In Every Market, Millennials Matter
If you really want to own a category, don’t forget millennials. According to Accenture, there are roughly 80 million millennials in the US alone, and each year they spend roughly $600 billion on shopping expenses. Forget advertising if you want to tap into that pool … only 1% indicated they would trust a brand more because of an ad. Nope, if you want to reach this crowd, you better be tapping the internet. Compared to all internet users, millennials have have the highest monthly average of time spent on the internet.
To narrow things down even more, you better be focused on mobile. A study by Zogby Analytics reported that 87% of millennials said their phone never leaves their side and 80% said it’s the first thing they reach for in the morning.
So how do you reach them?
1. Give them a seamless experience regardless of channel.
2. Court them.
Send coupons via email or mail or text. Loyalty programs are well received. Use social media to present coupons and offers.
3. Make it an experience.
Go beyond your product and make it personal. Storytelling has become a valuable weapon in reaching millennials. Some 80% of them want a brand to entertain them (Millennial Marketing).
4. Create an online community where they can share their experiences.
5. Encourage reviews.
Adweek found that 93% of millennials rely on blogs and consumer reviews before purchasing. Moreover, 77% trust the review they read on brand websites.
6. Try cause marketing.
Studies show that 50% of millennials will purchase from a company if that purchase supports a cause (Millennial Marketing).
The market is there; it just takes some different techniques to reach it. But you have nothing to lose … except more revenue!
This Week's Market Inventions
The Process Behind Disruption
Disruption might be the biggest business bandwagon of all time. But ask most people what their idea of disruption is, and they’ll stare at you with a blank look or start rattling off a set of disjointed ideas.