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Introduction It is no secret that business success these days is measured by their ability to engage their customers online. The internet holds so much opportunity for companies to grow t...
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Introduction It is no secret that business success these days is measured by their ability to engage their customers online. The internet holds so much opportunity for companies to grow t...
In light of the significant changes in the consumer landscape, how can companies adjust their marketing strategies to adapt to the new consumer’s needs? A big buying group is set to overtake Mill...
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Most successful marketing plans are effective because they cater to the needs and interests of their target markets. If your target audience is the millennials, a generation with a massive buying po...
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Most successful marketing plans are effective because they cater to the needs and interests of their target markets. If your target audience is the millennials, a generation with a massive buying power, how should your marketing plan be built to make the most out of them?
Generation-Y (Gen-Y), also known as the millennial generation, is a buyer market that is very different from its predecessors. Members of this generation have grown up with technology, and have access to any knowledge they want with just a click. By 2020, members of this generation will be around 24 to 39 years old (some reports would say 22 to 37).
A few years ago, this generation of consumers was viewed to be a specific niche market with unique needs that allowed the need to create separate and targeted marketing strategies. This is not the case anymore. Millennials right now are considered to be the core demographic in the market which is why marketers have put more attention in catering to this specific consumer needs.
What makes this group so different?
Members of Generation Y expect to find information instantly and expect others to do the same. In terms of purchasing power and habits, the Generation Y have the biggest spending demographic and are expected to have the most in financial savings while they have been proven to be the biggest and loose spending generation as opposed to the previous generation.
As consumers, they are very drawn to a convenient, efficient, and accessible buying experience which is best achieved online.
Guide to Marketing to Millennials
To craft a marketing plan that addresses their needs and preferences, take note of these factors to ensure your marketing plan matches the profile of the millennials:
Over 80% of millennials are online almost all the time and sleep next to their phones. Digital consumers spend an average of 5 hours on the internet every day. Around 85% of 18 to 24 years old already own a mobile device to which around 50% of 19 to 22 years old access the mobile web every weekday for at least 4 hours. This means that technology is used more often by millennials more than any other generation.
They are also more socially linked than ever but in a tech-enabled way. The average millennial is connected to at least 3 social media platforms. Their need to connect with other people through these platforms becomes glaring as social media companies have skyrocketed in value and are now part of the highest-earning companies around the world.
More than social media platforms, these consumers rely on other online software for almost everything, i.e getting food delivered, getting transportation, getting entertainment, etc. When someone has a query that he or she does not know the answer to, one would just “google” it.
Because the global market is primarily comprised of millennials, it is important to consider their dependence on technology if they are your target market.
When it comes to work, millennials enjoy thinking outside of the box and this extends to their work schedule. If you give them the opportunity to work remotely or set up a flexible schedule, then they are likely to thrive. CRM systems should be set in place so that it will be easier to coordinate with them even when they are not in the office or when they are following a different set of working hours.
Millennials also desire to find purpose and value in their work. If they do not feel like they are particularly useful or like they contribute much to the workplace, then they may begin looking for other places of employment. Millennials will also take it upon themselves to bring about changes in the workplace as well, especially when it comes to culture. To them, work is not just a place for money but is also an important place for socializing.
Most millennials’ activities revolve around traveling – exploring new places, experiencing new cultures, eating new food. They believe that new experience expands a person’s horizons and it also expands their network as well – which is increasingly becoming more important in an interconnected world.
This is why it is important for you to consider what kind of experience is your business giving them. Highlight this value during the buyer’s process so that it is easy for you to convince them to engage with your business. Emphasize how your products and service expand their horizon and network.
As expected from a generation that grew up with technology that fast-tracked things, millennials often feel discomfort when processes are slow. They want to get things done quickly and in an instant. That is why most millennials purchase online– this cuts down the time and energy required to go to brick and mortar stores to purchase the products they want.
Brick and mortar stores are starting to lose business and e-commerce is the new trend. Before 2021, it is projected that 45% of e-commerce will be mobile. Their propensity towards mobile purchase is heavily influenced by social media personalities and online reviews. And once a millennial enjoy using a product, they tend to share it online which also influences others to try and test the product.
Because of this, it is important that your marketing plan allows for convenience. It should be easy for them to buy from you and to engage with you. Keep your channels open and make sure you give them a product or service they will recommend to others.
Provide them an “instant” option, where they can get things more quickly for a price. This is not only good for them but for your business as well.
Social issues like environmental destruction, corporate abuse, organic farming, and others are among the social issues that are being highlighted on mass media these days. Millennials are extremely sensitive about these issues that their buying habits are affected by these issues. Most millennials prefer organic, cruelty-free, vegan, and options that have no permanent damaging effects on animals and the environment they live in.
To know what your target market is looking for on their search engines, you can use Google Ads or other SEO optimizations sites to get a list of the top keywords your target market use in searching. You can also hire SEO specialists to optimize your website for you to boost your visibility– which makes you appear at the top of the search rankings whenever they look for products and services.
Conclusion
Millennials are among the highly digitally active consumers and it would be a wasted opportunity to ignore them especially with their massive purchasing power. That is why it is important to consider the factors that make them different and adjust your marketing plan. Make sure it caters to their needs, interests, and preferences. Be active online, ensure flexibility, upgrade the experience your business puts them in, make sure to provide “convenience” options, and ensure your business is socially responsible.
If you are looking for a digital marketing specialist or for SEO optimization services, talk to our experts now.
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