In 2017, Facebook reported that 70% of millennials are influenced in their holiday purchases by Facebook and / or Instagram. Is it a good reason to start marketing to millennials?
You will not be alone out there. Many companies want to get a piece of the $ 200 billion that the millennials have at their disposal.
In order for your business to emerge and get a piece of cake, your ads must talk about the specific characteristics and needs of millennials.
Here, we debunk the myths that plague the millennials, observe five central characteristics that define them and highlight the ways to market the millennials.
Known as "my generation", Millennials have been wrongly labeled as lazy, capricious and lacking in loyalty and job satisfaction.
But for all the pain they get, one can not deny the power they exert.
Their number has increased to well over 76 million in the United States alone. They are the biggest and most influential generation to date and have the greatest purchasing power over any other generation.
As a result, millennials are constantly bombarded with advertising and content.
1. Millennials focus on savings
Despite their purchasing power – a mixture of rising income and debt – millennials earn 20% less than their parents at this point in their lives. The average salary of a person aged 25 to 34 is about $ 40,000 compared to what the parents did at the same age.
In addition to making less money, millennials also have fewer properties than their parents. Rental is more common than buying a home and car services are more popular than buying a car.
To combat their lower income, more millennials are focused on building their savings. In fact, "one in six millennials has already saved $ 100,000." Millennials still have some work to do to establish a convenient savings pad, but this indicates that savings and spending are wisely important to them.
As a marketer, you're more likely to find success and convert more leads when your ads speak of the desire to save millennials. The ads that evoke feelings of financial security, responsibility and self-confidence are very likely to do better with millennials because many of them are not so interested in accumulating stuff for the sake of it. They have a long-term goal in mind and spend wisely to make sure they reach that goal.
How to market to millennials
Acorns is an investment app that allows you to round off the reserve change and extra money and automatically invests it for users. Considering that 66% of people aged 18-29 and 65% of people aged 30 to 39 believe that investing is intimidating, an app like Acorn eliminates conjecture from investing and simplifying the process.
This post on Instagram encourages users to stick to their investment efforts. Just like savings, investments require a long-term commitment to seeing long-term gain. This type of message speaks of the needs of millennial customers who are proactive and want to plan properly for the future.
Just like Acorns, talk to the specific weaknesses and frustrations of your customers to get their attention and then show them how to solve the problem better than anyone else.
2. Millennials read blogs before they purchase
With access to the most available information ever, people have more ways to research and educate themselves on the products they are interested in before buying. In fact, 23% of millennia say they appreciate the research before buying something. Part of the reason the millennials spend their time searching is due to the time spent online. Almost 80% of millennials use phones to search for prices, while 68.9% use phones to read reviews.
In addition to this, 33% of millennia prefer to read blog posts before buying compared to less than 3% who prefer traditional forms of advertising, such as TV and magazines.
"Millennials, on the whole, are not impulse buyers, they like research, they like to feel confident that the retailer and the brand align themselves with their values and want to make sure they are getting the best price for an item, so they take advantage many channels to find this information ".
To attract more people to your website so they can learn more about your product and get more in-depth insights, get creative with the landing pages you use to market to millennials. The highest conversion landing pages have many images, are informative and engaging. Blog posts have the potential to act as landing pages as long as the information is relevant and related to the ad content.
How to market to millennials
Sixty-seven percent of millennial employees want to leave their jobs to become self-employed, not because they lack loyalty but because they want to grow their wealth. 17hats is a tool designed to help small businesses manage their operations more efficiently. From lead generation to project management, 17hats has a range of features available to users.
This Facebook post quickly describes some of the features available to users. Interested leads will want to learn more about each feature to determine if the platform will meet their needs. Linking content like this to specific blog content will help Millennium customers to perform extensive research on the platform before registering.
Use a CTA as "More Information" to link to your blog's content. This recognizes that your audience is in the process of considering the client's journey and needs to know more about what you have to offer before buying. It's less stressful than a "Buy Now" CTA because if the leads are not ready for purchase, they can choose not to click the button.
3. Millennials look to their network for recommendations
An incredible purchase of 91% of millennials based on the recommendations of friends. As they stream their Facebook news feed, people are bombarded with advertising and promotional content. Most people scroll right and do not read – let alone click on – the content. What drives millennials to stop flowing is the vision of interesting content from their network of friends and family. For example, if someone sees a friend using a new gadget or tries a new restaurant, it is more likely to stop scrolling to find out more.
Make sure users stop and read your content by embedding reference marketing in your social media content. Millennials are more likely to be receptive to this than standard Facebook ads.
Start by trying to figure out who your customer supporters are. These are customers who have used your product and based on their positive experience they are more likely to target your product to other people. You can even use the reference marketing that is aimed at influencers who are willing to share special offers with their network of friends and family.
How to market to millennials
Life Fitness Gym is a provider of gym equipment for licensed facilities and home gyms. Their goal is to provide innovative and state-of-the-art equipment to help customers lead an active and healthy life.
This advertising on Facebook offers customers the promotion of a $ 50 gift card to Karma Athletics – a fitness activewear company – when referring to a friend. This ad does some good things:
- It offers a reward that customers will find useful. Chances are, if they are working, they need work clothes.
- The Life Fitness Gym works with another fitness company.
- Use the "chance to win" as an incentive to increase customer acquisition. It does not offer a referral incentive for any lawyer, but rather creates a sense of urgency that naturally causes people to refer and new customers to come on board.
Use tactics like this to market your millennial customers. Find out what other brands your audience follows and collaborate with different brands to increase your interest in your offer. Consider the idea of offering a referral that rewards both the lawyer and the named client. In this way, both sides have something to gain by doing business with you.
Research shows that referrals are 4 times more likely to generate sales, so consider carefully what kind of offer is most relevant to your audience. For example, a discount, a points system, a gift card or something else will have more impact and convert more millennial customers?
4. Millennials are concerned about health and environmental problems
Organic food sales are rising with "the health and wellness food market is expected to grow at around $ 1.1 trillion by 2019." With a greater push by consumers to learn more about what is happening in their food, companies are responding by offering healthier solutions.
Remember millennials as they search, then spend more time online looking for the benefits of natural organic foods and the impact of production and delivery to the environment before purchase.
To see your content at the top of search engine results pages, use Google ads that focus on the keywords millennials are looking for.
How to market to millennials
Whole Foods Market is a national chain of supermarkets that offers customers a wide selection of natural and organic products. They use Google ads that meet the most important types of information for health-conscious millennials.
For example, phrases such as "organic foods", "vegan products" and "paleo" are searched thousands of times a month.
To search for your audience and the types of keywords they are looking for, create a Google Ads account. Once in the dashboard, click on "Keyword Planner" in the toolbox at the top of the page:
From here, you have two options. You can find new keywords based on what you think the audience is looking for, or you can compare different keywords and get monthly volumes and forecasts for each one.
If you'd like to search for keywords first, click "Find new keywords" and enter your list to get started:
Use the resulting report to see how the keywords you've chosen – and related ones – perform each month. Consider this data as you think about the copy and the action invitations you will use to target your millennial audience.
5. Experiences of marketing value compared to physical products
Unlike their parents before them, 49% of millennia consider shopping more a social activity than a commission. Millennials that buy online are interested in the user experience rather than buying products, while millennials who shop in stores enjoy browsing the shops, having lunch and spending time with friends.
The social and engaging aspects of shopping mean that "78% of millennials would rather spend their money on experiences than ambitious assets". To meet this preference, you can position your ads and content on social media to focus more on the experience of using your products against the products themselves.
How to market to millennials
Fitbit is a popular brand of wearable technology. With it, users can follow their daily steps, heart rate, weight and even sleep patterns. Their product line has expanded from fitness trackers to include smartwatches, a fitness app and more. Rather than trying to sell new customers on the benefits of using their products, Fitbit runs social media campaigns focused on optimization. You will remember that millennials are health conscious, so this type of content will attract your attention.
Use the Fitbit approach to create campaigns, like the Goal Day campaign, to which customers can participate. The goal here is:
This approach works in two ways:
- Create experiences that are so relevant to your audience that they feel compelled to take part.
- Show that other people in the countryside are experiencing a positive experience.
For this last part, Fitbit includes content generated by users in its experiential campaigns:
Note how the Fitbit brand is clear and consistent during the different campaigns? Do the same thing so that customers become familiar with you and your products. In this way, when they are ready to buy something, they will come to you first because they remember you and the experience they had during your campaigns.
Start marketing Millennials now!
The first step in marketing to millennials is to know your specific target audience.
There are millions of millennials on the market for this choose which segment you want to focus on and know their needs and expectations.
Once you have more information, you can customize your ads and your content.
Choose the the first two or three characteristics of the chosen segment and start creating content quite engaging to convince the millennials that they can trust you.
Create a different ad strategy possibly using more than one platform.
Just like anything else in marketing, experiment until you find the best combination of tactics, campaigns, content and ads to which your millennial customers respond.