World of Beer COO explains how to appeal to ‘largest and wealthiest’ generation

Millennials expect customization, instant gratification and social responsibility. And if businesses want to succeed with “the largest and wealthiest generation ever,” they better deliver.

World of Beer COO Dave Reid wanted to drive this message home to area hospitality professionals at an event on Wednesday at the Holiday Inn Sarasota-Lakewood Ranch. During the hour-long session, he focused on helping them understand how to connect their business with the needs and wants of the millennial generation, which he called “tremendously powerful.”

Ask a group of people who millennials are and you’ll likely receive a wide variety of answers. Typically they’re known as the generation born between the early 1980s and the mid-1990s or early 2000s. Millennials are generalized by incessant social media use, a hunger for social responsibility in the brands they support and a need for customized, instant gratification in all respects of their lives.

In less than 10 years, millennials will make up 75 percent of the workforce in the U.S., according to Reid’s presentation. The demanding, tech-savvy cohort already accounts for $1.3 trillion in consumer spending, according to a 2014 study commissioned by the Boston Consulting Group.

The growing influence of millennials means the hospitality industry has to adapt to their habits and lifestyles, Reid said. It means changes in service, infrastructure and marketing. Reid touched on both catering to millennials as customers as well as how to best work with them as employees. In the workplace, they value strong mentors, a team mentality, diversity and a healthy work/life balance.

“They will mean something to everyone in this room,” he said.

It’s important for businesses to meet millennials where they are, which often means a strong social media presence and demonstrated technology know-how.

“The leaders in our industry right now are the ones projecting the newest things coming out and trying it out, at least,” said Michael Bell, Ritz-Carlton Sarasota director of food and beverage. “While many places may fail with some of the different technology pieces, it’s the ones that are constantly trying the newest things coming out.”

Rich Knowles, the culinary maestro behind enRich Bistro, is a millennial himself. He understands the quirks of the generation, “some for good and some for bad,” and knows he has to appeal to them as he develops an idea for a second concept.

“I need to constantly be changing and really keep up with and target millennials,” Knowles said. “I appease more to the older generations at enRich but I do want to target the millennials more.”

His new concept will be “trendier, more casual and faster” than what he’s doing at enRich, which he hopes will help to bring in a new segment of customers.

“Whether I like it or not, whether it’s my passion or not, it’s what I’ll be doing,” Knowles said.

This story was originally published July 12, 2017 at 3:55 PM with the headline "World of Beer COO explains how to appeal to ‘largest and wealthiest’ generation."