Marketing to Millennials
Millennials, the name given to the generation born between 1982 and 2004, are now being recognized as the consumers that will drive business growth. They have $200 billion in direct purchasing power and over $500 billion in indirect. They are also the most diverse group consisting of single mothers to middle class professionals. If you want to target your product or service to this very influential group, you will need to develop a new set of marketing strategies.
Millennials are so named because they were born near, or came of age during, the dawn of the 21st century – the new millennium. As the first to be born into a digital world, many members of this group are considered "digital natives." Technology has always been a part of their everyday lives – it's been estimated that they check their phones as many as 43 times daily – and serving them has been a major contributing factor to the growth of Silicon Valley and other technology hubs (Investopedia).
So, what makes millennials different from older generations? How can you find out what they really want? What can you do to connect with this group?
1. Millennials are always connected Because this generation is the first to grow up with technology and are always connected, marketers will need to maintain constant communication with them via technology, such as Facebook, Twitter and Instagram. Use these social media platforms to keep them informed about who you are and what you do.
2. Millennials do not respond to hard selling
Collaborate with influential bloggers to reach millennials who prefer sharing information on social media. They will help you project your brand positively. Millennials want to know if a product is worthy of their loyalty and will look to social media to find out. According to Hubspot, 84 percent of consumers research products online and 70 percent read online reviews before buying online and, according to Leadscon, 65 percent of millennials will "like" a company or brand on Facebook and Twitter.
3. Provide coupons and discounts
Millennials love saving money. They are the most likely to share their location on their mobile devices in order to receive coupon from businesses that are close by.
4. Improve your customer service
Providing online customer service will not only increase brand loyalty but will also bring them back. Microsoft's latest State of Global Customer Service report reveals that 68 percent of 18-34 year old consumers have stopped doing business with a brand due to a single poor customer service experience (compared to 60 percent across all age groups and 54 percent of consumers ages 55+).
5. Be honest
Millennials respond to genuine and authentic marketing. This generation celebrates real, non-airbrushed people using products they like. It's human nature to be interested in other people, their stories and experiences.
For more tips on how to promote your product or service with millennials, take a look at these books, ebooks and DVDs:
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