However, they are also an economical bunch, and growing up in the Internet Age has convinced them that they should be able to get high quality products and services for a reduced price. Now that this demographic has become old enough to not only impact the business world but to also launch their own companies, there has been a big emphasis placed on reinventing commonly utilized services so that they can fit within the Millennials ideal vision of value versus price.
One recent example of this thought process can be found within the web hosting services that are offered by Hostwinds. Instead of providing a bare bones product to keep the price low, Hostwinds has found a way to boost services without increasing their prices, and this is beginning to attract a lot of attention.
According to Business.com, Hostwinds is one of the top 10 movers and shakers within the business world. This is merely the latest in a long string of praise from high profile websites and other companies, which makes it clear that Hostwinds just may have cracked the code for offering reliable web hosting that does not come with an exorbitantly high price tag. In fact, PC Magazine has awarded Hostwinds their Editor’s Choice designation and Entrepreneur raves about the company’s reliability.
All of these accomplishments are impressive, but perhaps the main facet of Hostwinds’ success is their ability to stay in touch with the Millennial Generation. Last month, the web hosting business announced a new service: Minecraft server hosting. Again, this service was launched with the promise of inexpensive pricing and reliable uptime, and Minecraft enthusiasts can also choose from 16 different packages to make sure that their needs are met.
Entrepreneur Peter Holden created Hostwinds in 2010, and his goal was to do much more than simply offer inexpensive web hosting. Holden believed that the main problem with other cheap web hosting companies is that they allowed their price point to take precedence over providing a solid product with good customer service. Due to this, Holden envisioned a company that would compete with rock bottom hosting prices without sacrificing the type of quality that Millennials hold in such high esteem.
The combination of Millennial values and frugalness has already begun to change the business landscape, and Hostwinds is a notable example of the positive economic benefits associated with this generation. After all, every company must have a website with reliable web hosting in order to succeed, but many other hosting businesses force people to choose between customer service and their budget. As an increasingly large amount of Millennials launch their own companies, we should see a better selection of viable services and products at an affordable rate.
In the meantime, consumers from within the Millennial Generation are more likely to look for companies that embrace their values. This is big news because Millennials will take the number one population spot away from Baby Boomers by the end of the year. In other words, their thrifty, “we can have more for less” outlook on life is poised to make a big impact on the way that businesses of all types price their products.
If this means that quality will stay the same or even improve while pricing for online services begins to fall, then every generation stands to gain a little more wiggle room in their pocketbooks.
