- Posted by Dave Chartock
- On May 31, 2016
- 0 Comments
- marketing strategy, marketing to millennials, millennial purchasing habits, target audience, targeting millennials
Millennials, those currently in the 18-34-year-old age group, are certainly not going to be the last generation, but as of the end of 2015, they are the largest in our nation’s workforce, according to “The 2015 Millennial Majority Workforce” study from Mountain View, Calif.-based Elance-oDesk, online workplace, and Gen Y, a consulting firm.
There are approximately 80 million millennials in the U.S., making up about 25 percent of our nation’s population. As a result, they are “poised to drive the future of business,” the study notes.
The buying power of millennials is estimated at $1.3 trillion. Matt Walker, chief executive officer and founder of Main Path, Inc., said in an article on Entrepreuner.com, that by 2017, their buying power will start to grow at the rate of about $200 billion annually.
With this kind of buying power, marketers definitely want millennials to find their business. But they need your help.
Walker points out that simply advertising your product, service or brand using the same methods that worked on baby boomers and other consumers, won’t be enough because the habits of millennial shoppers are different, and those customers come with a whole new set of requirements when it comes to evaluating potential purchases and buying decisions.
Walker explains that millennials search for “authentic, local experiences with brands that share their values, encouraging social sharing and listen to their customers.”
Millennials are non-traditional. Therefore, you need to target them by life stages because they attach themselves to social identities. Millennials also have a tendency to focus on real-life challenges, but they rely on the Internet for their research. In addition, 95 percent of all millennials say their friends are their most reliable source for product information and recommendations. In addition, 84 percent say user-generated content has some influence on what they buy, while 73 percent feel it is important to read other people’s opinions before they buy. Millennials also want to interact with their brands. They want to provide feedback and be engaged by them. According to Walker, 62 percent of millennials say that if a brand engages them on social media, they are more likely to become a loyal customer.
In conclusion, Walker says, “for millennials, social activity promotes buying active.”