Millennials get a bad rap when it comes to, well, everything from work ethic to emotional strength, but no matter the stigma, your business needs the group’s money. The generation plays an important role in the economy. The group, now ages 23 to 37, is 80 million strong and spends $600 billion annually. Marketing to millennials may seem like the advertising version of the Master Sommelier Diploma Exam, but a few quality techniques can help you reach the high-spending generation.
Marketing To Millennials 2019
In addition to being responsible for 28 percent of all daily per-person consumer spending, millennials take part in a multitude of other financial actions. More than one-third of the generation holds at least a bachelor’s degree and is graduating with a lot of debt. Student loans, credit cards, car payments and more are part of what turn this generation to responsible financial planning.
Roughly 94 percent of millennials use coupons and have a preference towards digital formats. Part of the stigma that follow millennials around is that they’re always attached to some type of electronic device. Not entirely undeserved, the fact makes way for how to market to the millennial generation.
Meet the spenders where they are – the cell phone. Ensure your ads are mobile-friendly and placed strategically. Think Facebook and Instagram, not newspapers and magazines.
According to Adobe’s fourth annual Consumer Email Survey report, millennials spend roughly 6.4 hours a day checking their work and personal email. If ever there was a way to reach these spenders, it’s in the inbox.
When it comes to delivering email marketing content that will get read, stick with visual content. Use graphics, images with minimal text, and clear call to action buttons. Skip long text blocks.
Make It About Them
User-generated content is one of the most effective ways to boost your brand reach and build loyal customers. Despite the misconceptions about millennials, Daymon Worldwide reports 29 percent of Millennials usually purchase from the same brand. While that loyal customer base is smaller than Gen X or Baby Boomers, it suggests that marketers simply aren’t building the brand millennials want to constantly connect with.
By showcasing user-generated content, your brand achieves two goals: (1) You create social influence by highlighting the benefits others have received by using your products or service and, (2) you build your loyal customer base as people referred by loyal customers have a 37 percent higher retention rate.
In the age of online reviews, instant feedback, and the power of influencers, millennials have a buying advantage that generations before did not: the ability to differentiate between authentic brands and those just looking for the next virtual checkout. Today’s buyers want more than a product or service. To reach millennial shoppers, show authenticity:
- Be involved in a greater cause (charity, eco-friendly products, community involvement)
- Use sustainable ingredients / materials
- Tell the backstory of your business
- Have a quality customer service program (Like Zappos or Amazon)
Millennial shoppers want to connect with brands that make a difference beyond the company bank account.
Build an authentic brand that relies on customers to tell others why your product or service is awesome and be willing to reach the buyers on mobile digital platforms. Millennials are expected to spend some $1 trillion by 2020. If you want to be a part of that spend trend, adapt your marketing to millennials.