Millennials are stepping into the space left over where Baby Boomers are retiring. This enormous segment of the workforce has the kind of purchasing power that no company can afford to ignore. Marketers everywhere are taking note of what drives, engages, and motivates the millennial buyer and, like every generation to come before, communication with this group is redefining typical marketing strategies and evolving beyond everything that has come before.
To fully leverage the might of the millennial, you must first have a firm understanding of how this group operates, what defines them, and what influences them. We’ve broken it down for you here:
UNDERSTAND HOW CONNECTED THEY ARE
- Mobile Matters – According to the Pew Research Center, 95% of Americans now own a cellphone of some kind, 77% of those accounted for owned smartphones. Take into account that 92% of Americans between the ages of 19 and 29 own a smartphone and it becomes patently obvious that mobile matters when it comes to marketing to a millennial demographic.
- This is a Sharing Culture – People as a whole (but millennials specifically) are spending more time on social media than ever before. If you want to reach this audience and be truly relevant, your brand must be on social media. The companies that really resonate with this audience are always looking for the next way to engage, they’re sharing and responding, they’re starting conversations.
- Social Media is Your Review – According to millenialmarketing.com, 70% of millennials feel a responsibility to share feedback with companies on social media after a good or bad experience. Now, consider the fact that Hubspot found an astonishing 84% of millennial consumers research reviews online before making a purchase. Millennials want to know from others that the brands and companies they’re buying from deserve their business.
- Tip the Scales, Influence the Influencer – In a time when 47% of online users employ adblock technology and consumer trust in advertising is at an all-time low, influencer marketing is the best way to make sure your messages are seen, heard, and remembered. Using social media influencers in your marketing is a powerful way of building relationships with the people who can build relationships for you. According to Nielsen’s Global Trust in Advertising
OFFER VALUE & AUTHENTICITY, NOT A SALES PITCH
- Be a Resource – Jumping on the loudspeaker to proclaim your brand or product to be the best there is will get you nowhere fast. Millennials just won’t buy that. They can easily head on over to Google and prove you wrong. Instead, opt for educating your young customers on why your product is the best option for them specifically. Take the time to stroke their ego. Talk about the issues that are unique to them and how it is that your company is the one that can help solve those problems. This strategy is universally germane to any product or service out there.
- Be Authentic, Be Yourself – In a study conducted by Elite Daily, 69% of millennials ranked a company’s authenticity over the content of its advertising and marketing. They have to first trust a company before they will actually read its content, and tend to connect best with companies that develop a unique voice and more personalized relationship with their customers.
ADD AN EMOTIONAL COMPONENT
- Align Your Business With a Cause – A study conducted by millenialmarketing.com showed that nearly 50% of millennials would be more willing to make a purchase from a company if their purchase supports a cause, and 37% of millennials say they are willing to purchase a product or service to support a cause they believe in, even if it means paying a bit more.
BE HONEST, BE STRAIGHT-FORWARD
- Keep Your Brand Transparent – According to the latest research from Label Insight, 94% of respondents said they would act more loyal toward a brand if they promoted absolute brand transparency, even to the point of being willing to pay more for a brand that is completely straightforward – particularly for food products. In fact, up to 73% of surveyed consumers don’t mind paying more if the manufacturer discloses everything on the label.
- 37% are okay with paying 1%-10%
- 16% will cash out for extra 11%-25%
- 10% will pay 26%-50% more for a completely transparent product.
Ready to tackle marketing to the millennial? Or, maybe you think you could use a little help. Let the experts at Shift guide your strategy and tactics to get more bang for your millennial marketing buck. Contact us today.