Millennials are emerging as a powerful consumer force. The largest generation in U.S. and world history, the demographic is expected to spend $200 billion annually by 2017, according to Forbes.
At the LCT Summit in May, a panel of young industry leaders discussed how understanding this demographic can help limo operators make changes to accommodate the needs of millennials and grow their businesses.
The panel was composed of Raphael Sousa, President and Founder of SF Limo Express, Rick Versace Jr., an executive at A1A Limo, Robert Xavier, President and Founder of Legend Limousine, and Ryan Hilberth, CEO of Rental Limo. These representatives focused on four main ways that millennials are changing the limo industry game.
For millennials, texting is a normal means of communication. In 2012, Time Magazine reported that the average American between the ages of 18 and 29 sent about 88 text messages per day, and that habit hasn’t gone away. Incorporating texting in your business will help create appeal for younger customers. Sousa shared that he uses Limo Anywhere to send texts to customers giving their chauffeur’s name, contact information and estimated arrival time.
In the same vein, millennials like being able to complete tasks online. While the majority of your customers may still prefer to schedule their rides over the phone, the up-and-coming generation will likely be more attracted to your business if you offer an online option that integrates with your limo software.
According to Entrepreneur Magazine, 71 percent of millennials are on social media daily. That means if you aren’t taking advantage of social media platforms for your business, you’re missing out on an opportunity to connect with potential consumers. The LCT panel emphasized that whether you outsource your social media channels to another company or do it yourself, it’s important to have a clear campaign, post regularly – at least once a day – and share content posted online from major hotels, airlines and other companies that cater to travelers in your area.
Whatever kind of online presence you have, Xavier emphasized that it’s important to monitor your website traffic. Xavier said that he used analytics to figure out what keywords users were typing into searches that led them to his website. By better understanding the online habits of millennials, you can more effectively reach the demographic.