18 Jul Don’t Ignore the Power of a Millennial
Don’t Ignore the Power of a Millennial
Author: James Basbas, Account Director
With over 80 million millennials in the United States maintaining $200 billion dollars in buying power, millennials are swiftly becoming the key resource to the consumer industry. In fact, experts expect that over the next 25 years, an unprecedented $30 trillion dollars in wealth will be transferred from baby boomers to millennials, ultimately making them the power players in the US economy. With a substantial amount of buying power, it is critical to understand the buying behaviors of this generation.
Unlike their baby boomer predecessors, millennials place greater importance on where their money is going. Roughly 75% have said it’s either fairly or very important that a company gives back to the community. The reputation of the brand that stands behind the product is as important as the product itself. This makes it even more important for companies to correctly choose how they market to millennials. Is it brand and relationship versus products/services they are marketing or something else?
Millennials want to be the center of attention, with marketing designed for them — personalization. They value authentic conversations with brands, and are influenced greatly by the way in which brands communicate with them. Because of this desire for personalization, it is critical to market to millennials where they are — digital. Millennials spend an average of 25 hours per week online and 62% say if a brand engages with them via those digital networks, they are more likely to become a loyal customer. This makes it ever-important to provide this audience with the personalized digital content that they crave, which ultimately drives brand influence to be 247% more impactful than any other generation of consumers.
Marketing to Millennials is vital to the success of any business looking to maintain market share for the inevitable future. Focusing on the following three things will help to ensure that your business is doing its part to reach this lucrative generation.
1. Content Is King – Millennials crave authentic content driven media that speaks directly to them on a personal level.
2. Don’t Sell Products, Sell Your Brand Purpose – Millennials want the “why” behind your products, not just their features and benefits.
3. Reach Them Where They Are: Digital – 88% of Millennials are on at least one social media site and more than 98% own a smartphone.