How Millennials Are Shaping B2B Relationships [Infographic]

Posted by Emma Giertz on August 30, 2017

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The workplace seems to be getting younger each year, which is largely due to the growing number of Millennials that are hitting the workforce. They are looking for personalized B2B services. 

According to Ernst & Young, Millennials will comprise an estimated 75% of the global workforce by 2025. The impact of Millennials will go further than the numbers. Millennials have different styles of working and different communication preferences. This has and will continue to affect the atmosphere and style of the workplace. But, Millennials will also affect how one business will sell to another. According to Forrester, 73% of Millennials have been involved in B2B purchasing decisions. For telecom operators, it is especially important to take this “Millennial Effect” into account, as B2B is an increasingly important segment for growth.

 

How Will These Statistics Shape your Business?

While these statistics might seem interesting, it is most important to understand how you can use these facts to shape how you do business. It might not be surprising that Millennials send many messages daily, spend hours on their phones, and use social media for much of their communication. But, how does this affect B2B relationships? Well, this means your business needs to be available to Millennials across multiple media formats. You should be accessible on social media, via text and online. This also means you should ask the Millennial how they would prefer to communicate during a vendor selection process: face-to-face, over the phone, or via email.

It is also critical to remember that all of your relationships and interactions are important. Millennials make corporate purchases using a variety of ways: by getting recommendations from friends and family, from data analysis, and by using their gut feeling. A negative experience by a friend or a persistent string of phone calls during their selection process might turn them away from you. Trust is important in building a relationship, so you must leverage each of these scenarios to ensure your company is leaving a positive impression.

The good news is if a Millennial has a positive experience with you, they will likely spread this experience by posting a positive comment on your site, or would share their experience with a friend or family member asking for advice.

 

What does this mean for operators?

So, how does this impact B2B relationships for telecom operators? Operators need to recognize these changing needs and enhance customer service to provide a better experience to Millennials. Otherwise, Millennials will search for another provider.

Improve B2B customer services

How can an operator provide a better customer experience? Introduce a simple customer web portal that gives your customers flexibility and transparency. Millennial customers want to be able to do things online and expect updates in real time. Operators should enable them to do this. Provide different ways to contact your support staff, including social media. While they might want to complete simple changes themselves online, they still want to be able to contact you for more difficult questions. At the same time, they want to be able to track and trace their customer requests and understand what is happening.

While achieving this all at once is difficult, if you can, it will go a long way towards building a strong relationship with your evolving B2B customers.

 

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Written by Emma Giertz

Emma Giertz is an Ezwim Growth Hacker and MBA Candidate at IESE Business School, with over 5 years of experience in marketing and business development. Away from work and study, she enjoys travel, running and a good cup of coffee.
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