The Millennial Impact
It’s virtually impossible to go a day and not hear the term “Millennial”. You log onto Facebook and see an op-ed about this generation’s role in society. Later you check Twitter and see a statement about Millennials carefully drafted in 280 characters or less. Millennials are one of the most discussed generations in present day. And why shouldn’t they be? According to a Nielsen study, Millennials make up ¼ of our population, making them 3x larger than the generation before them.
Now, I know what you’re thinking. What do these random statistics about Millennials have to do with my marketing plan. Well, the answer is everything. Millennials are quickly on the rise to be the most powerful generation in the world. Statistics show that, in the US, Millennials have about $1.3 trillion in annual buying power, 15% of millennial smartphone owners purchases directly through their smartphones daily, and 5 out of 6 Millennials openly connect with companies on all of the various social media network. All of these statistics plus more lead to the fact that there is a very large reach among Millennials, making them a very effective target market.
Millennials want to be seen as individuals
When it comes to Millennials, we’re familiar with the numbers but one thing that seems to be skimmed over is how Millennials actually want to be reached. See, Millennials want to be seen as individuals. They don’t typically like to be lumped in with everyone else, making it seem like they’re hard to reach but in all reality, is isn’t. Allowing them to see themselves as an individual participating in what your brand has to offer goes a long way.
Don’t be fooled though, Millennials have also been reported to be the first to see through shady advertising deals and will point out ads they don’t feel are genuine. According to a Forbes study, companies who look beyond their typical corporate structure and go in with the understanding that their CSR initiatives play a part in their overall success, tend to be more successful overall.
Marketing to Millennials
According to that same Forbes article, the average Millennial will donate an average of $600 this year alone to various charitable causes. Millennials are known to be the most generous with their time, money, and influence. They respond well to CSR driven campaigns and they have no problem using social media in order to make that change. Philanthropic initiatives are what inspire Millennials to give back and invest. They follow the brands that they believe in.
Knowing how to relate to Millenials will take you farther in any business endeavor you venture in on. For the small steps it takes, you are almost guaranteed to bring in amazing results. Need help getting started? Let us know and we’ll lead you in the right direction.