Millennials are not the next generation. They are the NOW generation. Not only are they the largest generation since the Baby Boom, but they’re also about to enter their prime purchasing years. They have now surpassed Baby Boomers as the nation’s largest living generation. Millennials, (18-34) are numbered at 75.4 million, now surpassing the 74.9 million Baby Boomers. (ages 51-69). This means that entrepreneurs need to do their homework, because by the year 2020, millennials will spend a whopping $1.4 trillion annually – or account for 30% of all retail sales in the United States alone.
Here are some things you should consider about millennials when developing a a marketing strategy for this generation:
1) Millennials get bored easily and are accustomed to multi-tasking. It’s important to keep your messaging short and concise.
2) Meetings are out and technology is in. A millennial would much rather connect over technology than go to a boring meeting.
3) They are driven by social causes. 85% say they link their buyers decision to social causes. Think Tom’s shoes. Millennials want to be part of a movement, and something much bigger than themselves.
4) One way marketing no longer applies. The days of shouting your message from the top of a mountain, and hoping someone happened to stumble across your pitch, at the exact time they are looking to buy, are long gone! Millennials have grown up with sales pitches and advertisements. They have become experts at tuning this kind of advertising out, and avoiding it all together. They want interaction, engagement and they want to be part of the conversation.
5) Content is King. Leverage social media channels such as, “Instagram, Snapchat, Facebook, YouTube, this is where millennials are spending their time. Millennials value education and spend a great deal online before making a purchase, or choose to get involved with a business opportunity. Producing consistent, high valued content (both written and video) establishes trust, puts you in the middle of the conversation and will help establish you as an authority in your niche market.
6) Recruit millennial ambassadors to your cause. Young influencers can lead to attracting an army of brand partners. Fortunately, with the internet there is no shortage of talent that you can approach about representing your band. Find someone who aligns with your personal, and organizational values. Find creative ways to entice them to be a spokesman, or woman, Leverage their network to increase your overall visibility in this demographic.
7) LIVE and in the moment. From Twitch to Periscope, live video is exploding for Millennials. Even Facebook has jumped into the ring with a live streaming feature that was first rolled out to celebrities, but is now being made available to everyone else. It’s really no surprise that live streaming is taking off. When Millennials consume news, 43% of them value authenticity over the content itself and there are few things more authentic than live, anything-can-happen social media streams. Streaming events like product launches and parties – or even just giving your viewers a behind-the-scenes look at your day-to-day are all examples of great content for live channels. Businesses now have the opportunity to give their customers a legitimately unfiltered and intimate look inside their company and build stronger relationships with customers that are genuinely engaged. Although Snapchat doesn’t offer live streaming, the fact that its photos and videos disappear after 24 hours does inspire the same Fear Of Missing Out, or FOMO, that keeps users watching on live streaming platforms like Instagram, Periscope, and Facebook. Millennials account for 7 out of every 10 Snapchat users, making it another very important platform for your business, if you’re hoping to reach younger audiences with real time content.
8) Marketing to millennials doesn’t have to be hard. By being authentic, and by being relevant and engaging, you’ll definitely make a splash with this demographic. Beyond these seven tips, you’ll want to segment the millennial population and drill down to the exact ideal buyer you’re targeting. Millennials are incredibly diverse, so the more segmentation you can achieve, the more return you’ll see for your marketing dollar.
I’ve expanded on these thoughts in greater detail, on film, inside our Entrepreneur Life digital coaching library. Be sure to click on the links at the top of this page to gain FREE access to our comprehensive coaching library.
Ps. Did I say it was free?
In the spirit of success,
Travis A. Flaherty