Think you know millennials? Think again.
Nestled somewhere between the excessive “likes” and seemingly endless need to share with the world even the most mundane moments of everyday life is a generation that’s projected to one day have more purchasing power than any generation before it.
And while getting inside the brain of a Gen Yer may be the next best thing to finding the fountain of youth, don’t assume they’re a one-size-fits-all kind of package. Here, we shatter some of those most persistent of stereotypes and lay out the groundwork for marketing your brand, product or business to this new breed of consumer.
What is a millennial anyway?
According to Merriam Webster Dictionary, millennials are individuals born between 1980 and 2000.
Why the heck are millennials always on their phones?
Believe it or not, the “me me me generation” isn’t constantly taking selfies or trolling Facebook. For them, a cell phone is the equivalent of a lifeline: it provides access to everything from fitness stats and breaking news alerts to music playlists and, yes, those aforementioned selfies.
So, what’s the big deal? Why should I market to millennials?
According to this article on Advertising Age, millennials are projected to spend more than $200 billion annually and more than $10 trillion throughout their lives. Whoa. What that means is this: marketing to this age group isn’t just trendy; it’s a smart strategy to enhance your bottom line.
OK, I’m convinced. But how do I do it?
We’re so glad you asked.
- Tell a good story, and make it authentic. Millennials don’t want to be overtly marketed to; they want to engage with a brand on their own terms and in an accessible way. To be successful, brands need to think about how they can complement millennials’ current habits and show their personality through storytelling.
- Be sensitive when it comes to social responsibility. More and more, this generation of consumers is informed and compassionate toward social issues like gender equality, sexuality and bullying. Brands must have an understanding of these issues as well and be equally as sensitive and aware of them in their marketing.
- Use what makes you unique to your advantage. Remember the #ShareACoke campaign? Nowadays younger generations are moving away from mass-marketed products in favor of ones that more uniquely fit their personal brands.
- Target the few, not the many. Millennials are being increasingly more skeptical of brands and products, placing more trust in the recommendations of their peers and other influencers. This is why now, more than ever, it’s essential to produce quality products and encourage good customer service. The experiences that speak to a few loyal fans can organically transform into an online influencer model that reaches the many.
- Opt for deeper immersion. Consumers want to feel like they can relate to and be a part of your brand’s personality. With interactive experiences like virtual reality, millennials can see up close and personal just how your products or services will impact their lives.
Feeling inspired? Have an idea for how your business can target the next generation of purchasers? Contact us to get started.