Today’s consumer base is dominated by a unique market – the Millennials, or Generation Y. Born between 1980 and 2000, Millennials are lavished with modern conveniences and thrive on the perks of the digital world.
Businesses see the Millennial generation in two ways: an easy target for marketing and an unstable consumer base easily influenced by what their smartphones can provide them. What they fail to realize is that Millennials are not a uniform group. They bridge the gap between old technology and the digital world. And that’s what makes them a tricky market.
How Do You Tap into the Millennial Mindset?
While they form segmented groups based on age, Millennials have two common behaviors: urgency and sociability. Millennials are easily distracted with new information. They make quick decisions, and they usually do so through social channels.
The best way to position your business and make sure you fit into the Millennial mindset is to work around their traits. A young professional’s preferences are different from that of a college student’s, but they both fall in this generation. This means you have to develop a marketing strategy that corresponds to a specific age group of Millennials.
Who Wins at Marketing Millennials?
Marketing to Millennials is not a hard feat, as long as you know how to get through their barrier of quick decision makings and social preferences. Let’s look at some of the brands that win targeting the Millennial market:
Apple ranks 1st in the chosen brands that have a huge following of Millennials in today’s world dominated by mobile. Apple’s core message is simplicity, and this syncs perfectly with the Millennials’ dislike for all things complicated.
Creativity is the core of Coca-Cola’s Millennial marketing strategy. Recently, the famous beverage brand teamed up with McDonald’s for a music-driven summer sweepstakes. By using the Shazam app, customers can record themselves singing karaoke videos with their specially marked Coke cups from McDonald’s restaurants. What better way to engage Generation Y than through their love of selfies and the new carpool karaoke fad?
If there’s one thing that Millennials value, efficiency in every aspect of their lives goes at the top of the list—and this is where Uber wins. The ride sharing company reinforces their brand through experiential marketing, resonating the Millennial lifestyle and interests with their value propositions.
What Drives Millennials to Stick to a Brand?
Businesses that put themselves in the Millennial psyche will fare better than those who make a hit-and-miss marketing plan. So, what makes this generation of consumers loyal to a brand?
A strong social impact
Their exposure to technology and the internet makes Millennials more socially conscious than what Boomers think. They buy products from businesses that know how to give back to the community. Nielsen’s study shows that Millennials are most willing to pay for sustainable offerings.
If you want to target this market, you need to make social causes a priority in your value propositions. Connecting your messaging with causes that your audience finds relevant can influence their spending power.
A multi-channel approach
Millennials don’t stay on one channel. The advent of social apps and digital devices has made them multi-channel powerhouses. They’re savvy when it comes to web research and shopping, thanks to the different social media channels available today.
Taking one channel out of your marketing plan can cost your business potential customers. Identify the best ways to connect with your Millennial audience. What channels are they most likely on? Where do they engage brands the most?
Personalization and authenticity
Today’s generation of consumers want to feel as if your messaging was created specifically for their interest—they want to be different from the usual market. They value personal expressions, and wish to see these reflected on the brands they patronize.
The key here is honest messaging—don’t be too sales-y. Invest in relationships on online communities by being open about the value you are offering. Don’t just make them buy from you; make them live by your brand.
One thing that targeting Millennials taught us is that customer experience matters above all. And it’s not just about any experience; it’s an experience that resonates to who they are and what they want to share. The more you understand them, the higher your chances of success for your marketing strategies.