, but they prefer a more personal and human approach. For example, you can encourage authenticity and transparency by sharing your mission, values, and future plans. Leaders who acknowledge their mistakes and explain their decision-making processes tend to build trust with this group. Ultimately, trust is a key currency in connecting with them.
Our culture is increasingly self-directed, and Millennials and Gen-Z are leading this trend of self-directed learning. You and your business can align with this cultural shift by offering education and empowerment to the next generation.
For example, you can create educational content related to your product or service and post it on platforms like YouTube. You could also offer webinars and guides that help this group make informed decisions about your industry. Encouraging curiosity by inviting and answering questions helps build a culture of continuous learning, while positioning your business as a source of knowledge and growth.
The next generation seeks both value and values, and both economic profit and purpose. Millennials and Generation Z want brands, businesses and leaders that offer more than products or services: they seek meaning.
Your values and purpose, and those of your company, are incredibly important to this new wave of consumers and employees. Your products or services can be a means to connect with something bigger, something meaningful.
For example, you can highlight how and why your company contributes to global well-being, demonstrating your commitment to values and purpose. This will build loyalty in this values-focused group.
This mindset is as inherent to you as it is to the next generation. Millennials and Gen-Z are increasingly entrepreneurial thanks to technological advances and social changes. Their innovative approach leads them to rethink many aspects of life, including what and where they buy, as well as where and how they work.
This should not be surprising. However, this reality is one of the strategies that offers an opportunity to really connect with this generation in an authentic and empathetic way.
For example, you can share your own entrepreneurial journey and discuss how technological advances and social changes are influencing your life and the position of your company. By doing so, young people will perceive that you share their mentality and vision for the future, which will make them more likely to support your business.
Engaging the next generation starts with understanding their perspective and adopting their mindset. They value authenticity, transparency, education, empowerment, values, purpose, innovation and entrepreneurship. Aligning your approach with these priorities is one of the strategies that will allow you to connect with Millennials and Generation Z, build lasting relationships and prepare your business for the future.
