Reports show that in year 2017, millennials will spend a total of $200 billion.
Looking beyond 2017 – millennials will spend a combined total of $10 trillion in their lifetime. Trying to make part of that $10 trillion yours? Millennials can be tricky to market to. Read this article below from Forbes on things to remember when marketing towards millennials:
Millennials make up the biggest part of the work force. They are steadily taking over the ground vacated by the retiring Baby Boomer Generation. Like every generation that came before, they come with their own set of characteristics that make them unique. No company can afford to ignore their enormous purchasing power.
Here are the main things you need to know about marketing to millennials.
They Are Not The Same
This is the number one thing you need to know about millennials. They are not like other generations in that they are a simple demographic. You have to drill down deep into the millennial generation to come up with the right marketing campaign for you.
Millennials are the most diverse generation to have ever existed. You’ll find millennials consisting of everyone from single mothers to middle class professionals. You’ll find them in every single social class and industry from apps to fashion trends and marketing.
Marketers must think in terms of these segments, rather than demographics.
Millennials Are Forever Connected
The millennial generation was the first to grow up with technology at their fingertips. They are used to always being connected. The majority of millennials will be connected to multiple tech devices at the same time. Without constant access to the Internet they’re going to feel helpless.
Brands will have to maintain constant communication with millennials. They need to be able to provide a lot of support whenever millennials want it. The 9-5 lifestyle is dead.
This Is A Sharing Culture
Even the most novice marketer can spot the fact millennials are spending more time on social media than ever before. To reach this audience your brand has to be on social media. It’s symbolic of the sharing culture that has grown up around millennials. Companies on the cutting edge of marketing are always sharing and always looking for new ways to engage in the social arena.
But not every social media site is right for you. Go back to thinking in segments and consider where your segment is likely to be hanging out.
Forget About The Hard Sell
The hard sell has become something of a piece of satire in the eyes of millennials. They don’t respond to the salesperson following them around screaming about how great their products are. The hard sell is gone and you need to let millennials make buying decisions for themselves.
For example, in the fashion industry shops are employing influencers to promote their products. Seeing others wearing something is much more powerful than a hard sell.
Why is this the case?
Millennials value authenticity over everything else. They’re more likely to listen to a fellow consumer, as opposed to a piece of promotional copy.
Millennials Are Moving Fast
The reason why millennials are moving fast is partly because of the mobile revolution. The rise of mobile has meant that they can stay connected wherever they happen to be. Marketers can no longer assume millennials are in their homes when they access their websites.
What it all means in practice is that marketing has turned into an omni-channel issue. Retail strategies have had to adapt to this. There’s no such thing as online, offline, and mobile strategies. They’ve all been merged into one.
Loyalty Is Hard To Win
Millennials are not going to stick with the big name brands. The baby boomer generation, on the other hand, would do this because they felt more secure in sticking with a brand they knew. The rise of millennials has forced brands to stop relying on the idea that they can expect to gain loyalty from customers. Marketers have to actively win it and hold it.
This plays into the stereotype that millennials are disloyal and they won’t stick with anything for any length of time. That demonstrates a fundamental misunderstanding, though. They may be harder to sway to your cause, but when they do become loyal they tend to be the most loyal consumers around.
Marketers have to realize that retaining loyalty is a constant process.
Marketers need to adapt to millennials making up the bulk of the workforce. Learn what they respond to and what matters to them. It could just be the breakthrough your business needs to move forward into the future.
Zephyr Digital Design can help your company reach millennials and earn their loyalty. Contact Zephyr today