Marketing to Millennials: How to Engage the Widest-Spanning Generation
Generation Y, more commonly known as Millennials, may be one of the most talked about generations in society. However, not everyone can agree on exactly what a millennial is.
Newsweek asserts that millennials are anyone born between 1977 and 1994. Time Magazine claims those dates should be 1980 to 2000. Pew Research says 1981 to 1996. According to Neil Howe and William Strauss, the authors credited with coining the term “millennial,” the generation includes individuals born between 1982 and 2004.
Because of this lack of consensus, millennials can range from 17 to 44 years old. So how does one market to such a large group?
In order to best understand how to approach millennials through digital marketing, we must first recognize why the generation is so important to marketers.
Why Millennials Are Important
Millennials are the most lucrative market.
Since millennials range from their teenage years into their 40s, the group as a whole hasn’t reached its full buying power yet, but with a projected annual buying power of more than a trillion dollars, millennials are now a prime target audience and priority for marketers. Millennials make up 25% of the population, depending on which birthdates you consider to be correct. According to Strauss and Howe’s timeline, millennials would equal nearly 35% of the population.
Pew Research estimates that the Millennial population will surpass the Baby Boomer population in coming years, causing Millennials to be the primary target audience of the future.
Millennials switch brands.
Millennials have a lower sense of brand loyalty than other generations, with only 29% likely to buy from the same brand. So, brands must stand out in order to keep millennials coming back for more.
Millennials are tech-savvy.
Millennials grew up during the rise of technology. They are 2.5x more likely than others to be early adopters of technology, with 56% reporting that they are normally the first of their social group to try and buy new tech products.
Millennials use devices.
Nine out of 10 millennials have a smartphone, and 86% say they use social media, according to Pew Research. This widespread device ownership and use suggests a higher likelihood of consuming web content, allowing marketers to utilize various modes of marketing.
How to Market to Millennials
1. Authenticity
Millennials trust what they feel to be authentic. 90% of millennials say brand authenticity is important, preferring ‘real and organic’ over ‘perfect and packaged.’ Consumers would rather see raw user-generated content than brand-created or manufactured content.
2. Support a cause
Nowadays, just having an awesome product may not be enough. Brands need an edge to give millennials a reason to purchase a product. Millennials want to do good in the world, so by offering a chance for them to support a cause through a product, they are able to feel good about their purchase. If a company supports a cause, 50% of millennials would be more willing to make a purchase. Plus, 37% claim that they are willing to buy a product that supports a cause they align with, even if it’s more expensive than that of a competitor.
3. Less outbound marketing and more inbound marketing
Millennials want to feel involved in a brand and connected on a deeper level. Consequently, outbound marketing methods like magazine ads, radio spots, online banners and other traditional approaches don’t impress these consumers. According to HubSpot, 84% of millennials don’t trust these traditional tactics. Instead, 95% find friends to be the most trustworthy source for product information and reviews. So, marketers should focus on inbound marketing – informative content such as blog posts, videos and other how-to information – and ways of generating social proof.
4. Get on social media
Since millennials use smartphones more often than any other age group, according to Nielsen, social media is becoming more important than ever for brand building, fostering trust and boosting sales. In fact, 34% of millennials say social media helps them make a buying decision.
5. Be open to collaboration
Millennials love to act as co-creators, with nearly 42% saying that they were interested in helping companies develop future products and services. So, showcase a brand’s user-generated content! Encourage customers to post pictures, write reviews and share those thoughts with potential consumers.
6. Convenience and practicality
Millennials prefer use over ownership, or a “sharing economy,” saying they would rather pay full price to access an item when they need it as opposed to owning it. Examples of this include Spotify, Airbnb and fashion sites like Rent the Runway. Marketers should offer more creative and feasible choices for consumers so that, in case they can’t buy, they can still have the option to try.
In order to successfully market to millennials, one must target them correctly - and for a group as diverse as the millennial generation, that can be tough.
But, by paying attention to the trends and habits of millennials and keeping the guidelines above in mind, the struggle of creating a marketing strategy geared toward millennials just got a bit easier
