Sharing is Caring: How Millennials Are Shaping the Sharing Economy
We sat down with an intelligent and ambitious millennial in the Capital District of New York to get some further insight on and engage in some real talk about how the supposed “me” Generation or Gen-mY‘s actual behaviors are shaping the sharing economy.
Would you mind introducing yourself (name, age, job title, 140 character bio, favorite social media platform)?
Hey, I’m Nnenna, a 24-year-old spunky Communications Director for a nonprofit called Capital CarShare. When I’m not creating, strategizing, or targeting clients for work you can catch me binge watching old Revenge episodes on Netflix while eating froyo. My latest social media obsession? GIF apps 🙂
As a millennial and a communications director for a car-sharing service, what are some of the reasons millennials are more inclined to use products and services within the sharing economy than their generational counterparts?
N: The sharing economy has a certain… sex appeal to millennials. I mean, what could be better than 24/7 access to abundant resources without contract or commitment? I think us millennials like to take a minimalist approach when it comes to the structure of our livelihood and the shared economy offers the diversity of products and services we crave. Plus, since young adults aren’t really settling down and buying property, community goods rather than private property seems much more appealing and plausible financially.Us millennials like to take a minimalist approach when it comes to the structure of our livelihood Click To Tweet
Uber, Lyft, AirBnB, Rent-the-Runway, and DogVacay all speak to instances of having access to luxuries without the financial stress of owning these things, as a millennial what are your views on renting and sharing v. owning?
N: In many instances I’m totally in favor of sharing with the next guy— bicycles, babysitters, cars, office spaces, Louboutin pumps. Sharing provides more comfort and access for the community and is usually much more feasible for everyone involved. There are some things though, like my home, that I wouldn’t be comfortable opening up to everyone. But it’s all a matter of comfort and preference.
How have you leveraged the power [buying or otherwise] of millennials in your localized marketing tactics with Capital Car Share?
N: To be completely honest, I wouldn’t say there are any specific marketing tactics I use to connect Capital CarShare with millennial consumers. I do however think the nature of our business, our playful speaking voice, and modern image definitely work to our advantage with younger audiences. My best strategy has been finding our consumer in their element and convincing them that Capital CarShare is a lifestyle improvement.
Companies within the sharing economy are sustained in many ways by user reviews– millennials rely largely on what their peers have to say before opting to use a service or product themselves. What are some successful tactics that you’ve seen companies with localized audiences use to acquire positive reviews?
N: A great example of a local sharing business harvesting the power of client reviews is Buffalo CarShare. In the face of a major insurance crisis, BCS customers have come flooding in with heartfelt testimony of the profound impact of this community organization. And in Capital CarShare’s first year of operation, we can attest to nearly a quarter of member gains coming from word-of-mouth sources. An influential sponsor goes along way in the shared economy.
In your opinion, what are some essentials that companies must have when trying to market to millennials in this age of sharing?
N: When trying to reach millennials, a sharing agency needs three key tools: a modern and consistent image, a responsive website that is user-friendly, and marketing materials that are educational and transparent. Open up about the true nature of your collaborative business and young consumers will open their wallets.
Share your thoughts on millennials and our sharing economy in comments below or give us a shout out on Twitter @weareboogie – we’d love to hear from you!