Did you know there are more than 83 million millennials in the United States alone? How about the fact that this group of people has an annual buying power in the $200 billion range?
With numbers like these in mind, it’s easy to see why a growing number of companies are putting more time, money, and resources into marketing to millennials.
If you find yourself in this position, here are five tips for success:
1. Use Reviews to Your Advantage
Get this: 73 percent of millennials say that it’s important to read what others have to say about a product or service before purchasing.
This statistic proves just how important it is to generate as many positive online reviews as possible. Millennials are looking to these reviews for guidance, so you don’t want to put this strategy on the backburner.
2. Don’t Focus Solely on Outbound Marketing
There used to be a time when outbound marketing was the best way to connect with your target market.
While this remains a strategy to consider, you shouldn’t throw all your efforts into this approach. It may be time to scale back on direct mail, newspaper ads, and radio spots. Simply put, this isn’t where millennials turn for information.
3. Use Social Media to Your Advantage
On average, millennials spend six to seven hours per week on social media sites, such as Twitter, Facebook, and Instagram.
Since millennials are spending a lot of time on social media, it’s a good idea to focus your marketing efforts accordingly.
From a regular posting schedule to running ads, there are many options to consider. Your brand should always be visible where your target market is hanging out. For millennials, this means social media.
4. Take a Mobile Approach
Do you remember when mobile devices were the “new kid on the block?” Well, those days have come and gone. Now, more people than ever own a smartphone and/or tablet.
If you want to connect with millennials, you need to take a mobile approach to marketing. For example, your website should be mobile friendly. Also, you may want to consider if text message marketing could benefit your company.
Here’s something to think about: Google notes that “64% of millennial travelers say they typically book a hotel room on a smartphone after shopping on one, while 42% of those who are 35+ say the same.”
Now do you see why it’s so important to take a mobile approach to your marketing efforts?
5. Provide a Discount
Are you looking for a way to get your foot in the door with the millennial market? If so, a coupon or discount may be the right approach.
With 64 percent of millennials liking a company on Facebook with the idea of obtaining a discount or coupon, you need to consider how this fits into your business plan. This may be the best way to start a relationship with a person who could be a loyal client for many years to come.
Conclusion
Due to the unique nature of millennials, the way you market to this group of consumers will not be the same as those before them.
By following the five tips above, you’ll have a better chance of achieving great success with your millennial marketing plan.
A few weeks ago I interviewed a panel of millennials live for our Facebook live sessions every Wednesday so I could find out firsthand how they prefer to receive marketing and found out some interesting facts:
- Millennials don’t use phone books/never opened them
- They don’t know what a rolodex is
- They carry their phone on them/near them 24/7
- Millennials are bombarded by phone through email, texts, notifications, and social media posts.
- 80% of the marketing notifications millennials received resulted in a purchase. Especially if it is a coupon or offer.
- Millennials are most likely to respond to an offer via Text message or an “Urgency notification” (limited time offer)
- If a millennial needs a service, they google it.
- A business’ credibility is based on reviews, star rating, and proximity.
- They search for businesses with the highest star rating and the most reviews.
- No one remembers names, that is why we have Google.
- They love booking appointments and pay via Text.
- Millennials don’t go to websites. Google brings us to websites. Or, Facebook.
- They spend 8-10 hours a day on social media. They love and expect to get notifications, and always want to feel connected.
- Millennials hate email/text blasts. Once a week sometimes once a month is too much, depending on the service/product.
- Millennials only check emails for bills or tracking past purchases.
- Life is so busy for Millennials and they have so much going on that reminding them via text is the best way to reach out to them. Make sure you maintain contact.