Figuring Out Millennials – Discovering Why Millennials Matter
Familiarizing oneself with the intricacies of Millennials is one of the most crucial steps a marketer can take. Today, personalization is the name of the game. The tailored experience that you want to create starts with getting to know the Millennial mind: how they operate and why they matter so much to your business.
Millennials are consumers, just like the generations that have come before them. However, circumstances, technology, and a changing global landscape have created a unique Millennial mindset.
Millennials are valuable because they now make up a major part of the global economy. Therefore, marketers need to focus on this group to develop effective, successful strategies that reach, engage, and convert Millennial consumers.
There is power in numbers
In 2015, Millennials edged out Baby Boomers as the largest demographic in the United States. Immediately, without any additional information about the demographic, they become important to your business. Volume alone makes them a highly coveted group. They’re all independent consumers, and the vast majority have a steady income. Very few brands wouldn’t be interested in marketing to the largest group of consumers in the country.
They’re a connected generation
Millennials are the most connected generation ever, and they use that connectedness as a tool in the buying process. If you don’t find a way to leverage that characteristic in your communications, your chances of long-run survival are slim.
Leveraging Millennial Influence
Influencers play an important role in every demographic. The connectedness of the Millennial market may require you to create more complex, interwoven communications strategies than you’re used to. It also means that you have a new marketing tool at your disposal — the consumers themselves. Taking advantage of influencers and using your brand advocates is a powerful strategy.
Influencers are consumers who have amassed large, loyal followings on various social platforms. High star power actors are one form of influencer, but for Millennials, those that hold the most power are consumers who have built organic followings by sharing great content. An example of a modern Millennial influencer would be a consumer who has built a YouTube following by sharing reviews of a particular line of products. The influencer gains trust above the brand because of the implicit honesty and integrity of these reviews.
Identifying key influencers
Consumers aren’t as interested in traditional advertising messages as they once were. Of course, paid campaigns still serve a major role in the consumer buying cycle, but identifying influencers within your existing audience is more important. The following sections offer a few helpful tactics for finding influencers for your Millennial audience.
Implementing an employee advocacy program
Employees are consumers, too, and marketers often forget about the power of activating their millennial employees. They relay positive experiences with your products and share them with their social circles. This word-of-mouth marketing helps you take advantage of the massive social reach existing right within your organization.
Communicating with your detractors
It’s all too easy to brush off criticism and focus on new customer acquisition. But communicating with detractors shows that you care. Often, when customers complain, their goal is to be heard rather than to remedy a bad situation. Attempting to improve these transactions goes a long way toward creating new brand advocates and defenders. In addition, addressing an issue quickly and effectively can prevent it from spiraling out of control and becoming a costly mistake. It also gives you the opportunity to develop a better relationship with that customer.
Brand familiarity isn’t the driving force behind a Millennial consumer’s decision to purchase; quality matters considerably more than the brand name or logo. Reaching Millennials requires careful planning.