Millennials: From Ramen to Revenue
What comes to mind when you think of Millennials? Most would answer the ramen noodle-eating generation. Assumptions are they have low paying jobs and still live at home with mom and dad — a perception that has led businesses to underestimate what will become the most important consumers group they have ever seen.
By 2020, Millennials will make up a projected 46% of the workforce and control more than $1.4 trillion in spending power! Stats big enough to turn any marketer’s head! However, targeting this diverse and technology-adept group will require a new approach. Here are some factors to incorporate into your strategy when marketing to Millennials.
They stay mobile with mobile.
Millennials are connected day and night. Literally! Approximately 80% of Millennials sleep with or next to their cell phones. Smartphones are the device of choice for this generation when browsing the Web for reviews, coupons, social posts and brand information.
They are value-driven.
According to recent studies, more than 50% of Millennials purchase from companies that support causes dear to them. This generation witnessed firsthand their families suffer from the financial recession led by corporate greed. Therefore, Millennials share a sense of strong civic responsibility and appreciate brands that believe in giving back to their communities.
Less is more.
Over 41% of Millennials abandon content when they consider it too long. The accessibility of technology has transformed the way this generation thinks resulting in shorter attention spans. Content that is concise and thought-provoking garners the highest response.
If you aren’t interacting, they aren’t listening.
Millennials are the most social generation in history thanks to platforms such as Facebook and Twitter to name a few. They do not want to be spoken to; they want to be spoken with. Having a social media presence is not enough to attract this generation. Millennials want their voice to be heard and expect brands to engage with them.
Pull on their heart strings.
Despite being technologically engrossed, this generation is an exceedingly warm generation from being raised by helicopter parents. Millennials connect the most to brands that evoke an emotional connection from them and respond greater to personal stories than statistics. They are most likely to remain loyal to these brands into adulthood.
Do not try to sell them.
Millennials by and large do not trust advertisements. Growing up in an era of scandals, this generation will read a blog for information about a brand before purchasing to avoid falling victim to company spin.
Comprised of 80 million in the United States alone today, Millennials know the power they have as consumers and aren’t afraid to use it to their advantage. Achieving success with this group will require marketers to step away from all stereotypes and traditional marketing tools. Consider these tips as you develop your strategy to tap into the wallet power of this generation.