Millennials make up 24% of the population. By some estimations, they spend over $1 trillion a year, making them a prime target for marketers. However, they are a different audience than the generation before them.
What are some of the latest trends in millennial marketing will we see on the rise?
Here we take a look at the habits of the generation being targeted - who they are, where they spend their time, and what can be done to catch their attention.
Meeting the Millennials
Millennials are also known as the the Millennial Generation or Generation Y, preceded by Generation X. While there is not a specific range of dates that set them apart, they are generally categorized by those born from the early 1980's to the early 2000's. If you're curious how millennial you are, take this quiz for fun.
Some traits thought to best suit millennials are confidence and tolerance at their best, but with a sense of entitlement at their worst. Narcissism is a term thrown around when millennials are the topic of discussion, which marketers may use to their advantage.
Millennials tend to value the opinion of their peers when considering purchases. This could mean their friends, or even reviews on trusted websites like Yelp.
Knowing this, marketers can focus in on the trends in millennial marketing that will work best for their concept.
There's Something About Social Media
With the development of smartphones, millennials have a way to make all of their decisions and share their opinions on the Web as well. If a business isn't present on Facebook, or has negative reviews on Yelp, it is likely that millennials will steer themselves in another direction. Facebook posts and tweets go a long way at catching millennial attention.
Millennials will also use various social media outlets (Facebook, Twitter, Reddit, etc.) to launch their thoughts and feelings about your brand. Since you don't actually have to be face to face to post a review, they can sometimes get ugly. Should a negative review be thrown your way via social media, handle it swiftly and with grace, because you are being watched.
With smartphones being one of the main sources of information collection, mobile ordering and payments are on the rise. Consumers are shopping online no matter where they are. They may not always have a laptop in front of them, but they surely have their smartphone.
More and more restaurants are rolling out a way to locate, order, and pay all through an app made for their concept. Some millennials may even be more likely to choose a certain venue because of their use of mobile apps.
One of the best examples is Amazon, whose services are all available through their mobile app.
Marketers should be on board with developing an app for their business. Let the customer view your product, look at reviews, pay, and ship all via their smartphone.
No Room to Err
Millennials are so surrounded by technology that they simply expect it to work.
Technology has become much more user friendly during the coming of age of the Millennial Generation. Waiting for an Internet connection is not something they are accustomed to. Because of the smooth operating systems of companies like Apple and Amazon, a new standard has been set when it comes to Internet use.
No questions asked, if a website or app isn't up to standard, millennials will quickly lose interest and move on. Make sure that all of the websites, apps, and Internet services your business provides are current and run smooth, or risk losing ground.
What about Generation Z? Check out How Gen Z Goes to College
Marketing for Lifelong Loyalty
Millennial customers, if not already, will soon be the most important customers for your business.
They will be coming of age in the workforce and making purchasing decisions for their companies. They will be molding the structure of how purchases are researched and purchased. They will be seeking and buying into brands that support their growing families.
Looking into the future, children of millennials will have a completely different perspective on purchasing than the generations before them. Their expectations may be even higher when it comes to technology, and their dependance on social media for information greater than that of their parents.
Establishing a strong brand relationship now with Generation Y will lead to lifelong customers, so knowing what trends in millennial marketing will work will be a vital resource to the livelihood of your operation.
Take a look at this past article by NR Media's Morgan Meade for an in depth look at millennial search behavior, and let us know what marketing trends you think will be the most important moving forward when targeting millennials.