Marketing to Millennials, made easy
This post originally appeared on our blog in 2012. We have updated it with some mroe current numbers.
Millennials are the future of your company's bottom line. There are an estimated 79 million millennials in the US, compared to 76 million baby boomers.
Individuals born between 1977 and 2000 represent the largest single group of US consumers, with a total purchasing power of around $1.3 trillion. When it comes to digital savvy and values, millennials are significantly different than any prior generation. Soon, Millennials will surpass Baby Boomers not only in size, but also in buying power.
Here are some tips for targeting your marketing strategy to the connected generation:
1. Be Funny and Likeable
It's a fact that millennials are 30% less likely to choose a product for purely pragmatic reasons than baby boomers. The ability of a retailer to motivate millennials to smile and sensory appeal are important factors that drives purchase decisions among Gen Y. Your attempts to connect with millennials will be more effective if you incorporate humor, eye-candy and charisma in your marketing strategy, rather than just focusing on the nitty-gritty.
2. Millennials Love Video
Generation Y has a significant part in the rising popularity of YouTube as a medium for search and discovery. Over 50% of viewers of the top 5 channels on Youtube are under the age of 35. A cost-effective video strategy may just be the right tool for getting your message in front of a younger audience.
3. Brand Discovery is Social
Most millennials are not actively searching for brand pages on social media; instead, most are discovering new brands from their friends activity in their feeds. In fact, five out of six millennials are connecting with brands through their social platforms.
4. No Social? No Way!
If you're company isn't social, it might as well not exist to a significant portion of millennials. Eight in ten online adults in the US age 18 to 29 use Facebook, with 53 percent on Instagram, 37 percent on Twitter and 34 percent on Pinterest, according to data from Pew Research Center. If you want to motivate millennials to choose your brand, going social isn't an option.
5. Word of Mouth Matters
Personal recommendations can sway a millennials' opinion, but these recommendations don't usually take place in real life. 60% of millennials actively rate products and services online, compared to 46% of non-millennials. Failing to provide your younger customers with a digital space for giving feedback can mean your company is missing out on some real insight.
6. They're Mobile
Nearly 85% of millennials own smartphones, compared to just 66% of baby boomers. Smartphone usage is high among those between the ages of 25-34, with some touching their phones as many as 45 times per day (that's at least twice per hour!). Going mobile may just be what your company needs to motivate millennials.
7. They Want Your Coupons
Millennials don't mind telling you where they are and where they have been. In this age of digital security concerns, more than half of millennials admit to being willing to share their location in exchange for a mobile coupon for a discount on your product or service.
8. They Want to Share
64% of millennials believe companies should offer customers more ways to provide feedback. To motivate millennial contacts to share insight, use social media and blog content to ask questions, design surveys and pools.
9. They're Over Cable
If you needed any more evidence that television advertising was in a downward spiral, millennials agree. 19% of individuals between the ages of 23 and 28 are actively considering cancelling their cable subscription.
10. They're Always Plugged In
To members of Generation Y, the Internet is more than just a tool for research and discovery. It's a way of life: 53% of young adults between the ages of 18-29 go online with no other reason other than to have fun. The Internet is a hub for young people, and bringing your marketing plan into the 21st century may just be the best way to connect.