By definition, millennials are the generation born between 1980-2000, who grew up in an electronic and social-network crazed world, are tolerant of change, and tend to be confident and positive, which is often mistaken as entitlement and narcissism. As of last year, the millennial generation overtook the Baby Boomers as the largest generation and have created quite the buzz within the world of marketing due to the future power they’ll hold within our economy.
Analysts predict that the millennial generation will carry a majority of the spending power by 2017, however, marketers are still struggling to find the best ways to reach the generation that fast-forwards through commercials and avoids ads, showrooms and price checks before making a purchase, and expects to always have a personalized experience. So what can marketers do to get their marketing campaigns millennial ready?
Here are a few key ways to do so:
Know their persona
As a diverse generation, millennials are made up of 14 persona categories, according to Exponential and Curalate. These include The Boss Babe, The Brogrammer, The Nostalgic, The Underemployed, The Shut Out, The Travel Enthusiast, The Culinary Explorer, The Exuberant, The Collector, The Millennial Martha, The Millennial Mom, The Quarter-Life Crisis, The Activist, and The High-End Minimalist. For example, “The Underemployed” is described as celebrating the struggle of trying to get their feet off the ground, are not ashamed to coupon, and love scoring a good deal. Know the market you’re trying to reach and your program will be much better positioned for success.
Create personalized campaigns
Millennials expect a lot from their shopping experiences, especially when it comes to personalization. They love the idea of a “shopping journey” that is easy to navigate (both online and in-stores) and full of relevant recommendations. One of the best ways to create relevant, personalized omnichannel experiences is by offering exclusive discounts to specific target markets. This will not only make millennials more loyal, but it will also give retailers the data needed to know more about customer affiliations, ultimately helping to personalize all future marketing campaigns.
Sell the experience
According to a recent Eventbrite survey, 78% of millennials would choose to spend money on a desirable experience over buying something that is just desirable. They are all about creating, sharing, and capturing memories. In order for marketers to make their products relatable to millennials, they need to sell the experience customers will have with the product. Retailers can’t just market a backpack; rather, they need to show off how their backpack will carry the customer through these amazing, “limitless” adventures.
Offer authenticity and value
Millennials are all about authenticity and value. They don’t just want to hear how a product is great on your website, they want to see real-life people using the product and read about how much they love it. Now more than ever, influencer marketing is one of the keys to reaching millennials and getting your products into their hands. Offering Pro deals is a great solution to getting your products into the hands of the influencers in your industry who have relationships with the millennial generation.
Knowing how to market to millennials is crucial for retailers and brands to stay in the game as they become the biggest generation with the most spending power. Knowing the millennial personas, creating personalized campaigns, selling the experience, and offering authenticity and value are four key ways to get started marketing to millennials today.
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