The Millennial Marketing: Key Points to Win Them Over!
Millennials are the largest consumer demographic in the modern era, so it’s no surprise that Marketers are crazy about them. Millennials (consumers aged 18–34) engage more with brands that have a large personality and that are aligned with their own morals and values. They make up the largest part of the workforce and are slowly taking over from the Baby Boomers, and just like that generation, millennials come with their own unique characteristics. Not to mention that being the largest consumer group means that they have enormous purchasing power.
Millennials are diverse, highly educated, and cover a wide range of individual consumer demographics. They grew up with technology at their fingertips and are used to having constant access to the Internet. They share everything, spending more time on social media than anyone else. They value authenticity and they move fast; they’re mobile and can stay connected wherever they go. This means that Marketing strategies can’t change depending on if someone is online or offline; they must have an Omnichannel approach.
Millennials also won’t stick with big name brands just because they’re “familiar” or because they “work.” Millennials will go with what they feel is best, which may play into the stereotype that millennials as a group are fickle, but this is just not true. Marketers must earn that loyalty by proving that they have a good product that works and matches with the values that millennials have (in many cases this can be cruelty-free or eco-friendly mindsets), and they need to work to keep it, too.
It may seem like a big change to go from the Baby Boomers to the Millennials, who are often described as selfish and lazy with short attention spans, but it simply requires a slight change in mindset:
Millennials value authenticity. They trust what they hear from their peers, not necessarily what they hear from advertisements. If they feel like the product is authentic, then they’ll trust it.
Personalize or Die
Traditional marketing doesn’t work. Get personal. Outbound marketing like pop-up ads on websites and direct mail campaigns or magazine ads don’t impress millennials. They don’t trust it and often find that it’s disruptive, annoying, and unwanted. Millennials are digital natives. They know what they want and they know how to find it. Identify their journeys touch points and build experiences around them.
Heart over Pocket
They want organic content that was made with their interests in mind, not their money. They appreciate honesty and transparency. They want to see the real-world benefits. They want to experience something, not just buy it.
Sharing is Caring
Millennials have brought into light a “sharing economy” where they would rather pay to access a product rather than own it (like renting a prom dress instead of buying it). Many millennials would rather rent something temporarily than own it forever.
Yelling the loudest about your product isn’t going to work. Marketing must now be personalized as well as pervasive. Reach out to millennials via the platforms they use most, like Instagram, Facebook, Snapchat, and Twitter. Develop marketing tactics and communication relevant to millennials’ core values and beliefs. Millennials are very different from Baby Boomers, and treating them like their predecessors just won’t work. They like to have a say in what is being sold to them. They enjoy influencing the future of a favorite product (this is part of the reason why some Kickstarter campaigns are so successful). They want to feel like they matter.
Millennials are wired for authentic, honest experiences that cater to them individually, not to their wallet, and they yearn to share their voices. It may be tempting to stay with the same old strategies, but to be successful in this new world, marketers must adapt to the rise of the millennial and their specific, peer-influenced lifestyle. Otherwise, your business may end up stuck in the past.