Do you want access to $600 billion in consumer spending? Then look no further than the millennial generation. By 2020, this growing demographic will spend $1.4 trillion per year! No wonder businesses are eager to attract, engage and appeal to this population. Unfortunately, most businesses are still unsure how to market to millennials and are missing out on a big opportunity to capture this demographic’s attention and spending dollars.
So how can marketers target millennials in today’s fast-paced culture? First, it starts with understanding how millennials approach purchases, what influences them most and what makes them tick. Marketers can leverage this information to create a winning strategy that will captivate millennials.
Who is the Millennial?
The millennial generation was raised in a time of astonishing technology and advancement. His world revolves around technology and social networks, and he’s accustomed to personalized, real-time results and solutions. In addition, the millennial grew up in a volatile economic climate where rising student debt, high unemployment rates and lower salaries are the norm. As a result, the millennial consumer is cost-conscious and places a premium on value, be it on cost, convenience, quality of experience or better services. With this background in mind, marketers can put together a strong marketing strategy that will attract millennials.
Putting it All Together
Here are four questions to ask to create a marketing strategy that will appeal to the millennial population:
- What Do You Want to Achieve? Businesses must get clear about why they wish to target millennials. Do you want to attract more shoppers to your digital or brick-and-mortar store? Do you want to convert them for a specific product line or just engage them on mobile to drive traffic to your online store? Knowing why you wish to reach this population will ensure your marketing strategy, messaging and investments align with your business goals.
- Are You Capturing the Right Data? Big data offers brands and marketers an intelligent way to glean insights on the millennial consumer across any platform. Marketers should aim to capture the right data about each customer and then create relevant content based on these insights. Focus on gathering the most relevant data points (e.g., contextual, behavioral and historical data) across various touchpoints. For example, brands can collect relevant information about a customer’s location by requesting a ZIP code rather than a home address while millennials shop online. Marketers can also choose to collect data about what millennial shoppers browsed for online and purchased in a physical store to get a better understanding of what they like or dislike.
- Are You Mobile? Millennials are the heaviest mobile users of any generation. Given this, marketers must have a mobile-first mentality when it comes to content. Prioritize and optimize your mobile environment so it’s easy to use. Then emphasize personalized content and offerings that are mobile friendly and relevant to each individual. If a customer prefers to use his mobile device to conduct research and compare prices while in-store, then marketers can tailor content or promotions that can be used in-store or show detailed product information that will assist in conversion.
- Are You Personalizing Content? Personalized marketing content is essential in attracting, converting and retaining millennials. To do this right, consider tapping into personalization technology that leverages data insights and predictive modeling in real time. Millennials are more likely to engage with a brand when marketing content is relevant to his or her specific tastes and preferences. Knowing what to say and how to say it in a meaningful, personalized way will make a stronger impression on this consumer and create a more powerful connection between the customer and brand.
Millennials have hundreds of brands to choose from. Knowing what they enjoy and what makes them tick is easier said than done, but there are plenty of tools and technologies available to make understanding and targeting this population an easy one. By answering these four critical questions from the onset, marketers can narrow down where to invest their time and marketing dollars, and ultimately tap into this population’s spending potential.