6 Keys to Marketing to Millennials
Move aside Baby Boomers: Millennials (people born between the early 1980s and the early 2000s) now make up 27 percent of the population, and they have a whopping $1.3 trillion in consuming spending power, according to the Hartman Group.
Tapping into this desirable but challenging market segment requires an astute grasp of the different way in which Millennials approach brands.
Here are six keys to marketing to Millennials:
1. Aspire to inspire
“Millennials want content that engages, informs, and inspires them,” says Jeff Fromm, president of FutureCast and co-author of Marketing to Millennials. If you inspire Millennials, they are more likely to become brand advocates.
“Advocates are more profitable and they tend to consume a lot of content, but small businesses don’t think enough about brand advocacy,” he says.
Even few large brands are taking the right steps to develop strong relationships with Millennials: 40 percent of people ages 16 to 24 complain that brands don’t take them seriously enough, according to a recent study from Havas, an advertising firm.
2. Focus on “freedom”
A 2014 study conducted by the Interpublic Group Agency (IPG) Initiative (Debunking the Millennial Myth) found three things that particularly inspire Millennials: Their freedom, their passion, and their obsession with social media.
Some 69 percent of Millennials strongly or slightly agree with the statement: “I have more choice about how I live my life,” which is much higher than previous generations.
In your small business marketing, keep in mind that nearly one in five Millennials said they were likely to start a business in the future, and they want brands that focus on creating new ideas.
“Millennials recognize the power of innovation and creativity in their own lives, but also in the lives of brands,” the report reads.
3. Become a partner
“Historically, consumers have been treated as a target or audience,” Fromm says.“Millennials want to be treated as a partner and help co-create marketing and co-create products and services.”
For example, a hardware store might enter into a “partnership” by understanding what specific project a customer was working on—and then offer knowledge to help the customer complete the project. The Havas study found the top Millennial brands are using predictive analytics to make their marketing highly personalized in order to attract customers.
4. Revamp your video
According to Nielsen, among the 18-to-34 demographic, daily online video consumption has spiked by 53 percent from 2013. The average Millennial currently consumes about 35 minutes of online video every day. So if you’ve been slow to include video in your marketing, here’s another good reason to make it a priority in your SMB marketing.
5. Offer real value
Millennials care a lot about brands, but not in the same way as their parents did. They are quick to trade up to a brand that offers value and quick to trade down if a brand is weak. To a greater degree than any other generation, Millennials are willing to give up personal information to retailers if they get something in return—like more personalized offers.
“It’s crucial that you rethink the language you’re using to reach this generation when you ask them to trade privacy for perks,” Fromm says.
For example, the Havas study found that Millennials care more about “problem solving” than rebellion. Knowing those emotional touchpoints help make a strong connection.
6. Throw out stereotypes
Many people have a stereotypical view of Millennials as broke and living at home. In fact, this is a diverse demographic.
A study by Exponential Interactive, global provider of advertising intelligence and digital media solutions, found that Millennials attitudes’ change as they have children. They are more interested in investing in lifestyles, and therefore products, that promote socially-conscious living, convenience, and overall health.
Because content marketing is so important to Millennials, Fromm says it’s important to build out content stores now to appear to Millennials as they enter new life stages. If you wait until Millennials are already spending in new categories, you’ll be way behind the competition.
Keep your business top-of-mind with millennials
Millennials view conversations with friends and family as the most trusted form of media, according to this research paper by Ipsos MediaCT. The sharing functions on YP.com and the YP℠ app make it a snap for your customers to share detailed about your business via text, e-mail, or social media. This one-on-one sharing, often called word-of-marketing, can provide great introductions for your business.
Our free mybook℠ platform takes word-of-mouth to the next level! Customers can save your YP profile to a custom list of their favorite neighborhood business that can also be instantly shared with friends and family.
By simply adding the mybook us button to your website, you’ll make it effortless for your Millinnenial customer—and all your customers—to save details about your business and share your YP℠ listing with friends and family via text, e-mail, or social media, helping you get the referrals you need and grow your business. It’s completely free and super easy to integrate.
Learn more about the mybook℠ feature.