Millennials. You hear the term everywhere: in politics, in news segments and in business.
Did you know while many people assume millennials are teenagers, in reality most are young professionals in their 20s and 30s and 53% of them already have children?
Millennials are people born between 1977 and 2000 and make up 25% of the United States population. They also have a huge amount of purchasing power. Millennials are 2.5 times more likely to try a new product or service. Plus, they demonstrate greater brand loyalty than previous generations. Today, if you’re not marketing to millennials, you’re missing out on a sizable opportunity.
Here are 4 tips to getting in with the millennial-crowd:
1. Utilize Social Media
Millennials are the first generation to “grow up” with social media. Unlike older generations, they use it to do more than connect with friends and family. Today, over 65% of this generation follows companies or brands on Facebook, allowing these companies to advertise directly to their devoted followers, aiding in sales generation.
Millennials also use social media to review brands and tell their followers exactly what they like (and dislike) about the brand which is crucial for a new company. Millennials trust “real” opinions from each other and have a greater chance at making a purchase when they see consumer opinions.
2. Be Mobile
More than 85% of millennials own a smartphone. They use mobile devices far more often than desktop computers when researching and purchasing products or services. To stay current with this group, websites must be mobile-friendly. If your website is hard to navigate on a mobile device, millennials are likely to move on to your competition.
3. Start a Social Cause
Research finds that millennials are more likely to support and purchase from a company that has a social cause. Why? – Millennials appreciate companies who care about more than their profit. For example, TOMS began as a company that matched every pair of shoes purchased to a child in need. TOMS has had incredible success and has added to its social causes. Millennials feel like they’re doing something good by purchasing a pair of TOMS, which is one of the factors resulting in TOMS annual sales of $500 million. Adding a cause that’s personal (and authentic) to your company will catch millennials’ eyes.
4. Give Incentives
Advertising sales or free shipping through social media channels will encourage millennials to try out your product or service. If they like it, millennials are proven to be loyal customers who will not only continue to purchase from you but as mentioned above, makes millennials likely to post about your company on their social media.
Don’t miss out on the power millennials have in the market today. If you want to market to millennials but just don’t want to do it alone, GRIT can help! Give us a shout and we’ll get started!