6 Ways to More Effectively Market to Millennials

By: Keith Krach

One statistic every business leader should be aware of is that, according to 2016 U.S. Census Bureau estimates, Millennials now constitute the largest demographic in the country. This shift in population — the number of Millennials (born 1981–1997) having eclipsed that of Baby Boomers (born 1946–1964) — has two major implications for the economy.

First, all Millennials are now of working age. Many will soon finish their education and launch their careers, and many of the older members of the generation are already in management roles. Having grown up surrounded by technology, these digital natives bring a different mindset to the workplace and have started reshaping office culture. For instance, Millennials tend to value flexibility in everything from hours to leadership structure.

Second, given the size of the Millennial population, it also represents the largest demographic for marketers. The generation is expected to have a spending influence of approximately $3.4 trillion by 2017. However, special consideration should be given to the fact that, despite stereotypes, Millennials are more money-conscious compared to other age groups. This may be due to the fact that they came of age during the Great Recession of the late 2000s, and have encountered a tighter job market in ensuing years.

Because of their unique characteristics, Millennials can pose a challenge to companies trying to get their product or service out there. Here are a few strategies for marketing to the generation.

1. Strive for authenticity

One of the easiest ways to push away Millennial consumers is to present a false, “salesy” front instead of an authentic, relatable brand. Members of this generation want to see themselves in a product or service. They want to buy or sign up for something that reflects a part of their identity. As a result, transparency in marketing is key.

Ideas for authentic marketing include being open about the “how” and “why” of your company, as well as employing a conversational tone that will help build trust. Consistency will also play a huge role in establishing an authentic face for the business.

In addition, remember that transparency also means being truthful and accurate. Millennials are experts when it comes to verifying information online. Any numbers, figures, or stories you present about your brand should be accurate, since any Millennial knows how to fact-check using the power of their smartphone — and they may call you out, sometimes publicly, if they discover you lied.

2. Replace general with focused

Another strategy for effectively marketing to Millennials requires acknowledging the diversity of the age group. Some argue that no other demographic encompasses the wide variety of interests and values that Millennials possess, which means advertisements for a general audience will have little effect.

Taking this into account, business leaders should target their marketing efforts with focused content wherever possible. The objective is to show Millennials that going with your product or service not only reflects a better use of their dollar, but that it also aligns with their specific experiences and values.

3. Take advantage of team meetings

When developing a marketing strategy for Millennials, it’s important not to waste time trying to figure out which medium to focus on, or testing out different types of campaigns without a concrete plan. Meeting to develop standards for assessing the effectiveness of your campaigns can save valuable time and resources.

To start, ask everyone present — which should ideally include external consultants and representatives of your Millennial target audience — to evaluate the possible options and narrow down the choices. Then, design a plan for running tests and assessing the handful of campaigns you’ve opted to run with.

4. Use social media consistently

In the digital age, nearly all marketing occurs online. Millennials are accustomed to this reality as they have lived in a connected world for most, or all, of their lives — and they are online for large parts of their day. This calls for a real commitment on the part of marketers with consistent, frequent posting on social media — daily, if possible. Such a strategy allows brands to tell their story over time, and increases engagement.

5. Highlight discounts and rewards

As the money-conscious generation, Millennials have demonstrated loyalty to value rather than brand names. They typically go with the company that can offer the same product for less, even if the difference is only a matter of pennies. Highlighting discounts and rewards or offering coupons are leading ways to secure the interest of potential clients. Show Millennials how they can save and what they will receive in return for their dollar.

6. Utilize lots of video

Video is a valuable tool for creating authentic, focused marketing content because Millennials relate well to this medium. In fact, the generation outwatches the average Internet user by almost 50 percent. Product videos should be engaging and memorable, but don’t worry too much about creating content that will go viral. Simply concentrate on providing a steady stream of quality videos.