These days, everyone wants to know how to make their businesses more appealable to Millennials.
This generation of consumers more than any other in recent history have been notoriously hard to market to. This fact is not lost upon large corporations and brands who have spent millions of dollars trying to figure out this elusive target audience.
It has been no easy task but much research has gone into what this demographic seems to like and not like.
Here is a list of 8 Do’s and Don’ts that should get consumer packaged goods companies well on their way to successfully gaining millennials, consumers.
DON'T Offer overpriced services and products
Millennials are spending less than the previous generations before them.
This demographic has been known to be more risk-averse and are often working with lower incomes than the Baby Boomers. Marketers should consider you can provide for as little as possible.
DON'T Rely on more than one or two communication channels to market
When sharing new promotions, brands need to understand that 35% of Generation Xers prefer social media over traditional TV, magazine, billboard and ad campaigns.
That doesn’t mean that you should ignore those traditional marketing channels, but you should enhance them with social media.
That being said, brands should have at least one consistent social media channel to market their goods and services to this demographic.
Providing appropriate support via phone and email is also still as important to millennials as it has been to previous generations.
DON'T Sell your products, sell your purpose
When we talk about Millennials we need to understand that they are not the sole group that needs to be marketed to.
Since this group starts at the age of 18, many of them are still at living at home often, well into their late 20’s or longer!
That being said, it is important to not only market to millennials but to their parents as well. Like most parents, the parents of Millennials want to know and understand the features and benefits of what they are buying for their child.
DON'T Forget to have fun
Most young consumers crave the experience of browsing and shopping more than the act of shopping itself.
That being said, it is important for the company to use entertaining ways to engage and interact with this group. This is mostly accomplished via social media.
Be a good corporate citizen
While Millennials have been shown to be very frugal and risk-averse, statistics show that they are willing to pay more to a brand that is dedicated to sustainability.
These potential customers expect their favorite brands to publicly demonstrate their corporate citizenship.
In other words, when it comes to brands being environmentally friendly and good corporate citizens, they don’t just want lip service-they to want action.
If you are a brand that markets products, you will probably be more appealing to millennials customers if your product(s) embraces the three common tenants of sustainability which includes:
- Environmental - Use of natural resources, environmental management, pollution prevention.
- Social - Standard of living, education, community, diversity
- Economic – Cost savings, growth, research development and profit.
Provide content-driven media that is authentic in tone.
Millennials have access to tons of online information.
However, this group has a tendency to gravitate toward media that is authentic in tone. Most people in this demographic, spends hours every day, scouring social media, websites and blogs for content.
People in the 18-34 age group values the opinion of their peers as these types of messages fosters comfort and trust.
So, if you are marketing products and services to this demographic, it is important to understand that transparency is very important to them.
Also, this key demographic wants to feel more like product co-creators where they have a say in what products are being marketed to them.
Provide good deals
If you haven’t already figured it out by now, Millennials love a good deal!
Limited offer deals or packaged based discounts can be an easy way to attract this group’s interest and eventually, their loyalty.
For example, offering a discount to customers who opt to have both their automobile and renters insurance covered by the same insurance company or bank at a discounted rate.
Make your marketing campaigns and ads adaptable
These consumers are always on the cutting edge of technology and some social issues.
Brands have to be flexible enough to adapt to these if they want to reach the millennial consumers.
Millennials don’t like to deal with corporations or brands that are tone deaf to the changes in society.
With the 24-hour news cycles and the immediacy of available information, brands have to be able to adapt very quickly to maintain social clout with this group.
Transitioning from marketing to baby boomers to Millennials has proven to be a tricky one!
Millennial consumers are much different than older generations in their buying and spending habits.
You can check out various statistics available to confirm the Gen-Y’s pattern of spending, thinking, business abilities and more.
This has caused much head scratching and frustration on the parts of brands and corporations that try to market to them. This demographic is working with less income than the generation before them, they want the best value for their money.
If you want to be successful in marketing to this group, then there are some things that you must keep in mind: Millennials are very frugal, this means that brands should offer as much as they can for as little cost as possible.
Brands should also supplement their traditional ad campaigns with at least one good social media channel (i.e.; Facebook, Instagram, and Twitter). These ads should be entertaining and informative.
This demographic also prefers transparency and authenticity from the brands that market to them.
Brands and corporations should focus on being good corporate citizens, building social clout, offering good deals and keeping their marketing strategies as flexible as adaptable as possible in order to keep up with the 24-hour news cycle.
How do companies market to millennials?
- Don't offer overpriced services and products
- Don't rely on more than one or two communication channels to market
- Don't sell your products, sell your purpose
- Don't forget to have fun
- Be a good corporate citizen
- Provide content-driven media that is authentic in tone.
- Provide good deals
- Make your marketing campaigns and ads adaptable