Spoiler alert! Millennials are no longer who you thought they were. And understanding who they are is key to figuring out how to market to them. And market to millennials you must! Why? For starters, they are a great brand community – educated, aware, sensitive, creative, responsive, and rewarding. If you need more reasons, millennials comprise 50% of the working population, and by extension, the spending population, right now, and that percentage is soon set to touch 75%. Can you afford to ignore them?
Millennials – the biggest buying demographic.
Brands simply cannot afford to overlook millennials. But how do you make them fall in love with you? Firstly, identify millennials. These are the people we used to think of as surly teens, but right now they are 72.1 million Americans deciding what to buy and why. Industries such as travel & adventure, health & fitness, cars, casual dining & coffee, personal finance, and so on, in particular, have to understand and factor in the millennial mindset. They are the ones influencing culture, values, and market dynamics.
So what is important to millennials? Look at the brands that got it right. There’s Netflix – convenient on-demand content with a plethora of options. It caters to people wanting light froth, thrillers, two hour movies, series that last years, serious nonfiction, short documentaries, everything that the millennial could possibly want. Uber is another brand that is perfectly clued into the millennial mindset. It understands the convenience of being driven to the destination, not having to worry about parking, or having a few drinks at a party. Brands such as Starbucks, Chipotle, and Coca Cola also have this mindset figured out, which is why they are so popular with this demographic.
What matters to millennials.
Brand values are important. Brands seen as supporting a good cause will win over other brands. Millennials not only support brands that are seen to be driving positive change in the world, but they are also willing to pay more for this as well. They want to choose the causes that are important to them and decide their support based on these. They also value experiences – unique, adventurous, unusual, off the beaten track. Brands can reach them in this way.
Millennials also love having options – they want to be able to choose their experiences and customize them. It then follows that they love innovation. They will opt for products and services that offer them speed, convenience, and savings in terms of time and effort. Millennials are deeply conscious of health and fitness. They want to live healthier, better lives than they saw their grandparents live, or still see their parents living. They want to make informed decisions, and brands that cater to this mindset will win.
Watch my latest episode to know more about the millennial mindset and to get my 5 keys for branding to the millennial buyer. Know how important it is to be smartphone friendly. Find out how vital it is to have a strong social media presence, and what kind of social media you should be targeting. To remain relevant as a brand, you cannot afford to overlook millennials, so don’t miss this episode of Inspiration to Millions: https://youtu.be/CMDgH3Qc9QU