A Comprehensive Guide to Marketing to Millennials in 2023
Marketing Strategy for Millennials in 2023
The marketing strategy for targeting millennials is of utmost importance in today's business landscape.
Despite carrying higher debt burdens than previous generations at their age, millennials wield significant purchasing power.
It is a misconception that their buying preferences are limited to popular items such as avocado toast and Starbucks frappuccinos.
In fact, according to recent studies, millennials accounted for 73% of purchasing decisions in B2B companies in 2016, and by 2025, they are projected to make up the majority of the U.S. labor force.
Therefore, companies that fail to incorporate a focus on millennials in their marketing and sales strategies are missing out on a substantial number of potential customers.
However, marketing to millennials is more complex than any other generation.
They value brands that are unique and uphold sustainable practices, but only if those brands are 100% authentic.
Therefore, businesses must adopt a careful approach when targeting millennials.
At The Branded, we specialize in building authentic and purposeful brands while crafting communications tailored to the target audience. If you are looking to create a brand that resonates with millennials, reach out to us, Canada’s best branding agency, to get started.
Who Are The Millennials?
The millennial generation is typically categorized as those born between 1981 and 1996.
With the youngest of them being 24 and the oldest turning 40 this year, every millennial around is now a full-fledged adult.
From entering jobs in middle-management to (reluctantly) approaching midlife crises, they make up a large and powerful group of consumers who are taking on more and more financial responsibilities.
They are also the first of the digital-savvy generation.
Millennials make more than 50% of all online purchases and are more likely to buy online than at a brick-and-mortar store - not just for convenience but also because it’s just easier to scope out the best deal around on the internet than it is walking through shopping malls.
But when it comes to millennials, it’s not about the cheapest price or the hardest sell - to understand how selling to millennials work, your mission statement and brand positioning needs to reflect a focus on sustainability for future generations.
Brands who succeed in making a positive social and environmental impact beyond what they’re trying to sell will find a fierce, loyal customer base in the everyday millennial.
Looking for all the answers but don't know where to start?
A definition of Millennials (by Boomers, probably). Credit: Time Magazine
5 Millennial Marketing Tips To Follow
You may be thinking that marketing to these young and not-so-young adults is a pretty daunting task. But if you know what they want and understand their values, then getting good results becomes simple.
Here are 5 tips to incorporate into your marketing strategies that can get you attracting millennials better than your neighbourhood coffee shop selling fair trade single-origin beans (with almond milk).
Strong Social Media Presence
If you want to sell something to your audience, it makes sense to go where most of them hang out.
So to get access to the most sought-after demographic in marketing, you need a strong social media presence.
Here’s why.
This generation needs two-way communication!
Millennials don’t like being told what to do and want the opportunity to feel connected and engaged.
Having a strong presence on social media doesn't mean that your brand has to have a ton of followers. Some of the most impactful campaigns have been done by brands with only a few thousand followers.
Here are a few examples of what you must do to develop a strong social media presence:
Posting consistently (daily).
Want to stay top of mind? Post something on a daily basis. It doesn't have to be much, just something that sparks engagement with your audience. We'll go over this at the 'share-worthy content' section of this blog.
Engaging with followers when possible.
Make sure you reply in a timely fashion, review any comments or questions posted on your page and address them promptly. Social media algorithms will give your content more reach if more people engage on your posts. After all, these platforms make more money when people are on there for longer and if your content helps these users stick around - you'll be rewarded with the ability to reach more of your target audience!Sharing content that is relevant to your audience and relatable in today's world.
While this idea is pretty straightforward, it's easy to get caught up in what you really want to say and not pay attention to how that fits into the context of whatever you're sharing.
For example, it's easy to go overboard with memes and gifs. But if all your posts are just kind of weird, your brand may end up coming across as a little creepy.
Useful Tip: think about what you're sharing and ask yourself if you would want to follow someone that produces this content.
2. Be Share-Worthy
We get it - this is a lot harder than it sounds. We know how it feels like to put in a lot of sweat and tears into creating the perfect social media post only to have it get two sad likes. The saddest part? You were one of them.
Here are a couple of simple tips to follow that will increase your likelihood of share-worthy success.
A. Message-Crafting Mindset
If you were at a dinner party, would you continue talking to someone who only gloats about themselves and how great they are? Probably not.
Even though you want a bigger following, more leads and ultimately more sales - you DO NOT want your audience to feel like that’s all you want. Especially if they are millennials. Find a way to communicate your message without pushing your business agendas or in a way that screams desperation and you will build trust.
B. Solve A Problem
If millennials are wanting to post your content all over their social media, you have free word-of-mouth advertising.
A simple way to get them to do that is to become a problem solver because content that solves specific problems is share-worthy.
“Be so good they can’t ignore you.”
— STEVE MARTIN
The act of solving other people's problems makes you useful to them. If you are useful to a person you may also be useful to their friends (most of us have similar interests as our friends). Because friends help each other, they will read the content that helped them.
It's not rocket science. What are your customers' desires and frustrations? What problems do they face that you can easily help them with through content?
For example, consider MillennialsMillenials that want to build their own business and have no experience doing it. They need guidance on how to navigate through the entrepreneurial world. So they might read and share articles with their like-minded friends that help them solve the problem of "How to build an online business step-by-step".
Another example, if your customers hate spending more than $100 for a shirt, but would love to buy designer clothes at half the cost. They will probably share articles that help them solve the problem of "How to get designer clothes for $100" with their friends.
There are millions of opportunities to create share-worthy content. All you need is to find the pain point your customer faces and offer them an easy solution.
3. Good Reviews
Reviews can make or break your business
(helpful ones, that is).
If you check the reviews of a restaurant before making the decision to dine there, chances are you’re a millennial.
We already know millennial consumers value authenticity - and what’s more authentic than hearing from your actual customers?
The key to marketing to millennials in 2021 is by listening more than talking. Millennials are sick and tired of companies that have no interest in what they have to say.
By constantly including their feedback and opinions, you will be able to create a strong following of millennial customers who are loyal to your brand.
The power of social proof is a great way to influence millennial spending habits. 40% of them check online reviews before making purchases, so it's crucial that you build an honest reputation for your product and have plenty of positive testimonials from satisfied customers who've tried out your service or product themselves.
Encourage existing customers to leave feedback about what can be improved on or new features they'd like added in exchange for discounts and freebies if possible. By doing this, it allows the customer to feel like their desires and even frustrations are being heard and create a personalized experience for them.
4. A Conscious Brand
Toms Shoes donates a pair of shoes for every pair of shoes purchased, revolutionizing how profit can tie back to giving back.
Millennials… the generation that’s going to save the world.
Dubbed the ‘Conscious Capitalists’ (by us), it's not surprising that millennials are a generation that values sustainability, with a focus on environmental and social issues like no other generation before them.
It’s easy to see why - through a long-term perspective, they might still be alive to experience the detrimental effects of climate change, or at least understand what it could mean for their children and grandchildren even if they themselves may be too old or sickly to go outside.
It’s no wonder millennials are more interested in brands with ethical values and a long-term vision. And it’s not just about throwing money at a charity, either (although please don’t stop doing this).
Ask yourself these questions:
Besides profit, what truly matters to your brand?
Is every aspect of your supply chain ethically and morally sound?
How does your brand play a part within the larger infrastructure of the world?
What are the steps your company is taking to make a positive impact?
It’s vital that your brand objectives and core values have a larger mission to benefit those around you. To engage a millennial audience is to be willing to prioritize the people and planet just as much as you’d prioritize profit.
And remember this:
Hook a millennial’s heart and you’ve also got their wallets.
5. Get With The Times… Until The End Of Time Itself
You’ve gone through 5 awesome tips to help millennial marketing strategies, woohoo!
But if you think you’ve finally cracked the ultimate ‘branding for millenials’ code… Think again.
Just when you think you’ve got this generation and all its tricky preferences plus food allergies down pat, it might be time to revisit the drawing board and reassess where you stand.
Here’s why: millennial market research suggests that only 29% of millennials will buy the same brand again, a much lower brand loyalty score when compared to previous generations.
When it comes to brands, millennials switch loyalties faster than they can scroll through Instagram.
But this isn’t necessarily a bad thing. With the help of their devices and the wide global web of the internet, millennials are equipped to make their purchasing decisions based on real-time data and news.
Coupled with their staunch values and their desire to engage with eco-conscious and socially responsible businesses, they have the privilege of something previous generations didn’t: the ability to make an informed choice.
Millennials have high standards and they aren’t afraid to switch loyalties when they’re not getting what they want. It’s up to YOU to make sure your brand can meet them.
Not only do you have to watch out for new digital and social media, but your brand also needs constant innovation to keep up with the fickle millennials and retain them as customers - the key here is to never stop evolving.
In Conclusion…
Millennials are creating a new type of marketing that's more authentic and engaging than anything we’ve ever experienced before. Gone are the Mad Men days when you had to physically print your ads in newspapers or put up signs around town - today it is all about connecting with real, genuine people on social media, prioritizing sustainability and constantly evolving to stay ahead of the curve. Any marketing strategy that fails to include these young(ish) adults with deep(ish) pockets won’t get very far.
For better or for worse, one thing is for certain: Millennials have caused chaos in the way we market, and boy are we all for it!
Looking for PR Campaign Ideas for Millennials? Checkout our PR Campaign Idea blog post.
Ready to start catering your brand to the vast millennial market? We can help you there!
The Branded is a full-service digital agency that will help you position, launch and scale your brand.
Just holler at us and let’s do this!
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