Marketing Techniques for Millennials
Millennials are the next baby boomers: a group of people so economically valuable that companies are abandoning their existing methods to respond to them.
Millennials currently represent only 25% of the total population, but they have already outnumbered the baby boomers (those born between 1946 and 1964).
Why should advertisers pay attention to this poor, under-spending demographic? For starters, Millennials are extremely loyal to the right companies.
Furthermore, companies are finding that traditional ads are becoming less effective as a means of enticing these new buyers. This is because this demographic typically chooses to spend their scarce money on products they know will be worth their money: they research online, test products in stores, and then seek honest opinions from others before making a purchase.
Millennials are the most lucrative market.
Although as a group they have not yet reached their full purchasing power, their buying power eclipses that of other generations. They represent 25% of the population, and with an estimated annual purchasing power of more than one trillion dollars, they are the most lucrative market. Plain and simple: Almost all marketers today are making Generation Y a priority – or at least working to understand what drives this group.
Millennials change brands.
A market study conducted by Daymon Worldwide suggests that only 29% of Millennials will buy the same brand, which is a much lower rate of brand loyalty compared to previous generations. This indicates that brands must do more to attract and retain Millennials’ customers, leading to the need for constant innovation in marketers’ products and services.
According to Pew Research, “Nearly all Millennials (almost 100%) now say they use the Internet.” Having grown up with or only slightly before the Internet, Millennials are not shy about using technology. This is attractive to brands that sell technology or use technology to sell. Hence the essentiality of digital.
Milllennials and device usage.
Pew Research also found that 9 out of 10 milllennials own a smartphone. With widespread device ownership and use, there is a greater likelihood of consuming web content, which gives rise to different modes of marketing.
A key element justifying Millennials’ dominance of the market is the fact that this new style of marketing-which we’ll delve into in a minute-is not just a fad. Here, we’ll discuss important marketing tactics for the demographic of the moment and explain why these tactics are enduring.
Create authentic content.
Millennials are spending an average of 242 minutes online or using apps per day, and they’re salivating for more and more multimedia content. They are scouring websites, blogs, and social networks because they feel empowered by all the content they are discovering. They are also sharing, liking, pinning, tweeting, taking pictures, forwarding and commenting on all their discoveries to convey this sense of empowerment to the online community. So what makes this type of content really resonate with this group? Milllennials trust what they feel is authentic.
Interacting in a user-centric environment is what engages them, as 90% of Millennials say authenticity is important to them when deciding which brands to support. Today, young shoppers’ attitudes and behavior are largely inspired by people they know in person or online, or even strangers who share their interests on social media. Millennials carry these “advisors” with them on their smartphones and wherever they go. They trust authentic and relevant opinions from real users of products they can relate to.
Be informative with inbound marketing
Millennials support companies that are dedicated to improving their customers’ lives with informative content. Instead of lists of products and services, Millennials want e-books, blog posts, videos, and other how-to information – and that’s inbound marketing. They appreciate thought leadership and expertise, so this is your company’s opportunity to provide killer content that stands out on Google and shows young consumers that you are the industry aficionado.
Put them first and connect with them organically.
Millennials want to feel that your content was created with their interest (not their wallet) in mind. When this is the case, they are more organically introduced to buying your products or services. Without ever being “pushy,” your educational content helps build strong brand-consumer relationships.
Marketing to Millennials is an art that should be looked at for the long term, because this group is attached to authentic, content-driven, honest experiences that serve who they are and their voices that they yearn to share.
Empower them with the pieces they seek in this enigmatic world and remind them that because of their generation, the bigger picture looks brighter. Keep this sentiment in mind when considering millennials as one of your buyer personas.