Is your business looking to tap into the lucrative millennial market? Millennials, also known as Generation Y, hold about 7% of the disposable income in the United States, according to the Fed.
Millennials are typically defined as anyone born from 1981 to 1996. It is the largest, most educated, and most diverse generation in American history. However, Millennials interact with brands and advertisers much differently than older generations. You must tailor your marketing strategy for each generation to get the best results.
Here are five expert tips for marketing your small business to millennials.
1. Optimize content for social media
“Social media is the new cool, especially when it comes to Millennials. Focus your marketing spend on reaching them via social platforms. These [social platforms] drive the most significant traffic back to brands and publishers.
Optimizing the content is also key. We see the highest shares on short, captioned videos that nail the first ten seconds of content to hook the viewer. Keep it brief, and don’t assume Millennials are waiting around to watch long videos with the sound on.”
2. Recognize their diversity
“The worst mistake a marketer can make with this generation is to lump everyone together: “All millennials love avocado toast!” In fact, this sprawling cohort includes everyone born between 1980 and 2000, meaning the oldest members are—are you ready for this?—42 years old.
Brands can’t rely on simple generalizations or stereotypes for this demographic. Not only is it critical to acknowledge diversity within the millennial cohort itself, but brands also need to understand that diversity, equity, and inclusion are important to younger generations.”
3. Learn to engage
“Millennials are the first generation to be truly open to not only receiving ads but engaging with them and sharing them. One-way marketing is an ineffective tactic for driving brand messaging to a generation that has unprecedented access to finding and sharing information online. Engaging in a two-way conversation on social platforms fosters genuine relationships with Millennial customers and helps win their loyalty to your brand.”
Source: Pixlee TurnTo
4. Create authentic content
“You cannot bluff a generation that has seen it all come to life — from the humble 8-bit gaming to an 8K game, from the cumbersome cassette to music stored on the Cloud.
Authenticity is an important factor in driving the purchase decisions of millennials. For this, you need to understand your customers and devise honest, transparent, and critical representations of your products in marketing. They know celebrities get paid to sell products they would never use in real life.
Gillette’s Kiss and Tell campaign is an example of this. Through a survey, the male grooming brand reached out to women and made a case to men about how important it is to keep their facial hair in good shape.”
5. Push the convenient and practical side
“Rather than having brand-name products, millennials are now looking for other ways to obtain an item rather than just buying it outright. This is the generation that has embraced the “sharing economy,” which consists of peer-to-peer platforms that provide access to shared goods and services. As mentioned previously, the millennial generation tends to value experiences over material goods.
This is a characteristic reflected by using technology and their devices to share their adventures and gatherings on social media platforms. This cultural shift means that companies and marketers need to find ways to plug into the sharing economy and make their products and services more appealing to this current way of life.”
Need a loan to finance your marketing efforts?
If you plan to launch a new marketing campaign geared toward millennials, First Union Lending is here to offer financing options. We have 9 different commercial loan types to choose from. That means you’ll be able to find the best loan for your budget.
Our lending specialists want to talk to you, learn about your business needs, and help you pick the right loan. The online application form is easy to use and won’t affect your credit.