Millennials Generation will be biggest costumer very soon. How to market them.
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Habits and expectations of next-generation customers require a rapid change in sales methods and distribution channels. Old methods of competing for customers cause a rapid drop in product margins and a loss of market.
What is your company doing to stay relevant, connect with the next generation?
Don’t be left behind. Your company must understand the dramatic shift taking place in the workplace and the marketplace. Today, there are 2.4 billion Millennials, they represent 36% of the workforce, 75% of your employees and customers by 2025.
Unlike native internet users (Gen Z) or those of the Generation Y generation who grew up with television and print advertising, Millennials have a leg in both worlds. As such, they’re known for being extremely difficult to market to.
Global millennial spending power is expected to grow to $3.3 trillion this year, meaning Generation Y or Millennials is an essential demographic for brands of all types to reach.
What Is A Millennial?
Generational divisions aren’t exact, Millennials — Generation Y — are people between the ages of 21 and 36 and born between 1981-1996. Gen X is the group immediately preceding Generation Y and is generally thought to include those born between 1965-1980. Gen Z follows Generation Y and includes those born in the late 1990s-mid 2000s.
According data Millennials in US are...
Very well educated — 36% of millennial females and 26% of millennial males have a bachelor degree.
Single — 57% have never been married.
Parents — Though many are single, 1-in-4 Millennials are now parents.
City dwellers — 88% of Millennials live in metro areas.
The 4 Core Characteristics Unique To Millennial Consumers
1. Millennials are collaborative and heavily influenced by peers
Compared to previous generations, Millennials are especially collaborative and dependent upon peers, frequently turning to online networks for advice or guidance on purchases/decisions.
2. Millennials love to travel
Millennials are distinguishable from other generations based on their interest in travel. According to Nielsen, Millennials travel more than any other generation. In a survey, 70% of Millennials agreed that “Visiting every continent in my lifetime would be an achievement, and is something I’d like to do.” In comparison, members of Gen X who make up a growing population of retirees with increased free time are traveling less.
3. Millennials are wellness-focused
Millennials are also wellness fanatics. 60% work out on a regular basis and 73% say physical appearance is important to them. Millennials also smoke less, exercise more, and eat healthier than any prior generation.
4. Millennial shoppers prioritize discounts over all else
To put it plainly, Millennials are incredibly savvy shoppers. Though two-thirds prefer to shop digitally rather than in a physical store, many choose to research products online as they browse in-person.
The lack of brand loyalty Millennials exhibit presents businesses with a unique challenge, especially as more Millennials join the workforce and amass disposable incomes.
How Millennials Consume Social Media
Compared to older and younger generations, Millennials are unique in that they grew up during the explosion of the internet. Before the birth of Millennials, Gen X was present for the computer revolution. When Gen Z arrived, the internet had already become a staple of modern life.
As they’ve come of age, Millennials have adapted to mobile devices, WiFi, cellular data, and on-demand media. Millennials are enthusiastic tech adopters and heavy social media users. Millennials also maintain significantly larger online social networks than previous generations. A study found that the majority of Americans between the ages of 35-75 have 51-100 Facebook friends. Millennials have double to 10x more (201-500 Facebook friends).
Millennials use social platforms for more than catching up with loved ones and friends. Overwhelmingly, this group takes to social to learn, create content, and interact with brands. Millennials aren’t merely consumers of social media content. 60% produce and upload online content, whether photos, videos, blog posts, or more. Nearly a third have their own website.
4 Tantamount Tips For Successfully Marketing To Millennials
1. Use commercial omnichannel
Millennials uses many shopping channels and mixing them with each other. Traditional sales channels do not allow a quick comparison of market offers.
2. Ditch traditional advertising for social media
To put it bluntly, Millennials don’t respond to traditional advertising but do spend an enormous amount of time on social media. Brands should, therefore, trade traditional advertising (print, television, etc.) and reach Millennials where they spend time.
3. Employ cause marketing
To win and retain millennial customers, brands should clearly align themselves with a cause, whether social or environmental and employ cause marketing.
4. Implement influencer marketing
Millennials may hate traditional advertising but they’re extremely receptive to social media influencers. Millennials have also demonstrated a preference for social media influencers over celebrities.
5. Showcase customer reviews
Millennials preference for collaboration applies not only to their work but to their shopping habits. Those born between 1981-1996 are more likely to purchase from a brand if they can refer to customer reviews before making a purchase. Compared to baby boomers, Millennials are three times more likely to visit social channels to gather opinions about products they should buy.
The change of the branding model and sales channels allows for rapid sales growth and increased market share. We live in times when the winner all everything. But on the other hand, limited loyalty means that by winning today we do not guarantee our tomorrow’s place.