The word “Millennial” brings varied reactions. To some, Millennials are the punch line to a joke about avocado toast. Others are quick to defend a generation trying to succeed 10 years after an economic recession. In 2013, Time Magazine dubbed them, “The Me Me Me Generation.” Ouch.
No matter how you feel, Millennials are now the largest living generation in the U.S. labor force and can’t be brushed off. This generation has the numbers and ability to make a large impact on the world as we know it, including how we do business. If you’ve wondered if you should market your business to Millennials, the answer is yes.
Note: at time of publishing, the Pew Research Center defines Millennials as those born between 1981 and 1996, which means they range in age from 22-37.
Millennials do their research.
When comparing Millennials to their grandparents, many of whom are part of the “Silent Generation,” they far surpass their grandparents’ highest level of education at the same age.
According to the Pew Research Center, 29% of millennial men and 36% of women have at least a bachelor’s degree, compared to 15% and 9%, respectively, of men and women of the Silent Generation.
This education goes beyond research for school. Let’s do a little Millennial math.
- 70% of Millennials will spend more on brands supporting causes they care about.
- 84% don’t trust traditional marketing.
- Only 6.5% of millennials in this study identified themselves as brand loyalists
What do all these numbers add up to?
Millennials want authenticity, not traditional hard-sell advertising, and selling to them once doesn’t guarantee they’ll be coming back again. However, if you do it right, they will show their support through brand advocacy and money spent.
Market your business to Millennials by recognizing they’re savvy to the ways of advertising and flashy selling tactics. No matter the size of your business, expressing a genuine passion for your work and community and emphasizing the human side of your business will go a long way. This will set you apart from the companies Millennials see as focusing on making a sale at all costs.
Millennials turn to technology. A lot.
Technology is a part of everyday life for Millennials. They grew up with regular access to the internet and cell phones were mainstream. Check out these stats from B2X:
- In the United States, 27% of Millennials checked their phone 100+ times a day.
- More than 50% of Millennials spend at least 3 hours a day on their smartphone.
- 85% of global consumers keep their smartphone within direct reach all the time.
Suffice it to say, Millennials depend on their phones more and more. Sure, a lot of this time is spent hopping around on social media platforms, but that’s not all. They’re very comfortable conducting business transactions online—a process that can still feel strange for their parents and grandparents. In fact, the more time Millennials spend on social media sites the more they expect to get from products, brands, and services.
In addition to buying online, Millennials are researching and reviewing businesses online as well. Millennials grew up turning to technology for help with school research, how-to’s for fixing or building, finding recipes for a potluck, and everything in between. It’s a natural segue for them to turn to the internet for suggestions and reviews on professional services and products.
If you develop and curate a strong online presence (including reviews on social media and sites like Yelp), it opens your business up to a whole new generation of consumers. Ask for reviews to stay competitive with other brands and businesses that Millennials are researching online.
Millennials have spending power.
How much power are we talking? An estimated $2oo billion. It’s easy to make a joke about $100 billion being spent on avocado toast, but the truth is Millennials have the most spending power of any generation.
This spending power isn’t limited to personal purchases. Remember, Millennials are now the largest generation in the workforce. As a result, they are taking on more leadership roles and becoming key decision makers at their companies. If you regularly pitch to businesses, you may soon be negotiating with a Millennial.
Bottom line: Millennials’ spending power is huge and will continue to grow as their parents and grandparents leave the workforce.
To market your business to Millennials, you need to meet them where they are: online. They aren’t buying the same way as the consumers of the past. As society changes and evolves so will the way we do business. Your entire marketing strategy may not need an overhaul, but it should include elements of the information above.
If your business needs help to better communicate your brand online, OutboundEngine is here. We leverage content marketing to keep you top of mind with your network by sharing industry adjacent materials, not a never-ending sales pitch. We also know how to help you build your review and referral business by identifying advocates in your network and making the ask for reviews easier.
To learn more about how OutboundEngine can help you take your business to the next level schedule your free demo today.