4 Crucial Things To Remember When Marketing To Millennials
Millennials are a hot button issue for brands right now. As Generation Y comes of age and becomes a consumer group within their own right, countless pundits offer their thoughts and opinions on what the role millennials play as customers.
Some decry millennials as killing everything from starter homes to beer. Yet others still point to Generation Y as the savior of business, a profitable consumer goldmine.
Of course, making such sweeping statements about an entire generation has it pitfalls. But there are a few key things that businesses should know about how to market to the millennial generation. Read on to discover how you should be marketing to Generation Y in 2019.
They value ethics and sustainability above all else
Millennials have come of age in a time of enormous social and political upheaval. Rocked by corporate scandals such as the Madoff investment scandal or the Libor rigging of 2008, millennials are hyper-aware of the flaws and pitfalls of big brands.
Consequently, millennials want the brands they know and love to eschew this old guard-style of business. Instead, they expect brands to embody a strong ethical standard in everything they do, from their supply chain down to their marketing strategies.
If brands want to draw in the millennial consumer, they must make their ethical integrity clear. Sustainability commitments, charity partnerships, equal pay — all these and more show Generation Y that you are a brand with heart.
Takeaway tip:
While the strategies listed above all play their role in a brand — charity initiatives, sustainability promises, and so on — they are nothing without transparency.
Let your customers behind the curtain and show them your business’s inner workings. Offer behind-the-scenes videos exploring your supply chain, and share interviews with your founders and employees. This candor makes your Gen Y consumers feel a part of your brand, showing that your ethical promises have meaning and depth.
Some decry millennials as killing everything from starter homes to beer. Yet others still point to Generation Y as the savior of business, a profitable consumer goldmine.
Of course, making such sweeping statements about an entire generation has it pitfalls. But there are a few key things that businesses should know about how to market to the millennial generation. Read on to discover how you should be marketing to Generation Y in 2019.
They value ethics and sustainability above all else
Millennials have come of age in a time of enormous social and political upheaval. Rocked by corporate scandals such as the Madoff investment scandal or the Libor rigging of 2008, millennials are hyper-aware of the flaws and pitfalls of big brands.
Consequently, millennials want the brands they know and love to eschew this old guard-style of business. Instead, they expect brands to embody a strong ethical standard in everything they do, from their supply chain down to their marketing strategies.
If brands want to draw in the millennial consumer, they must make their ethical integrity clear. Sustainability commitments, charity partnerships, equal pay — all these and more show Generation Y that you are a brand with heart.
Takeaway tip:
While the strategies listed above all play their role in a brand — charity initiatives, sustainability promises, and so on — they are nothing without transparency.
Let your customers behind the curtain and show them your business’s inner workings. Offer behind-the-scenes videos exploring your supply chain, and share interviews with your founders and employees. This candor makes your Gen Y consumers feel a part of your brand, showing that your ethical promises have meaning and depth.
They’re not the profitable consumers they’re made out to be
Many people point to millennials as a valuable consumer segment, pointing to their high disposable incomes and lack of dependents as reasons for this.
However, Generation Y is actually one of the most financially unstable generations in years. 47% of millennials use at least half of their monthly paycheck to pay off debt, which after groceries and utilities leaves very little actual disposable income to spend on your products.
But that doesn’t mean you should give up on millennials as consumers altogether. Instead, you should pivot your marketing strategy by emphasizing your brand’s value. Give your millennials a reason to part with their hard-earned dollar by making them care.
Takeaway tip: the key to value-led marketing is highlighting yourself as a brand, rather than just as a business. Emphasize your personality by interacting with your customers on a personal level, and craft a brand story that resonates with them.
Generation Y is not the moneyed consumer group so many pundits make it out to be. If you sell big ticket items with big ticket prices, highlight the value those products (and your brand) provides. For example, a voice assistant isn’t just an expensive luxury, it’s a worthwhile investment that makes your customer’s life easier and more organized — the sell is all about your angle.
Social media is the infrastructure of their day-to-day livesMillennials are the first generation to grow up with social media. Where their predecessors were learning how to walk and talk, Generation Y learned how to click and like. Consequently, millennials are a connected generation, with social media forming the infrastructure of their day-to-day lives.
Social offers brands a variety of marketing channels to exploit. Paid social ads, Shoppable Instagram posts, sponsored tweets — these are just some of the ways that businesses can use social to connect with the millennial generation.
However, Generation Y is also marketing-savvy. They know when they are being sold to, and can spot a hard sell from 100 yards. Consequently, brands need to adopt more subtle ways of marketing to millennials on social.
Takeaway tip: social media is affordable and organic, and connects with millennials in a way that feels genuine. Yes, paid elements should play a part in your strategy — paid ads, sponsored tweets, and so on — but above all else, you should let your brand personality shine through.
Your social content should be relatable and personable, providing value to your audience. Go beyond useful or informative topics, and share humorous or thought-provoking content as well. A diverse social strategy makes for a rich, diverse brand personality that millennials will respond to.
Use experiences to transcend everyday marketingThe rise of ecommerce has led to many to believe that brick-and-mortar stores are dead. While this isn’t necessarily the case, it does mean that businesses have to pivot their tactics a little on Main Street.
Instead, brands should focus on offering real-world experiences that engage millennial consumers. This is known as experiential marketing.
Experiential marketing involves creating branded experiences that consumers can participate in. This could be something as simple as a live event or a store takeover, or as sophisticated as an augmented reality experience or an installation in a public space.
And while big brands using experiential marketing certainly benefit from big budgets, small businesses and solopreneurs can still enjoy its benefits. Plenty of entrepreneurs use real-world events to grow their store and create valuable businesses.
And the great thing about it is that it’s accessible. In its most basic form, experiential marketing is affordable. Look at any profitable business, and you’ll see plenty that have used real-world experiential marketing to appeal to millennials and create a thriving brand. In short: it works, and you can enjoy its benefits too.
Takeaway tip:
Experiential marketing doesn’t have to be expensive or complex to be effective. Affordable real-world experiences such as pop-up shops, product launch events, and meet-and-greets all make for inexpensive experiential marketing that resonates with millennial consumers.
The key here is to make it look good — make it Instagram-worthy, and your customers will share it online to boost your brand awareness and engagement.
Millennials aren’t the holy grail consumers they’re so often made out to be. But that doesn’t mean you should neglect them completely. Follow the tips above to create a marketing strategy that appeals to Generation Y and gets you custom well into 2019.
However, Generation Y is actually one of the most financially unstable generations in years. 47% of millennials use at least half of their monthly paycheck to pay off debt, which after groceries and utilities leaves very little actual disposable income to spend on your products.
But that doesn’t mean you should give up on millennials as consumers altogether. Instead, you should pivot your marketing strategy by emphasizing your brand’s value. Give your millennials a reason to part with their hard-earned dollar by making them care.
Takeaway tip: the key to value-led marketing is highlighting yourself as a brand, rather than just as a business. Emphasize your personality by interacting with your customers on a personal level, and craft a brand story that resonates with them.
Generation Y is not the moneyed consumer group so many pundits make it out to be. If you sell big ticket items with big ticket prices, highlight the value those products (and your brand) provides. For example, a voice assistant isn’t just an expensive luxury, it’s a worthwhile investment that makes your customer’s life easier and more organized — the sell is all about your angle.
Social media is the infrastructure of their day-to-day livesMillennials are the first generation to grow up with social media. Where their predecessors were learning how to walk and talk, Generation Y learned how to click and like. Consequently, millennials are a connected generation, with social media forming the infrastructure of their day-to-day lives.
Social offers brands a variety of marketing channels to exploit. Paid social ads, Shoppable Instagram posts, sponsored tweets — these are just some of the ways that businesses can use social to connect with the millennial generation.
However, Generation Y is also marketing-savvy. They know when they are being sold to, and can spot a hard sell from 100 yards. Consequently, brands need to adopt more subtle ways of marketing to millennials on social.
Takeaway tip: social media is affordable and organic, and connects with millennials in a way that feels genuine. Yes, paid elements should play a part in your strategy — paid ads, sponsored tweets, and so on — but above all else, you should let your brand personality shine through.
Your social content should be relatable and personable, providing value to your audience. Go beyond useful or informative topics, and share humorous or thought-provoking content as well. A diverse social strategy makes for a rich, diverse brand personality that millennials will respond to.
Use experiences to transcend everyday marketingThe rise of ecommerce has led to many to believe that brick-and-mortar stores are dead. While this isn’t necessarily the case, it does mean that businesses have to pivot their tactics a little on Main Street.
Instead, brands should focus on offering real-world experiences that engage millennial consumers. This is known as experiential marketing.
Experiential marketing involves creating branded experiences that consumers can participate in. This could be something as simple as a live event or a store takeover, or as sophisticated as an augmented reality experience or an installation in a public space.
And while big brands using experiential marketing certainly benefit from big budgets, small businesses and solopreneurs can still enjoy its benefits. Plenty of entrepreneurs use real-world events to grow their store and create valuable businesses.
And the great thing about it is that it’s accessible. In its most basic form, experiential marketing is affordable. Look at any profitable business, and you’ll see plenty that have used real-world experiential marketing to appeal to millennials and create a thriving brand. In short: it works, and you can enjoy its benefits too.
Takeaway tip:
Experiential marketing doesn’t have to be expensive or complex to be effective. Affordable real-world experiences such as pop-up shops, product launch events, and meet-and-greets all make for inexpensive experiential marketing that resonates with millennial consumers.
The key here is to make it look good — make it Instagram-worthy, and your customers will share it online to boost your brand awareness and engagement.
Millennials aren’t the holy grail consumers they’re so often made out to be. But that doesn’t mean you should neglect them completely. Follow the tips above to create a marketing strategy that appeals to Generation Y and gets you custom well into 2019.
