Millennials – the generation now most widely talked about and marketed to. For a while it was the Boomers whom every marketer wanted to capture, however as the Boomers head into retirement Millennials are now on the radar big time.
Who are the Millennials?
In Australia, millennials account for around 4.2 million of our population. With an impressive, combined disposable income of $530 million per year this generation are the biggest spending ever! No wonder everyone wants a slice of the millennial pie.
But brands have to be smarter than ever to engage with and capture this age group – those aged 18-32 years. They’ve grown up with the internet, they are tech savvy and are voracious users of social media. They share their lives online.
An important point to note though is that millennials are not all the same. Unlike other generations this is a very diverse generation so different thinking is needed when selling products to them.
Reaching Millennials Requires a Different Strategy
Interestingly, and despite what many of us earlier thought, research by Adestra reveals that millennials do in fact want brands to contact them by email.
Instant communication channels such as Snapchat and other instant messaging channels are how this generation communicates with their friends and peers, but when it comes to communication with businesses the need for immediacy is not as strong. Email is a more appropriate channel for interacting with businesses. These young consumers sign up for emails mainly to get product and promotional information. But care is needed, like all consumers; millennials prefer quality rather than quantity when it comes to communication.
Keep It Real
This age group are in demand in terms of being marketed to, however they are big rejecters of being ‘sold to’. To engage them, it’s about being real, or authentic. They want to know the product they are buying is a great product, created by a trustworthy brand or company.
Messages Need to be Inclusive
This generation doesn’t like the hard sell approach; so marketing messages that focus purely on price are unlikely to capture this group. They want to know what your brand or your product can do for them. After all, it is all about them. As an example, clothing or fashion stores are reaching this group using influencers to promote their product. Seeing others wearing the outfit is far more captivating than having price screamed at them as they shop. Because they value authenticity, this group are much more likely to listen to fellow consumers than straight sales messages.
Service is Important
As with all age groups, service is key. However, these guys love personalized service and it needs to be fast. This generation in particular, doesn’t like waiting. So whether instore or online, retailers need a fast, integrated and seamless experience.
Why Consumer Research Continues to be Important
Understanding this large segment of the market is vital. Developing the right products and the right messages are key. Being a brand accepted by the millennial segment requires tapping into their mindset, getting their feedback at concept stage. This is why researching your market is so important to reaching them.
For more information about how we help our clients reach their markets, please give us a call at Truth-Serum.
Marketing – Five Quick Hints for Marketing to Millennials
ClickZ Study: 73% of ‘Millennials’ Pefer to Contact Brands via Email
Forbes – 6 Things to Know About Marketing to Millennials