In this article, we discuss who millennials are, why companies should focus their marketing efforts on them and how to market to this generation.
Today, millennials represent the largest group of consumers meaning that they are a generation that has massive buying power. This means it is very important that marketers understand exactly what millennials want in terms of communications. We discuss who exactly are millennials, why companies should focus on marketing to them and how to market to this generation.
A millennial is described as a person who is born between 1981-1996 and aged between 25-40. Nowadays, millennials make up more than a quarter of the world’s population and at the moment are the largest generation in the workforce. Those classed as millennials have been brought up in the digital age and have been in close contact with modern technology and the development of this over the years. Due to this, millennials are the generation that many brands should be looking to appeal to, no matter what product or service they offer.
There are many reasons why companies should start to focus their marketing efforts towards millennials. One reason is that according to Accenture, $1.4 trillion was spent by millennials on shopping in 2020 around the world. This means that millennials spend more money in stores and online than any other generation around the world and their impact on the economy will be huge in years to come. As well as this, millennials are predicted to reshape the consumer landscape in the coming years by looking for totally different marketing techniques compared with previous generations. This shows that brands must do more to attract and retain millennial customers as much research suggests that millennials are more likely to switch between brands in comparison with other generations.
As marketing to millennials in the modern day is extremely important, we have put together a few tips to help your marketing strategy. The first and most important platform to consider using for marketing is social media. The massive rise in use of social media sites over the last decade means this is an essential tool to use in order to get your brand noticed by millennials. One major factor to consider is to make sure your product is post worthy or ‘Instagram’ worthy and always make sure you are optimizing your content for social media sites. This includes keeping your post captions short and snappy and using video whenever you can as this is what keeps audiences most engaged. If you are going to spend your marketing budget on anything, spend it on reaching out to millennials through social media sites.
Another way to market to millennials is to build a strong online community to create user-generated content. Having user-generated content on a company’s website can influence what millennials buy as they will act as consumer’s ‘advisors’ on their smartphones. Nowadays, millennials are largely inspired by influencers or people they know who are using the product and sharing their thoughts and opinions online. Research suggests that reviews from previous customers play a big part in influencing millennials to purchase their products or services. A third tip to help you market to millennials is to make sure your brand shows personality, relevance and that you are always engaging in a consistent way. Give your brand a face and show the personality behind your products or services as this is what millennials want to see to be able to put their trust in your brand. Being relevant to today’s social values is also very important to attract and retain millennials' attention. Make sure you are responding to any queries quickly and make changes if necessary and let your audience know you’ve made these changes. A final tip is to just have fun and experiment with different ways to engage this generation. After all, younger generations view online shopping as a form of entertainment and crave that fun and engaging experience rather than the final purchase.