Millennials are considered anyone born between 1981 and 1996, making this generation of consumers ages 23 to 38 in 2019. This group of consumers is known to be one of the most diverse generations we've had to date, which has left many marketers unsure of how to successfully engage such a varied group.
With such a broad demographic, it can be difficult to nail down the right marketing strategy. The best way to develop the right plan is to learn more about millennials and what marketing techniques work best. Here’s what you need to know:
This generation is much larger than the baby boomer generation. The large age range means many millennials are already married with children.
Millennials are also the best-educated group, with one-third of the older generation having earned a college degree. Not only are they educated, but they are also quite ambitious. In the last few years, 87% of millennials currently in the workforce have taken a management position. What you can take from this is that millennials are smart, established, and willing to work hard for what they want. But what kind of buying power does this generation actually have?
As you can see, millennials are much more likely to try out new technology than any other social group with spending power just over $3.3 trillion in 2018. That’s a huge amount of spending power—the kind your business should be trying to gain. Here’s how your business can capture the attention of this generation:
Support A Cause
Give them a reason to value your business over others. If your brand is taking a stand, millennials will notice and are more likely to support your business with purchases.
95% of millennials, according to SocialChorus, say that friends are the most credible source for product information. They trust word-of-mouth more than traditional advertising. That means your business needs to be frequently encouraging customer testimonies. The more positive reviews your business has, the more likely millennials are to purchase from you.
Millennials are constantly using their smartphones, more often than other generations. More importantly, Facebook is the most used application. In fact, 87% of millennials are currently using this social platform. While this platform is clearly the most used, they are also using others such as Instagram, YouTube, LinkedIn, Pinterest, Snapchat, and Twitter. This generation loves social media, which means your business has an opportunity to connect with them on these platforms. 34% of millennials say that social media has helped them make a purchase decision. By incorporating social media into your marketing strategy, you can encourage more purchases from them.
Don’t miss out on this generation—adding millennials to your target audience could be a huge benefit. With such a large amount of buying power, skipping out on them could be a costly mistake. Take advantage of this opportunity and start marketing to millennials today!