Millennials – people who are now between the ages of 22 and 37 – have more buying power than just about any other generation alive today. By the end of 2019, their population will overtake the baby boomers and climb to 73 million in the United States. Learning the best strategies to market to millennials may mean the difference between success and failure, and while no one has devised the perfect strategy, there are some excellent ideas you can incorporate into your campaigns.
The Impact Millennials Have on Commerce in the US
Before attempting to devise a marketing campaign geared toward millennials, it’s helpful to understand just how important they are in this country – both to the workforce and to commerce. By 2020, 50% of the workers in the world will be millennials, and their buying power will reach a trillion dollars. Right now, their buying power is still $600 billion – a significant number in the grand scheme of things. By 2020, one in three people will be a millennial, and one in three purchases will be made by a millennial.
Things to Keep in Mind about Millennials
Not all millennials are the same, but they do tend to share many of the same characteristics. Some of the characteristics that you should consider when devising your marketing plan include:
- The value of technology. Though most millennials will never be blindly loyal to any brand, they do tend to favor technology that offers them savings, convenience, utility, and, of course, entertainment. Make sure that your marketing plan focuses on your product’s or service’s value.
- Fast fact-finding. You cannot pull the wool over the eyes of the millennials, and they can spot clickbait or bogus claims from miles away. This means you can’t sell to them with the common terms that worked for the older generations, and instead, you need to make them feel like part of the “in” crowd.
- A love of hybrid experiences. Even though millennials grew up with technology and they often prefer it, many actually prefer a hybrid experience. For example, many will shop online via an app to see what’s available in a store, then go to the physical store to buy those products. Use a digital marketing strategy that allows or even encourages a trip to the physical store.
- No immunity to loyalty. Millennials won’t pay more for a service out of brand loyalty in most cases, but they certainly can appreciate a brand that gives them perks for staying loyal. For this reason, you should engage with each person across multiple channels in your campaign to build relationships.
- A preference for companies that back social and environmental causes. Millennials want to make the world better. There’s no simpler way to put it. They see climate change and social issues as the biggest problems in the world. If your business shares these values, make those values known. Lead changes and millennials are sure to follow suit.
As you can see, millennials share many of the same goals and ideas, so if you really want to market to a demographic that will make up a huge percentage of the world’s overall buying power in the coming years, it’s important that you start early. Make sure you show them the value of what you offer, provide a hybrid experience where you can, and show your commitment to making the world a better place to build a solid relationship with millennials.