Why Your Company Should Care About Millennials
Millennials are taking the stage as our nation’s largest generation, even surpassing the baby boomers, and are beginning to enter their main working and spending years. We’re already starting to see millennials becoming active as voters, and the impact they are having on the current presidential race. They’re bringing a new set of values and require new methods of active engagement.
Are you ready for Millennials to become your main consumers?
Many tried-and- true principles of successful advertising don’t translate over to this new
crowd, which leaves many companies asking “How do I go about marketing to millennials?” CannaCopy is here to help! Here are a few ways to get your company ready, with a little myth-busting thrown in for good measure:
Brand Loyalty – There’s a common myth that millennials aren’t brand loyal, but that couldn’t be further from the truth. They are actually incredibly informed consumers, and stick with brands that live up to their expectations. In a Forbes poll of 1,300 millennials, 60% said that they are often or always loyal to the brands that they purchase.
Engagement – Millennials are shaking things up in the advertising world, especially in how to invest in media buying. According to a Forbes poll, only 1% said that a compelling ad would make them trust a brand more. They aren’t interested in the status quo of clever commercials and frequent ads; they see all that as fluff with little value, as evidenced through their love of using things like Tivo to fast forward through commercials. They want brands to engage with them through social media, with a willingness to be approachable and relevant to their values.
Technology – The fact that most millennials use mobile or wearable tech changes the game even more. They have instant access to product reviews and price comparisons, and are more likely to shop online if there’s a better deal. Companies that relied on being the only main local supplier of a product will start finding themselves outsourced if they don’t keep up with competitive pricing. Visibility plays a role here as well: if your site and services aren’t easily read on mobile or wearable devices, you will quickly lose relevance. Investing in creating apps for these mediums can be a helpful way to stay on the leading edge.
Giving Back – Millennials are burnt out on corporate greed, big bank bailouts and business as usual. They want to see companies that have heart and a desire to help, by giving back to their local communities. Companies that support charities, embrace living wages, support diversity and sustainable practices are at the top of the list for their loyalty.
Debt & the Sharing Economy – Entering the job market during the financial crisis while already saddled with the crushing burden of student debt, millennials have had to develop different lifestyles than other generations. Most haven’t had the means to own homes, with many still living with their parent to try and catch up financially. Companies offering services such as rideshares have become necessities for them, while purchasing luxury goods, music and cars has been steadily dropping.
Innovation – This is the first generation born as natives to the internet and other technologies. They are used to a world of rapid development and having access to information at the touch of a finger. Companies that embrace change and innovation, and are approachable for ideas through social media, are more likely to do well and maintain the interest of millennials.
Building Trust – Trust needs to be earned through value and authenticity before a millennial is willing to spend any time on a product or website. Overall, they prefer to feel included with your company. They want to have their input heard on product development, and want to be engaged with through social media platforms. In short, they are demanding a new level of connection and transparency between companies and consumers.
Blogs – According to Forbes, 33% of millennials seek the advice of blogs before making a purchase. They put their trust in peers to review products honestly, rather than reading company descriptions. Compare that to the measly 3% for TV news, magazines and books, and you’ll see why blogs are an important tool in your marketing strategy.
Wellness – Millennials are generally health conscious, and are willing to spend more on fitness gear and healthy foods, according to the Bureau of Economic Analysis at Goldman Sachs, even when their other spending areas drop. Companies that cater to healthy, positive lifestyles through social media, products and services stand a better chance at connecting with their millennial audiences.
Millennials are taking the market by storm with their numbers, which mean big changes in the advertising world, as well as big opportunities to win the loyalties of our most populous generation.
Contact me today to go deeper and get the Millennials invested in what you have to offer!