Marketing to Millennials
There are over 80 million millennials currently in the U.S, which makes up one-fourth of the total population. They are the generation born between 1981 and 1996. And with an annual buying power in the hundreds of billions, they are also the most lucrative market.
Most millennials are educated individuals as a majority either attended college or some form of higher education. They are a highly tech-savvy, having grown up during the boom of personal computers and the internet. Statistics show that millennials spend an average of 25 hours online per week. They surf websites, social media and blogs because they feel driven by content discovery. They’re also sharing, liking, tweeting, snapping and commenting on all of their findings. Marketers who want to sell to this generation need to find ways to stand out.
Here are some of the best practices for attracting the attention of this generation.
Video is no longer optional for marketers, as millennials use videos to research a product before making a purchase. This doesn’t mean you need a video in every phase of your campaign, but consider producing quality over quantity. Videos will appeal to potential customers on various levels, high quality video will help you stand out from the crowd. It also helps increase conversion rates and attract repeat customers. Focus on making a few great videos instead of a bunch that nobody wants to watch.
Millennials are tired of traditional methods of advertising, and although they want information, they want to select it rather than having it forced upon them. They tend to trust in people in their social networks, so word of mouth still drives the best results and conversions. Try to use the buzz around a new product and share things they find interesting on social media. Think about the people you’re trying to reach. Knowing what your specific customers watch and where they consume media is very useful.
Segment Your Audience
With a marketing strategy that involves an entire generation of people, you’re going to want to break it down and be more specific. Although millennials have common traits of behavior, they are unique individuals who will respond to in a variety of ways. Using creative advertising will definitely help, but you’ll need to segment your audience and create high-quality content for each of those segments.
Millennials are on route to becoming the largest living generation, so consider these strategies, and you may earn their business, as well as their loyalty.