Millennials are a very broad group, consisting of people born between 1981 and 1996, which makes those individuals aged 23 through 38 in 2019. Because this generation is so large and subsequently diverse, it can be hard to pin down exactly how to market to this generation.
While marketing to millennials can present its challenges, it’s well worth the work. Before you jump in, the first thing you should do is learn more about millennials. Here’s some information that might be helpful:
As a group, millennials are quite a bit bigger than the baby boomer generation. This generation is also the most educated, with one-third having earned a college degree. With this education comes quite the ambition, with 87% of millennials in the workforce having earned a management position of some kind. Millennials are smart, established, and hard-working, but what kind of buying power do they have?
Millennials’ spending power is a little over $3.3 trillion in 2018. They love trying out the latest technology and are willing to put down the money for it to be the first one with the newest gear. This is the kind of business your company should be pushing for! Now that you have some background knowledge, let’s take a look at how you can get their attention:
Support a Cause
The biggest marketing trend for millennials is businesses that support a cause. They want you to give them a reason to value your company. If your brand stands for more than just money, millennials will notice and will choose to spend their money with you over your competitors.
According to SocialChorus, 95% of millennials have stated that their friends are the most credible source they have for product information. They prefer word-of-mouth to traditional advertising, which means your business should be consistently encouraging and displaying positive customer testimonies. The more good reviews your business has, the better you look, and the more likely this generation will want to make a purchase.
Utilize Social Media
It’s not unknown that millennials love their smartphones, as well as the many available social media platforms. In fact, 87% of millennials are currently using Facebook, which is the most used social application today. Millennials are also using other apps like Instagram, YouTube, LinkedIn, Pinterest, Snapchat, Twitter, and many others. Since this generation is so attached to social media, it’s a great opportunity for your business to use this to your advantage by connecting with them on these platforms. 34% of millennials have stated that social media has helped them make a purchase decision. Encourage your audience to make purchases from you by implementing social media into your marketing strategy.
Skipping out on this generation could be a costly mistake. Instead, connect with millennials by using the right targeted marketing techniques that are guaranteed to get their attention!