There are 79 million Millennials in the U.S., and they haven’t reached their peak purchasing power yet. Their purchasing power is estimated to be $170 billion per year, a figure that’s expected to increase to $200 billion by 2017. So how can your company reach this generation?
Millennials have grown up with technology, so it’s easy to say that you need to reach them digitally. They spend a lot of time online socializing, sharing and researching. But they also need to believe in your company and the message behind it. We’re here to help you further understand Millennials and how to target them in your marketing.
Millennial facts you need to know
Millennials now represent the largest demographic in the U.S. And they spend a large amount of time online:
Another reason your company should begin focusing on Millennials is because they will make up 50% of the workforce by 2030. Millennials are the most connected generation yet and are highly influenced by their peers. This is an opportunity for companies; if they can impress one group of Millennials, it is likely to spread by word of mouth quickly.
Personalize the customer experience
Millennials want to know that the brand appreciates them and their business. Therefore, it is important to customize the experience as much as possible. One way to do this is to use segmented lists for email marketing. By sending the most relevant content possible, your Millennial customers and prospects will be even more appreciative.
Further, by personalizing the experience for one Millennial, they are likely to tell their friends and share it online. Nearly 70% of Millennials said they recommend their favorite brands to family and friends and 47% said they wrote about good experiences online.
Focus on digital (especially mobile)
Do you have a mobile website? Can your content be easily read on a mobile device? Do you provide customer service on your Facebook page or on Twitter?
Since Millennials always have their phones, they are most likely to have their first interaction with your brand via their smartphone. And they will make a decision of how they feel about your brand based on that first impression.
This means you need to carefully assess your website, social media accounts, whitepapers and all your online content. Is it easy to navigate your website on a mobile device? Do you have good design for your online content? If not, then you may want to think about a website redesign and taking the time to bring all of your social media accounts up-to-date and aesthetically pleasing. It matters to Millennials.
Millennails value brands that are responsive to their needs. This is a challenge to traditional customer service methods since less than one percent of Millennials would actually call customer service when seeking assistance on a product issue. Your brand needs to be ready to respond to Millennials who are reaching out on social media channels for answers to their questions.
Engage in online conversation
Millennials want to be a part of the conversation. In one Edelman Berland study, consumers aged 18 to 33, were asked how they wished to be entertained by brands. The top answer (40%) was “allow me to influence your product (co-creation).” Millennials want to feel like they are a part of your brand, so be sure to listen and let them know you hear them!
The best way to engage with Millennials is through social media. Millennials have grown up with social media and it is an excellent avenue to have conservations with this generation and hear what they have to say. So be helpful and, most importantly, be human. The last thing they want to do is interact with a robot.
Millennials have learned to tune out traditional advertisements. It’s not about being the loudest anymore. It’s about understanding your buyer personas, knowing what they are searching for and what is of value to them. Then you can provide the content that they will digest.
But don’t forget to make it digital. While Millennials appreciate brands that provide great content, they like to read it on their own time. Make your content available online to download (and mobile friendly!) so your Millennial audience can consume the information on their own.
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The Millennial generation is large and their buying power is nothing to ignore. They are also vocal consumers who share their experiences with their peers. Some successful brands include Tom’s Shoes, Chipotle, Kashi and Apple due to their clear passion for what they do and their success online. By creating a great, personalized experience and providing valuable content, your company will begin to reach a generation that is about to reach their peak in purchasing power.