The millennial generation is the newest target audience for many companies, and one that should not be ignored.
Why? Let’s start with the facts.
Population: Millennials make up the largest population group in the United States with 86 million people between the ages of 18 and 37. That’s 7 percent larger than the baby boomer generation.
Nashville was recently ranked No. 10 in Forbes’ list of popular cities for millennials with a 13.1 percent growth from 2007 to 2012.
Spending: Millennials account for $1.3 trillion of annual consumer spending, or 21 percent of total spending, according to Christine Barton, a partner at Boston Consulting Group. Oracle predicts that by 2018, their annual spend will surpass baby boomers at $3.39 trillion.
Convinced? Read on for three key ways to make sure your marketing tactics are in line with the millennial way of thinking.
1. Create conversations.
Social media has transformed how millennials share their thoughts and spread their influence. This group trusts content that originates from peers and drives conversation. Forty-eight percent said word-of-mouth (or social media) influences their purchases more than TV advertisements (only 17 percent).
Create a conversation around your company, and most importantly, be engaging. Your social media content should give millennials something to talk about and make them want to share it with their friends.
2. Utilize mobile.
Millennials thrive on instant gratification, and they are looking for three things: speed, ease and efficiency. That is why forty-one percent of millennials have made purchases with smartphones.
Offer millennials (and all consumers) quick access to your information with a mobile-friendly website. They will appreciate the immediacy, and also the ease of reading content on a customized mobile site.
3. Focus on quality.
As you can tell by the first two points, technology is the main source of information for millennials. So, it’s no surprise that when in the market to choose a business to partner with on a project or a product to purchase, millennials check online reviews and compare services between competitors before making a decision.
If given bad service, there is no doubt that millennials will share their disappointing experiences on Yelp or the like. But, if they enjoyed their experience with your company, they will reward you by recommending you to their friends.
Will you incorporate these into your future marketing efforts?
photo credit: 401k Calculator