As a society, we have been undergoing a new era so to speak as Baby Boomers are retiring and Millennials are moving into the spotlight. The media has labeled Millennials as entitled, job hoppers, and the culprits of ‘killing off’ industries. Despite your personal opinion of Millennials, there is no denying that if you wish to see your business grow you should keep a pulse on trends and core desires of the Millennial generation. We share some valuable insights on Millennials and the key factors that influence their purchasing decisions.
Who Are the Millennials?
Before we dive into marketing to Millennials let’s set the facts straight on who this generation is:
·Born between 1977 and 2000
·Currently make up between 25% of the population; more than 80 million in the U.S.
· Make up 21% of Consumer Discretionary Purchases (over a trillion dollars in direct buying power)
·1 in 4 millennials have children
·Nearly 50% of millennials are willing to make a purchase from a company that supports a meaningful cause
·Nearly 40% of millennials are willing to pay more if they support the cause attached to the product or service
·Are 2.5x more likely to be an earlier adapter of technology
·46% of Millennials are content creators, meaning they share and post original content they have created themselves
·80% of millennials want brands to entertain them, 40% want to participate in the co-creation of the product or brand; and 70% feel the responsibility to share their feedback on their experience
(Source: Millennial Marketing).
Authenticity is Empowering
Millennials spend more time online than any other previous generation. A fraction of their time online is spent souring content across websites, blogs, and social media platforms. Not only are Millennials content consumers, they also feel empowered to share, like, repost or even create their own content. They are not shy of sharing their lives, experiences, and preferences with their peers.
Studies have shown that Millennials have shifted away from standard advertising practices and demand authentic marketing instead. They seek brands or services that are relatable and are purpose driven. Eighty-four percent of Millennials said they seek out user generated content to influence their purchasing decisions. They are turning to their peers, circle of influence, blogs, or influencers. That being said, when crafting your marketing strategy, be mindful of what will resonate with your audience, how you can empower your customers, and how your message comes from a place of authenticity. Millennials take note and support companies that they have gotten to know and respect. Revisit your mission and values, as Millennials can smell bullsh*t from a mile away.
Collaboration is Key
Millennials are creators and want to be a part of the collaboration process when it comes to the development of products and brands. Previously, companies would drive their product or brand towards their target market in hopes of getting sales. Millennials prefer to offer their feedback throughout their experience. Marketers should note, and form relationships with their consumers during this stage. Not only do you begin nurturing a life-long fan base but because consumers will feel validated since they were able to contribute. As a result, customers are more likely to share their experience with their circle of influence.
As stated above, Millennials care about making purchases from a brand that is transparent but also wish to support a meaningful cause. Giving back is important to Millennials that they are even willing to spend more money if the product or service relates to a charitable cause. They are sick of superficial corporate greed and value a company that puts their customers and a charitable cause above the bottom line. Change doesn’t happen overnight but making it an initiative to improve a certain social aspect of your company is one way to resonate with a Millennial audience.
Social Engagement is a Must
71% of Millennials say they engage in social media daily. That being said, it is imperative that your product or service is engaging across social platforms. Social platforms have become online communities and brands have a great opportunity to reach Millennials in this space if executed correctly. Forming online communities and initiating relationships between customers creates loyal inbound customers and attracts new customers. Developing ways to initiate communication and engaging with your online community is a great asset in growing your business.
They Want to Be Entertained
E-commerce has completely changed the way Americans shop. Millennials view shopping as a form of entertainment. Pinterest is a perfect example of this. Users on this platform are able to curate boards filled with content of items they seek to purchase or experiences they desire as a way of self-expression and a means of sharing that expression with others. Millennials are expecting an experience when they shop. They seek out brands that reflect their lifestyle. When they visit your website, they want it to be easy to navigate, visually appealing and engaging. Chat with us today if you’re looking to make a simple, visually appealing website for your online business.
Millennials desire inclusion, involvement, and a sense of community. Previously we discussed the importance of building relationships through collaboration and social platforms but it is also so important to connect offline. The most scalable marketing models don’t depend on the internet but rather through the real connection made with customers. We recommend hosting get-togethers, workshops, and events to drive that connection. Although it may be more expensive; if you’re looking to build a business with longevity, especially during such agile times it’s a worthwhile practice.
When it comes down to it, Millennials are empowered and are looking for products and services that are in alignment with their core belief system and fuel that empowerment. Focusing on your mission, social impact, and ways to collaborate with Millennials can have an immense impact on your business. If you have any questions on branding, marketing strategy or millennials reach out to 10twelve today!