Millennials are projected to spend a whopping $1.4 trillion annually. And they form a significant demographic in almost every industry today. Businesses need to recognize that millennials are a unique group with values that set them apart from other generations. For instance, they have greater access to technology and are more connected online, and they face challenges that have never existed before, such as global warming.
Businesses today need to create a marketing strategy that speaks to what millennials value. You can win them over simply by understanding what matters to them. So, let's explore the values of this demographic so you can reach out to them successfully:
They want to save money
Millennials, especially in the U.S., tend to have a lower income and higher debt than their parents did when they were at the same point in their lives. Higher living expenses along with disproportionate wages mean that millennials are likely focused on saving money.
They also care about product price points and will do research to find the best value for their money. In short, millennials put thought and care into what they buy and aim to spend wisely.
You can create communication that highlights how your business provides value at an affordable rate. By focusing on reasonable prices and product quality, you can provide millennials with an offering that appeals to them.
They listen to their peers
The majority (88 percent) of millennials trust recommendations from people they know over a business's own claims. They also rely on online reviews and social media to get information about a product or brand. It's possible to leverage this through user-generated content. Content that's created by peers is often seen as more authentic and doesn't have an agenda to promote a brand.
Online reviews, ratings and blog posts are all forms of user-generated content. You can feature such content on your website and in ads. Reach out to your audience and encourage them to create content by running hashtag campaigns and giveaway contests. If you want to gain millennials' trust, let your customers speak for you.
They care about the environment
Millennials are conscious of environmental issues, such as global warming. They're aware of how such problems affect their future and that they need to advocate for change. This means that millennials are holding businesses accountable for their practices.
As a business, it's important to incorporate sustainability and ethical practices into your operations. Highlighting these values and practices can help win the approval and support of the millennial market.
They value experiences over material objects
Millennials tend to prefer user experience over owning a product. One explanation for this preference is that sharing experiences on social media garners more positive engagement.
You can take advantage of this by communicating how your products impact customers' quality of life. Focus on the experience of using your service or product and the positive feelings it can generate.
You can also strategize and build a brand community to create the feeling of being part of a group. Another great idea is to hold contests and other experiential events to create meaningful experiences. Your audience will recall your brand more easily after having real interactions with you.
Win millennials over by understanding their values
The millennial market likely forms a significant portion of your audience. They're connected via social media. They’re research-oriented and vocal about what matters.
It's vital to listen and engage with them on social media and other platforms. Show millennial consumers that you're in touch with their needs by reflecting their values in your content, product and pricing. An authentic attempt to build quality products and provide meaningful interactions can help you win them over.