There are more than 80 million millennials (those born from 1980 to 2000) living in the U.S., and they represent more than $200 billion in annual buying power. As a small business owner, you cannot afford not to pay attention to this demographic. But how do you reach Generation Y? Read on to discover some key ways to market to this critical consumer segment.
1. Understand your market.
Millennials are unlike any generation that has come before, particularly with regard to their technology use. Traditional marketing approaches, such as print ad and direct mail, are less effective with this demographic which prefers communication via email, social media and location-based marketing. When targeting millennials, or any other demographic, dedicate time to learning how they think, their priorities and what drives their purchasing decisions. This will improve your channel selection, overall positioning and communications.
2. Be smart about mobile.
According to one expert, 90% of a millennial’s time online is likely to be spent in an app, rather than in a browser. With the growth of smartphone and tablet use, particularly with millennials, having a mobile strategy for your business is more important than ever before. Rethinking mobile starts with how you create your content, as well as how you package and present it.
3. Understand their sphere of influence.
With the proliferation of social media, millennials wield tremendous influence in their circles when it comes to word-of-mouth marketing. They’re also accustomed to sharing their brand experiences through blogging, social media and reviews. Incorporate clear calls to action that encourage happy customers to share their experience with your small business. And use social sharing technologies, such as the ShareThis plugin, on your small business’ website to make spreading the word easier.
4. Partner with agencies that understand the demographic.
One of Mischa Communications’ strengths is marketing to millennials. Many of our team members are millennials, and we leverage that insider perspective to help our clients successfully market to Gen Y. Whether you’re partnering with our agency or another, a solid understanding of millennials is a must.
5. Don’t underestimate the power of a deal.
Today’s millennials are facing one of the most difficult economies in decades. Many are underemployed or unemployed, and are very cost conscious. Promotions and offers that provide ways to save money can be effective motivators to get them to try your brand.
Does your small business need a hand reaching millennials? If so, contact Mischa Communications and let our team help you start the conversation with this influential demographic.