The Millennial generation is the newest and largest generation in North America, and despite their unique characteristics, they still have a long way to grow. Although this younger group of people has been making headlines for their large purchasing power, they’re also struggling with poor mental health and too many loans to repay.
If you’re looking to tap into this population of potential customers or employees, there are five strategies from https://stylecluse.com/ that can help you do just that: understand how different generations think; use influencer marketing; become a digital native; invest in online advertising; and finally leverage social media.
Understand How Different Generations Think
The Millennial generation is arguably the largest and most talked about generation in North America today. It’s easy to see why: they’re young, tech-savvy, and have a lot of buying power; the amount of money this generation has spent on travel alone is estimated to be $69 billion annually . But despite their unique characteristics, they still have a long way to grow. Their spending habits are already changing as they spend more time with friends than ever before; Nielsen reports that Millennials make more social media connections every year than any other generation . And now they’re starting to spend more money on experiences than material items like cars and houses .
Millennials are a highly connected, global generation:
The older generations grew up post-World War II and grew up under a different set of rules, so they may have a hard time understanding the value of these digital natives. But you can still make sure your business is succeeding by understanding how to reach this generation, says Dan Schawbel , founder of Future Workplace . “They grew up in the digital age, where communication is more immediate than ever before. They’ve grown up in an age where everything they touch has a screen in it, so they want to feel like you care.”
Using Influencers to Reach the Millennial Audience
Millennials are known for being brand loyal , but how can you capitalize on this loyalty? One way is by investing in influencer marketing . The Millennial Generation has definitely made this marketing strategy easier than that of their predecessors, according to Superpages.com . Millennials are more likely than any other generation to trust recommendations friends and celebrities make, which is why they’re so willing to share what influences them online.
Those young people are also quick to change brands when something new is available. Schawbel says that influencer marketing has evolved over the years , but it’s still a great way to reach out and connect with this generation . Influencers are the best way to go in today’s marketing world.”
Be Your Own Brand (or Start One)
As much as Millennials love celebrities, they love their own brand leaders even more. They prefer to shop at brands they can relate to or identify with, according to industry reports . As a business leader, you can build your own brand by blogging about the latest news in your industry, sharing videos on social media, or creating an online community all on your own. You can even start your own business if you see something missing in the marketplace that could appeal to this demographic. “Millennials like companies with a personal touch; they’re looking for businesses to be more open and transparent with them,” Schawbel says.
Use Digital Marketing to Reach the Millennial Audience
According to Nielsen, Millennials are spending more time on digital marketing than any other generation . This market has grown by leaps and bounds over the past few years, and this is just one reason that you should consider looking into online advertising. “The key is to make sure your digital marketing is working for your brand; look at the data to make sure people are seeing your ads,” Schawbel says.
The younger generation can easily adopt technology, especially if you offer them something they want. Although it might seem like their dollars will flow out of your business quicker than you can catch up, Schawbel believes that once Millennials start using technology, they’ll want it again. It only takes a small investment to start a good digital marketing campaign now, Schawbel suggests, and now is the time to make those investments.
Marketing on Social Media
You’ve probably already heard that social media has changed the way everyone chooses what they watch and where they shop, but it’s also an effective marketing tool for any business. “Social media is all about being authentic and human,” Schawbel says.
The Internet has made it easier than ever to reach this generation, but not all businesses are equipped with the know-how to effectively market themselves in this new age. You can use these five strategies to help you communicate with Millennials and other younger generations, and turn them into loyal customers.