If you want your marketing efforts to have a lasting impact, you need to narrow your target audience and address their unique experiences.
One of the most effective ways to do this is by segmenting your customer base by age group and considering their buying habits and needs. This approach can help you successfully market to millennials, one of the world’s most influential consumer generations.
According to the Pew Research Center, millennials are people born between 1981 and 1996. They are expected to make up 75% of the global workforce by 2025, increasing their spending power significantly. By focusing on building relationships with this generation now, you can grow your business for years to come.
Keep reading to learn how to effectively market to millennials.
Importance of Marketing to Millennials
Millennials have significant spending potential. This generation, larger than the baby boomers at 83 million people, is expected to reach $1.4 trillion in buying power by 2020. They currently spend about $600 billion per year, indicating a huge opportunity for your business.
With strategic marketing campaigns, you can encourage millennials to fully utilize their buying power and make your business their preferred brand.
Targeting your marketing efforts to millennials, also known as Generation Y, is essential for reaching this group. They expect personalized experiences and are willing to share their data to receive them. It’s important to recognize their unique traits and ensure they feel heard, rather than grouping them with baby boomers and Gen X.
3 Key Traits of Millennial Consumers
Every generation has distinct characteristics that set them apart. As a marketer, identifying these traits can help you develop a strategy that resonates with your target audience. Here are three important traits of Gen Y to consider:
1. Tech-Savvy
Millennials are highly skilled with digital technology, having adapted to new technologies throughout their lives. Nearly 100% of millennials use the internet, 93% own smartphones, and 86% are active on social media. With a strong shift towards e-commerce and mobile commerce, traditional advertising methods like direct mail and TV ads are less effective. Digital marketing is essential to reach millennials where they are most active.
2. Thorough Researchers
Millennials conduct extensive research before making purchases. They often start their research on platforms like Google or Amazon and seek opinions from other consumers. They trust their peers’ reviews and are influenced by what other consumers and trusted influencers say. Even when shopping in-store, 57% of millennials compare prices. By marketing to them throughout their buying journey, you can demonstrate your value and persuade them to buy.
3. Value-Driven
Millennials prioritize a company’s values when making purchasing decisions. Nearly 70% of Gen Y consider a company’s values, compared to 52% of all adult internet users in the U.S. To connect with millennials, showcase your values and act consistently with them. This can build strong brand loyalty and help your business grow.
4 Effective Millennial Marketing Strategies
Now that you understand what makes millennials unique as consumers, here are four strategies to help you stand out:
1. Content Marketing
Marketing through content is highly effective for reaching internet-savvy millennials. SEO and video marketing are particularly impactful. SEO can ensure your brand appears where your audience is searching, and video content can engage millennials and drive purchases.
2. Online Reviews
Millennials rely on reviews from other consumers during their research. Maintain a positive online reputation with a steady stream of positive reviews on platforms like Google and Facebook. Asking customers for reviews can help generate the feedback that influences millennial buyers.
3. Social Media Marketing
Millennials are active on social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and Snapchat. Social media marketing, whether through promoted content, organic engagement, or influencer partnerships, can help you reach millennials where they spend their time.
4. Customer Engagement
Build relationships with millennials through two-way conversations. Train your customer service team to provide excellent experiences and open communication channels like text messaging and social media. Demonstrating your values through customer engagement can build long-lasting loyalty.
Know Your Audience
Marketing to millennials allows you to focus your efforts on a specific audience segment. By tailoring your strategies to meet their needs and preferences, you can achieve more conversions, repeat purchases, and brand loyalty.
As you refine your millennial marketing strategies, consider how to also address previous generations like baby boomers and Generation X. Understanding how different generations search and shop can provide further insights into effective marketing.
