If you’re between the ages 22-37, then congratulations – you fully qualify as a millennial. Although people often wince at the term which comes with connotations of self-obsession and an undying need for approval, it doesn’t remove the millennial generation, otherwise known as Gen Y as the prized market segment for many companies and brands. So how do we go about marketing to millennials?
Millennials now make up the largest generation in history. We often categorise them as ‘of working age, but less likely to have large expenses’. This means they are more likely to have a disposable income – making them a prime target for online retailers and brands.
Here are 5 key things to think about when marketing to your millennial audience.
According to statistics, over 85% of millennials own smartphones and almost half use them to research before making a purchase.
Given the number of hours that this generation spend on their phones, it is easy to see how mobile has become one of the most prolific methods of marketing to millennials.
TIP: When marketing to millennials over mobile, you need to engage them. You can be certain to draw them in rather than getting your post swiped over when telling stories and creating a memorable brand.
In general, millennials earn 20% less than their parents did at the same age. Despite the buying power of this generation, millennials are more focused than ever on saving and making wise purchases. Ads that speak to this desire are generally better received than others.
Marketers can appeal to this by speaking to millennials with messages of financial security and self-reliance. Not to mention, discounts and promotions can be bait for eager buyers!
‘Content is King’ – wise words from Bill Gates. They also couldn’t be truer when it comes to marketing to millennials. Unlike other audiences, traditional outbound marketing simply doesn’t work with millennials. Instead of a cold-sell, try creating relevant content to educate, inform and entertain your audience. Make them feel like it was created for them in mind.
This allows a millennial audience to be introduced to your brand in a way that establishes trust without ever coming across as spammy. It will translate to sales once this trust is established.
The number one way to sell to millennials, is to gain their trust. Building this over time and forming a relationship is key. In general, millennials like to feel heard. By bringing the customer into your brand at ground level and considering their input will make them feel valued and involved. In particular, millennials expressed interest in future product development.
Popular ways of doing this are through social media polls, surveys, questionnaires or online contests. Through doing this, you’ll be building trust in your brand as well as gaining supporters that will already anticipate the release of your product or service.
TIP: Walk the walk and talk the talk. Communicating to a millennials as a peer rather than a 3rd party company will help to establish the trust that is vital to creating those relationships.
As we’ve mentioned before, millennials base purchases on recommendations or prior research. Facebook feeds are now filled with company adverts and promotional content – most of which gets scrolled past without a second thought.
However, interesting content that has been shared by friends and family is likely to make someone stop scrolling to find out more. For marketers, it can be useful to incorporate referral marketing to your content. Find some frequent customers of yours that may be willing to recommend your product to others and share your content online.
TIP: Why not try out a referral scheme and reward customers, old and new when they share your content with friends.
One of the key principles in marketing is to know your audience. However, despite the shared commonalities, there are millions of millennials to market to. Choosing your section of the market to focus on is important.
Get to know their desires, needs and expectations and using the methods in this post. By implementing what you’ve read, you will be able to market to them effectively.