Marketing to Millennials 101
In the near future, Millennials will be the largest group of consumers, spending (or influencing the spending) of over a billion dollars a year. As this group enters their top earning years that number will only increase. Here are a few ways you can market to this growing demographic along with why it’s so important.
Understand What Sets Them Apart
Before you can start marketing to this group, it’s smart to know a little more about them. There are three core differences that set Millennials apart from previous generations. These differences are key when it comes to creating appealing marketing.
Technology and Social Media
This generation is no stranger to technology. They understand the value of technology and keeping connected to the Internet. Based on recent research, 65% of Millennials thought losing their phone or computer was more important than losing a car.
It’s not simply Millennials valuing technology that sets them apart, but also how they use it. While other generations spend time online, Millennials are more likely to share their thoughts, experiences and stay updated on brands through social media. They aren’t afraid of rating or promoting products and often use the opinions of friends and those they follow, to influence the items they purchase.
While Millennials spend billions of dollars a year, 81% of Millennials spend some of that money on donations. They are very receptive to cause marketing and are more likely to purchase products if they know the money is going to help support a cause. Many marketing campaigns have been successful in appealing to the Millennials giving attitude. For example, Kellogg’s “Share Breakfast” campaign promised to feed one child breakfast for every share, post, or pin with the #sharebreakfast hashtag. Hugely successful, it was simple for the consumer, took little effort, and addressed an important issue.
Small Business Growth
More so than previous generations, 83% of Millennials agree with the statement, “There is too much power concentrated in the hands of a few big companies.” That is good news for the small businesses. This generation is looking for businesses that have a story and are passionate about what they do.
Millennials don’t like companies that act fake. They want to purchase products from a company that is open and trustworthy. Because most of them dislike the power held by only a few large businesses, they are suspicious of a company’s motives. They want to know that a company is interested in more than simply profit. When Millennials come across something they like, they want to share those products with their friends, thereby marketing your product for you. Focus on creating a quality product and marketing it in an authentic way.
Pay Attention to What They’re Saying
Millennials don’t just share their thoughts online for nothing; they do it to be heard. They like to feel involved and that their opinions are helping to better shape the products they enjoy. Listening to and engaging Millennials doesn’t have to take a lot of money either. One of the best ways to engage users is by sharing videos and other content. This gives them the material to share with their friends and gives you the space to listen to their feedback and reactions.
As mentioned throughout this article, technology is important. If you’re not marketing on social media now is the time to start. Not only does it put your business on a platform where Millennials will find it, but it also allows those who love your brand to share it, thus strengthening your business’ appeal. If your business has been in the social media space for a while, now is the time to start using technology in innovative ways and creativity is one of the best ways to stand out.
If you’re not already marketing to Millennials you’re missing out on a large demographic that will soon be the leading consumers in America. While marketing to this technologically savvy group may seem like a challenge, the best way to engage them is through understanding how they differ from other generations and using those points to create appealing material.
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