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Top 3 phrases Millennials use that will forever change billing

(Business News) Millennials grew up with different technologies than their parents and grandparents, meaning different expectations on companies, especially with sales and billing.

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filing cabinet

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What do Millennials expect of your company?

There was a time when eyes rolled that grandma didn’t have a VHS player at her house, then later when she didn’t have an email address, but time and technology changed both of those scenarios, and here we are today. Some people catch up, others don’t, but the youngest generation is typically the fastest to catch on to new technologies, simply because they grew up with them instead of having to learn them and change behaviors later.

Billtrust marketing manager, Chrissy Werner observes that there are some substantial generational differences. “We have 696 Facebook friends on average, we love indie music, and we don’t even know where the TV remote is. We’re the millennial generation. And we’re remaking the status quo in hundreds of ways. One of those ways is how we pay for things.”

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Werner notes that, “As the first generation born into the digital revolution, we millennials spend a great deal of our waking lives online. We communicate, we buy, we learn, we create, we play, and we impact the culture, all through the Internet. So in order to attract, satisfy and retain millennials as customers, companies need to begin looking at the billing process the way 18-30 year olds do.”

In her own words below are three phrases that sum up the millennial attitude toward receiving and paying bills:

1. “We don’t do mailboxes.”

Millennials don’t go to the mailbox every day. We’re lucky if we check it once or twice a week. It’s not where we expect to find things that are important to us.

Our low involvement with traditional mail means it’s likely to take 10 days before a mailed paper bill actually reaches our hands, and even longer for the sender to receive payment. To serve millennials in a way that’s natural to us—and to get us to make payments quickly—digital alternatives such as online bill delivery, banks, email, website or mobile technology are essential.

2. “What’s a filing cabinet?”

Millennials don’t just prefer to handle their finances online—they expect it. In fact, any kind of paper is seen as both archaic and wasteful.

This generation doesn’t file paper. It doesn’t own a filing cabinet. It already assumes that the institution archives every bill it sends out online. It also assumes that there will be easy self-service tools on the institution’s website to answer any billing question.

3. “Checks? Yeah right.”

Smartphones and tablets are the ways we manage our lives. We’re very comfortable with electronic payments. We are quick to sign up for automatic payments and even prefer that electronic delivery and payment be the default option.

There isn’t a person under the age of 35 who would prefer to write a check. With online services like Manilla, Mint and eBill Connect around to help us coordinate and pay our bills, we’d be perfectly happy if we never saw our checkbooks again.

Where company focus should be

“Of course, we’re not the only generation companies have to serve,” Werner asserts. “The focus should be on offering a range of ways people can receive and pay bills. That way customers can choose the method they’re comfortable with. (Word to the wise: if you’re offering both printed and online bills, make sure they look the same. No customer, young or old, wants to be confused about where to look for line items, totals and other important information.)”

Werner concludes, “Electronic billing and payment lowers operating costs, reduces DSO (Days Sales Outstanding), decreases the number of customer service calls, and increases customer satisfaction. Most importantly, however, it makes winning new customers (most likely millennials) easier. So don’t wait for your customers to demand it—push your organization to bill in the way that matches today’s lifestyles. Otherwise, millennials will find someone else who does.”

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

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1 Comment

1 Comment

  1. premilli

    July 18, 2016 at 9:36 am

    It sounds like you’re saying millis expect someone else to do everything for them and are not actually participating in their own lives.

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Business News

Asking the wrong questions can ruin your job opportunity

(BUSINESS NEWS) An HR expert discusses the best (and worst) questions she’s experienced during candidate interviews. it’s best to learn from others mistakes.

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When talking to hiring managers outside of an interview setting, I always find myself asking about their horror stories as they’re usually good for a laugh (and a crash course in what not to do in an interview). A good friend of mine has worked in HR for the last decade and has sat in on her fair share of interviews, so naturally I asked her what some of her most notable experiences were with candidates – the good and the bad, in her own words…

“Let’s see, I think the worst questions I’ve ever had are typically related to benefits or vacation as it demonstrates that their priorities are not focused on the actual job they will be performing. I’ve had candidates ask how much vacation time they’ll receive during an initial phone screen (as their only question!). I’ve also had them ask about benefits and make comparisons to me over the phone about how our benefits compare to their current employer.

I once had a candidate ask me about the age demographics of our office, which was very uncomfortable and inappropriate! They were trying to determine if the attorneys at our law firm were older than the ones they were currently supporting. It was quite strange!

I also once had a candidate ask me about the work environment, which was fine, but they then launched into a story about how they are in a terrible environment and are planning on suing their company. While I understand that candidates may have faced challenges in their previous roles or worked for companies that had toxic working environments, it is important that you do not disparage them.

In all honesty, the worst is when they do not have any questions at all. In my opinion, it shows that they are not really invested in the position or have not put enough thought into their decision to change jobs. Moving to a new company is not a decision that should be made lightly and it’s important for me as an employer to make sure I am hiring employees who are genuinely interesting in the work they will be doing.

The best questions that I’ve been asked typically demonstrate that they’re interested in the position and have a strong understanding of the work they would be doing if they were hired. My personal favorite question that I’ve been asked is if there are any hesitations or concerns that I may have based on the information they’ve provided that they can address on the spot. To me, this demonstrates that they care about the impression that they’ve made. I’ve asked this question in interviews and been able to clarify information that I did not properly explain when answering a question. It was really important to me that I was able to correct the misinformation as it may have stopped me from moving forward in the process!

Also, questions that demonstrate their knowledge base about the role in which they’re applying for is always a good sign. I particularly like when candidates reference items that I’ve touched on and weave them into a question.

A few other good questions:
• Asking about what it takes to succeed in the position
• Asking about what areas or issues may need to be addressed when first joining the company
• Asking about challenges that may be faced if you were to be hired
• Asking the employer what they enjoy most about the company
• I am also self-centered, so I always like when candidates ask about my background and how my current company compares to previous employers that I’ve worked for. Bonus points if they’ve actually looked me up on LinkedIn and reference specifics :)”

Think about the best and worst experiences you’ve had during an interview – and talk to others about the same topic – and see how that can help you with future interviews.

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Business News

AdvoCare MLM was painted as a pyramid scheme! Well color me surprised

(BUSINESS NEWS) AdvoCare is the most recent case of an MLM being called out as a pyramid scheme by FTC, but there’s plenty more MLMs where that came from…

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AdvoCare business structure

It’s always a good day when an MLM (multi-level marketing business) actually suffers legal repercussions. Granted, these days don’t happen nearly as often as we’d like – MLM CEOs have historically had deep pockets and a far reach – which means it’s all the more reason to celebrate when one gets called out.

Today’s culprit is AdvoCare, a Texas-based “wellness” company. AdvoCare has been fined $150 million by the FTC (Federal Trade Commission) for operating a pyramid scheme. The company, as well as a few of its top influencers, have been misleading people when it comes to how much money they could earn. This is pretty typical behavior for MLMs in general, though many are careful to couch your potential earnings in vague terms.

For the record, the majority of users lost money, and most who managed to turn a profit made a maximum of just $250. I say ‘just’ because it’s hard to know how long someone would have had to work to not only break even, but manage to turn a profit. MLMs make big claims about earning money, but when you have to pour a hefty sum of cash into the products, it can take a while just to break even.

That’s why many MLMs, including AdvoCare, push contributors to recruit, rather than sell the product. And if you’re thinking that sounds like a pyramid scheme, you’re totally right. This method of putting recruiting first is part of the reason AdvoCare has gotten in trouble with the FTC.

In response, AdvoCare is moving away from multi-level marketing sales and pivoting to selling products directly to retail stores, which in turn sell to customers.

Now, with AdvoCare’s downfall, don’t be surprised if other MLMs insist that they’re different because they haven’t gotten in trouble with the FTC. In fact, plenty of MLMs are quick to tell you that they’re totally legal and totally not a pyramid scheme. Sure, Jan.

First of all, if there’s a big focus on recruiting, that’s obviously a big red flag. There are plenty of pyramid scheme MLMs out there that just haven’t gotten caught yet. But there are other sneaky ways an MLM will try to rip you off. For instance, some companies will insist you buy tons of product to keep your place, and that product can be very hard to unload. Not to mention, many of the products MLMs tout are subpar at best.

AdvoCare getting called out by the FTC is a great start, but MLMs seem kind of like hydras. Cut down one and two more seem to spring up in its place. So be vigilant, y’all. Just because an MLM hasn’t gotten caught yet doesn’t guarantee it won’t still scam you out of your hard earned cash.

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Business News

Bose is closing their retail stores, but we haven’t heard the last of them

(BUSINESS NEWS) Over the last 30 years Bose has become so well understood by consumers that they don’t even need retail stores anymore. We hear them just fine.

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Over the next few months, Bose plans to close all of their retail stores in North America, Europe, Japan, and Australia. The company made the announcement last week. With 119 stores closing, presumably hundreds of Bose employees will be laid off, but the company has not revealed exact numbers.

However, this shouldn’t be taken as a sign that the maker of audio equipment is struggling to stay afloat. Rather, the move marks a major change in how consumers purchase tech gear.

When the Framingham, Massachusetts-based company opened its first U.S. retail store in 1993, it was making home entertainment systems for watching DVDs and listening to CDs. According to Colette Burke, Bose’s vice president of global sales, these first brick-and-mortar locations “gave people a way to experience, test, and talk to us” about Bose products. “At the time, it was a radical idea,” she says, “but we focused on what our customers needed and where they needed it – and we’re doing the same thing now.”

When a lot of this equipment was new, consumers may have had more questions and a need to see the products in action before purchasing. Nowadays, we all know what noise-canceling headphones are; we all know what a Bluetooth speaker is. We’re happy to read about the details online before adding products to our virtual shopping cart. The ability for Bose to close its retail stores is probably also an indicator that Bose has earned strong brand recognition and a reputation as a reliable maker of audio equipment.

In other words, consumers are less and less inclined to need to check out equipment in person before they buy it. For those who do, Bose products can still be purchased at stores like Best Buy, Target, and Apple. But overall, Bose can’t ignore the fact that their products “are increasingly purchased through e-commerce,” such as on Amazon or directly from their website.

In a statement, Bose also said that it has become a “larger multi-national company, with a localized mix of channels tailored for the country or region.” While Bose is shutting down its retail stores in several continents, it will continue to operate stores in China, the United Arab Emirates, India, Southeast Asia, and South Korea.

Burke said the decision to close so many retail stores was “difficult” because it “impacts some of our amazing store teams who make us proud every day.” Bose is offering “outplacement assistance and severance to employees that are being laid off.”

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