Millennials currently make up one of the largest buying markets in the country. According to Forbes, this includes $200 billion in annual buying power. As a generation that doesn't adhere to the traditional rules of marketing, this has left many businesses wondering how to reach such a dominant market.
The Millennial generation, or Gen Y, includes those born from 1980 to 1999 (ages 17-36). This means that a large part of this generation is caught between the nostalgia of a world with minimal technology to those who have never known a world without it. They have experienced several tragedies, yet continue to remain optimistic. They are a generation that needs affirmation. They are also one of the most diverse and accepting generations to date according to the U.S. Chamber of Commerce Foundation.
Millennials want to be involved. They want to interact and form relationships with brands they use. They are also interested in helping companies with product development. When companies involve their customers in the development process, this makes their target more accessible.
Millennials are the first generation to be immersed in social media, and view it as a part of everyday life. They no longer rely solely on large media corporations to get their information. They scour the internet to find user generated content and use that content to help influence their decisions. The more authentic the content, the better. Acceptance from their peers, and encouragement from those around them is important, also.
Reaching Millennials may not be as difficult as you believe. Shifting your focus from traditional marketing and advertising is essential however. Millennials have learned to tune out commercials and traditional online advertising. The best way to reach them is through authentic, interactive content.If you have not already gone mobile, now is the time. The majority of Millennials have a smartphone or tablet. They use mobile to find everything from news to what restaurant they are going eat at for dinner. Social media is also the new heavy hitter for marketing to Millennials. Social media allows business to connect directly to customer. This is important to Millennials. They like to know that their opinion has been heard and counted.
Building a strong relationship with the Millennial consumer, not just getting your product in front of them, will decide if they will become loyal to your brand. Remember to be open and honest when marketing your products to Millennials. This is a generation that sees through the fluff of traditional marketing and would rather be spoken to as an old friend than just another client.