Marketing to Millennials

 

The digital age is the new norm. Children are growing up using iPads to learn how to write and conducting research with laptops in elementary schools. It’s no secret that millennials have changed the game for technology in the modern age. We no longer have to use a dial-up connection to get Internet access. Our phones are not connected to a spiral wire and they don’t have a giant antenna sticking out of the top of them. Millennials require everything to be instant, simple, and there has to be a benefit for them in whatever they’re doing. With new technology, comes new ways to advertise to these millennials. Consider how many people used to read the newspaper each morning to find out what was going on in the world, to how people can now get instant, live reports of everything in the palm of their hand. Businesses are changing their whole marketing strategies to better suit the modern consumer. Marketing is continuing to change and evolve, so we will break down the best ways to market to the millennials.

 

A few things to note about the millennial generation:

  1. Millennials are statistically the longest living generation. This age bracket is projected to live into the 100’s, making their purchasing behavior focused on longevity.
  2. Millennials are economically conservative. “A recent study by MIT Agelab showed that over 56% of millennials have concerns about the environment”. To modify to this audience, your business will need to focus on things like recycling, green technology, and waste responsibility.
  3. Millennials are very smart! This generation grew up with laptops in the classroom and the ability to Google anything from their smartphone in any location. Additionally, this generation is more likely to receive a college degree. “At least 46% of millennial women and 36% of millennial men today have a bachelor’s degree.” In order to best suit this audience, instead of just trying to sell the product, it would be ideal to sell the company as an expert in the field.
  4. Millennials are very connected. When it comes to collaboration and connecting with others, especially online, a millennial is likely to favor it. As a business owner, you should be where your target audience is. Consider having a social media presence and interacting with your audience as much as possible.
  5. Millennials are making more money. Stemming from their increased education, this age group is now beginning to earn more money. With their increased income, comes increases in spending. The average millennial spends around $46,000 on just living expenses each year. “This accounts for approximately $600 million in the US alone. This number is expected to rise to $1.4 trillion by 2020 as Millennials pay off loans and obtain higher salaries.”
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    Millennials are changing the way business owners operate their marketing platforms. An interesting way that businesses are attempting to gain millennial attention is through social media influencers. Such influencers are typically associated with the business or product, and have a mass following from the millennial population. Typically, the influencer receives some compensation for either posting about the business or a share of profit from all purchases made because of the influencer.

     

    If you’re not quite ready to get an influencer involved, another great way to get free word-of-mouth spread is to make your product share-worthy! This can include having an aesthetically-pleasing office/restaurant/etc. If you do not have much to offer, then you need to get creative. Millennials want to know what you can do for them, not the other way around. With their purchasing behavior and spending habits, it would take a few creative elements or graphically eye-catching marketing posts to get your business some millennial engagement.

     

    It’s all about content! Millennials are attracted to visually exciting and sequenced posts. For example, if you use the same Lightroom edit on all of your photos, then your Instagram will look very cohesive and this usually gains more followers. If you want to bring more people outside of your targeted demographic to draw traffic to your page, your business can have a giveaway with rules to bring more followers to your page and get people sharing your page with others. This will increase your brand awareness and engagement as well if you keep up with comments on your page.

     

    Millennials will continue to push businesses to their limits and keep them scratching their heads wondering about the daily “newness”. With a changing word, comes the ability to adapt. Your business can either be malleable and successful or resistant and struggle. We can thank millennials for the new technological advances and continuing to modernize our world as we know it.

     

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