Millennial spending power is set to reach $1 trillion by 2020. Also known as Gen Y, they buy significantly different than any other living generation including their baby boomer parents.
If you want them to consider buying your brand, here are six things you’ll need to pay attention to:
Target Millennials with a multi-platform strategy, they consume content on multiple devices all day long.
Twenty-two year old Mariah Millennial is home catching up on her college studies writing a paper on her PC with Facebook and Gmail open in the background. Additionally, she’s on Snapchat with her smartphone and running a Netflix series on her iPad. This is a typical day for Mariah on multiple devices.
Connecting with Millennials needs to be a conversation whether it be on social media or on their website. Be ready to respond to their interest in you.
In this scenario Mariah is on Zappos making a shoe purchase. Zappos sends periodic texts to Mariah about sales on shoes she’s identified with. Mariah uses the live chat on Zappos to make sure her shoes will arrive before her weekend formal. Zappos offers Mariah a free overnight ship to assure her they will arrive on time and with time to return if they don’t work out. This is the customer service Mariah expects from all businesses. (6)
For bricks and mortar advertisers: Customer facing retail experiences need to be seamless, fast and memorable.
In this example, it’s important for business owners to be knowledgeable about products Millennials consume and like. An electronics salesperson may not sell a Millennial a TV but possibly a mobile device that she can consume TV on. An ad campaign to Millennials could potentially fail if bricks and mortar businesses don’t appeal to Millennial behaviors.
Millennials care about who they do business with. They are seeking companies that are improving society, innovative and generally portray a positive image.
Amazon Prime is a perfect example of a company that is innovative. The ‘Dash Button’ has made it quick and easy for Millennials to order household items. (4)
This tip relates back to #1. Millennials spend approximately 9.5 hours a day using media. They are glued to their TVs, PCs, and phones. (2)
Advertisers need a solid roadmap to reach Millennials. At 9.5 hours a day of media consumption; the opportunities can be overwhelming.
Lastly, Find out who the 50 brands millennials say are their favorites.
Brush up and review the list. What are they doing that you can learn from? (4)
Much like the scenario above, Mariah expects a business like Zappos to only push items her way that interest her and on her terms. Because Zappos has done a great job of studying Mariah’s behaviors; Mariah in turn has become a loyal customer. (6)
Millennials can seem complex and elusive. Next time you plan a campaign targeting Millennials ask yourself if you’ve considered the criteria above.