With over 12.36m millennials in the UK alone, this age group represents a significant share of global spending power. Businesses can benefit from marketing specifically to this thriving group of young adults, many of which are now rising in the professional ranks and unlocking more expendable income.
As with all marketing, it is most effective when targeted and understands the intended audience’s requirements and characteristics. To ZAK, this understanding is crucial, which is why we work closely with our network of U-30 youths to follow trends in their shopping behaviour.
In this article, we’ll shed light on what you need to know about marketing to millennials.
How Millennials Spend Their Money
Millennials are similar to other generations in that they are unlike any of the others! It can pay to understand how they differ and what worldviews shape their purchasing habits.
Here are some of the most noteworthy trends to observe in your Millennial audience that highlight why marketing to Millennials should be a priority for your business.
Millennials Are Willing to Pay Premiums for Luxury or Popular Items
Large brands have shaped millennial buyers’ perception, and many of them admit to being willing to pay more for an item that is popular or provides a unique experience. Charles Schwab found that 60% of Millennials would buy an expensive cup of coffee due to the brand offering it.
The same goes for popular restaurants and other brands. The key takeaway here is that Millennials don’t care about the price as they care about the product’s experience.
Millennials Choose Brands Based on Their Values
The world has not been the kindest to this generation. Following the Baby Boomers, this generation is much less likely to own a home, for example. Their pension ages have been pushed up, and they are currently trying to settle down amidst a global crisis. It’s no wonder that Millennials have always taken a considerable interest in politics and the world’s state as a result.
57% of Millennial women base their purchasing decisions in part on a brand’s values and stance on important issues. Social responsibility is essential, so brands need to clarify what matters to their company and where they stand on major political issues.
Millennials are One of The Most Loyal Generations
30% of Millennials consider themselves to feel loyal to a brand. They want to connect with the businesses they interact with and expect high customer service in turn.
70% of millennials will even go out of their way to buy from brands they feel loyal to. It’s not just about the product and service. With many millennials holding brand relationships for more than ten years, marketers should perk up. Millennials are the best target audience for retaining loyal customers, a luxury any business is lucky to have.
Marketing to Millennials
So with these traits in mind, how can you make the most of your marketing campaign and appeal to the Millennial audience?
- Show your brand’s personality. Millennials wish for connections with the brands they buy from. Instead of being a faceless corporation, you should focus on creating a brand identity that speaks to a memorable personality with a consistent tone and values.
- Provide an experience. Creativity in your ads, services, and products can entice Millennials. They want to experience novelty when they purchase from your brand. Try to liven up your efforts and provide something unique that they’ll remember.
- Double down on your values. In today’s climate, neutrality doesn’t work in your favour. If you’re passionate about an issue, Millennials will love to see you be outspoken about it and use your brand’s platform to strengthen your values. Issues like sustainability, inclusivity, and diversity can all help you catch their attention.
- Involve users in your content. Highlight user-generated content on social media, host competition, and encourage your Millennial customers to post photos and reviews. Millennials are three times more likely than older generations to turn to social media, fully engaging them on these channels!
- Target social groups. Don’t make the mistake of assuming all Millennials are alike. Targeting a niche social group can prove much more effective than treating the whole age group as one. Millennials don’t progress through life on the same steady path their parents did. Instead, they have individual journeys with different goals that make them vastly different customer profiles!
Invest in Understanding Your Millennial Audience
If you’re already marketing to Millennials but not seeing the success you’d like, it might be because your brand doesn’t grasp what makes this audience group tick. A market research company can be a great asset in determining how to perfect your marketing.
ZAK agency is a creative agency based in London that works closely with youths to understand their purchasing behaviour, passions, and needs. Get in touch with us today to learn how your brand could benefit from our network.