Who are the Millennials?
They are also known as Generation Y and cover those who were born between the 1980s and the year 2000. Millennials are the generation that ‘live online’ and champion smartphones, not least because these devices enable them to carry out a variety of work and leisure activities from almost anywhere.
The youngest of the Millennials are just entering the working world, and the combination of rising incomes and a willingness of this group to experiment with new products and services is highly attractive to brands. Although due to the fast pace of technology and the digital era in which we now operate Millennial’s expectations are higher than ever.
Half of all spending online has come from purchases made by millennials and they are eager to share their opinion and experiences with other consumers, particularly through social networks.
This is a key reason why brands and companies are eager to appeal to this market but also must ensure it is done right – bad word of mouth can travel faster than good!
Here are 5 key tips for helping to market and work best with Millennials:
1. Create Experiences & Loyalty
How can you create loyalty and experiences within your products & services? Millennials show brand loyalty when they are listened to and can talk about their experiences. Think about the rise of Amazon Prime, Loyalty Cards etc where clients can engage with you and receive additional experiences that have added value.
2. Content, Content, Content
Millennials have grown up in a world where social media is prevalent and represent the largest audience on social media in society. They have grown to mistrust and dislike traditional forms of advertising and prefer to rely on word of mouth and recommendations. They thrive on useful content. Content that they can share among their friends and on different platforms. They are the most mobile generation – relying on mobile devices and having online content on-the-go. They love creating their own content, how could you engage with Millennials to get them to co-create and help promote your brand, services or products?
3. Video works best
You can’t fail to notice the rise of Video in marketing over the past number of years– YouTube is fast becoming one of the biggest search engines behind Google. Millennials spend more time watching online videos than the average internet user. Your content strategy should include video content such as informative videos and tutorials or allow them to create videos to send to you to share!
4. What is your CSR policy?
Millennials are growing up in a world that has seen climate change and environmental issues brought to the forefront of society. Trust is important to Millennials and they prefer organisations that can demonstrate their corporate social responsibility in some way. How do you show that you are actively working to give back to your community?
5. Be personal & human
Millennials take time to complete their purchases and might not make impulse purchases. They demand transparency and value opinions of others. Meaning that brands must ensure their products and services are carefully portrayed and made appealing for the customers. Millennials also expect greater personalisation with their interaction with brands and that products or services can be customised to suit their individual needs. What can you do in your marketing to ensure that there is a voice behind it and that they feel you are speaking to them individually and not as the masses.
Although we are discussing Millennials in this article you can see that many of the features and tips apply across generations and for marketers it means you need to be able to distinguish between features that are only demanded by Millennials or by people in general.
Create a clearly defined target market with the right characteristics for your product and/or service and then create the right message that speaks to that target market.
Contact us if you would like to discuss how to ramp up your marketing for your target market and create the right message.