Millennials remain one of the most lucrative markets for a wide variety of businesses. Now that they are between 25 and 40, Millennials have children of their own and have a buying power of over a trillion dollars. Whilst marketers are focusing on younger generations, it’s essential not to lose sight of Millennials as they become higher-earning professionals.
In this post, we’ll give you essential consumer insights to understanding this audience group. We’ll also provide you with the best tips for Marketing to Millennials!
Millennials as Consumers
Before we dive into some marketing best practices and tips, let’s explore what makes this generation so unique as a target audience.
We’ve already discussed their hold on the market, and they are impressive…to say the least. But these unique consumer behaviours should also catch your interest.
Millennials Don’t Demonstrate Strong Brand Loyalty
According to a study by Daymon Worldwide, only 29% of millennials continuously purchase from the same brand. Brand loyalty is higher in younger generations, which is often why Gen Z and Gen Y receive so much attention from marketers.
But this doesn’t mean marketers should give up on Millenials. On the one hand, this number means that brands need to work harder to retain their Millennial customers. But on the other, it also means you can gain business from new Millenials more quickly by offering the right value proposition and offering convenience.
They’re Highly Tech-Savvy
Nearly 100% of Millenials use the internet and have grown up with it. They are comfortable using a wide range of technologies and can use this to research products as well. This makes millennials an attractive target audience for software and technology companies that cater to young professionals. It also means businesses can use their full technological arsenal to market to this audience.
Mobile is Key
The vast majority of Millenials have and use smartphones. With device ownership being a given, marketers need to embrace mobile marketing to engage Millennials.
How Millenials resemble Gen Y and Gen Z:
Millennials still share many of the characteristics that marketers address in younger generations. It’s worthwhile remembering these similarities to understand that Millennials shouldn’t go ignored.
- They value authentic content and transparent businesses.
- They respond much better to inbound marketing strategies and know-how to blend out outbound marketing methods.
- They look for information and value in their brand interactions
- They look for novel and fun ideas that break the mould
Tips for Marketing to Millennials
Below are some surefire tips to follow when marketing to millennials:
Sell an Experience, Not a Product
78% of Millenials want to spend their money on experiences rather than material things. They live in a fast-paced world and want something to remember. That’s why you can reach them better by putting a particular focus on the experience your product provides rather than the product itself. Marketing to Millenials is easier when you offer a novel concept and engage consumers emotionally.
In a highly competitive market, it’s hard to get through to an audience that is data sensitive and can easily research other options. One thing that remains true is that you can win them over by adding value to your audience. You can create value by offering helpful and informative resources to Millennial consumers.
Make The Most of Social Media
Millennials respond exceptionally well to personal, trust-based social media campaigns. They rely heavily on recommendations from friends, families and social influencers. By considering influencer marketing and regularly engaging on social media, you can catch the attention of Millennial audiences.
Consider a social-media based referral program that makes full use of the power of recommendations and testimonials. Include social proof in your marketing, and create share-worthy content to introduce your brand to a potential consumer via their friend’s social media.
Keep up with Design Trends
Millennials were around when the internet looked nothing like it does today. They have seen lousy web and app design, and they know how to recognise it when it crops up. You can easily appeal to this audience more successfully by staying up to date with modern design trends and offering a great user experience with your website, store or app.
Know Your Audience
To succeed at any type of marketing, understanding your audience is critical. Consumer insights are a vital component of any campaign and ensure that the message comes across clearly. That’s why you could benefit from working with an experienced Consumer insights company in London. ZAK is a digital agency focused on bringing market research and creative ideas together to create ground-breaking campaigns.
Visit our website to find out more.