Three things about marketing to Millennials
According to the most recent population estimates released by the U.S. Census Bureau, Millennials have officially surpassed Baby Boomers as the nation’s largest living generation. As a young 20-something, that makes me feel pretty fancy to be a part of one of the most influential groups in society. For business owners and marketers, this news is probably less welcoming. No worries, I’m here to help ease your concerns and give you a few key marketing insights to my generation.
Now, go get me a coffee, give me that raise I don’t deserve yet and let’s get started.
Just kidding. 😉
Don’t underestimate our importance
As I just illustrated, Millennials are believed to be a self-absorbed, entitled, and vain generation. Based off the amount of participation medals and trophies we have, this is an understandable assumption, but do not underestimate the influence we carry. If you effectively tap into the Millennial market not only do you have the benefit of our business, but you also gained an advocate for your brand. Think of us as walking billboards. It turns out, we listen to each other more than we listen to you. 92% of Millennials rely on people they know over any other source of information when making a purchasing decision. Just one loyal Millennial can spark a dozen new customers.
It’s about the experience
Why do we love those little hipster coffee shops and bars? It’s because they have successfully sold us an experience that we are willing to buy into again and again (and they have WiFi). Nowadays it’s become less about the product and more about how the product makes us feel, and the status and experience it gives us. In fact, according to Small Business Trends, 77% of us would prefer a cool experience as opposed to 23% who would buy a cool product. So go outside of your box and consider how you can enhance the experience by making it personal. Here’s a secret, it doesn’t have to cost a lot of money. Sometimes it’s the tiny details like fresh flowers on the tables, handwritten notes, the music you play in the background, or the way you decorate your store with trendy Instagram photos from your customers.
If you’re not on social media yet, please go create at least a Facebook page for your business and then continue reading…. Finished? Congratulations, you just created the most used social media platform for Millennials. 27% of Millennials use Facebook at least once a week and 89% at the very least have an account. With so many of us using and talking through social media, being actively present will help boost business tremendously. There are many resources to help you create the best social media practices for your place of business, but the biggest advice I can give is don’t look at social media as a microphone, but as a conversation. This is the perfect way to interact with your consumers and gather insights on their needs. Invite them to interact and share with you, listen to what they have to say, and respond in a way that leaves you and your consumer feeling satisfied.
There are many ways that Millennials have taken over the marketplace. Our impact will only continue to grow as the rest of us graduate and start #adulting. Keeping these three key insights in mind will make you a more effective marketer for your business and brand.
Overall, don’t fear the Millennials. Embrace us and our way of communicating. We have a lot more in common than you think. Now, about that coffee….