May 22, 2019
Marketing and Millennials
Love them or hate them, Millennials are major news in marketing. Not only are they the largest generation since the Baby Boom, but they are also about to launch into their prime purchasing years. By next year, Millennials are expected to spend a jaw-dropping $1.4 trillion annually- that’s one-third of all retail sales in the US alone. Savvy business owners better start thinking like Millennials – or hire marketing teams who can. In this article, we’ll be looking at the most significant trends shaping Millennial spending behavior, and some effective strategies you can use to build smarter and faster marketing campaigns.
When it comes to reaching Millennials online, your customers also happen to be one of your most valuable resources. User-generated content (UGC) is a great way to hold Millennials along the conversion funnel, given they trust this form of media more than any other type available. This might be bad news for businesses still committed to traditional advertising, but great news for brands that have engaged online communities – or are aiming to build one.
Millennials place more and more of their trust in social media influencers. As many as 60% of Millennials have said they would try a product suggested by a YouTuber, while another 30% say blogs are a top source of information when researching a planned purchase. As such, marketers are recommending more and more that brands collaborate with bloggers and social media influencers to most effectively target Millennials, especially in the fashion and beauty industries. Referrals are perhaps the most formidable weapon in any marketers toolbox: some 92% of consumers rely on referrals from people they know over any other factor when making a purchase.
From Twitch to Periscope, live video is skyrocketing in popularity with Millennials. Even Facebook is getting a piece of the action, with a live streaming feature first made available to celebrities but now available to all users. That live streaming is taking off should come as no surprise: when Millennials consume news, 43% of them are looking for authenticity, and are less concerned with the content itself. There are few things more authentic than live streaming.
Millennials are a socially conscious generation, with a desire to have an impact on the world. Almost 70% of Millennials want brands to better help customers get involved in social issues; listening to this demand presents a major opportunity for savvy businesses. Whether it’s partnering with a relevant cause, or donating a percentage of your profits to charity, there are a host of ways to get involved.
Mobile, Mobile, Mobile
Millennials are truly the mobile generation: some 87% have their phones by their side every second of the day. For businesses, this means mobile-optimized marketing is no longer a sideshow. It’s the main event.
From email campaigns to your website, every aspect of your business needs to be mobile-friendly. If your customers can’t shop for your product easily from their mobile phones, they probably won’t be shopping at all.