Millennials are undoubtedly dominating the world population and are emerging to be one of the key segments when it comes to spending. This makes it imperative for marketers to adapt to their mindset and language to capture their attention and convert it into sales.
Why is millennial marketing challenging?
Some Millennials are studying, others have just started off in their new jobs with a huge debt, others have moved in with their parents, then there are newlyweds, while others have kids themselves. Catering to a segment of the population which is at various life stages requiring significantly differently diverse things makes marketing more challenging than ever. The consumption habits, and the kind of brands they consume significantly varies.
This generation has lower earnings than their parents, crossing the life stage milestones significantly slower than the previous generations; but are incredibly tech-savvy and adaptable as they grew with the digital revolution, and most of them are burdened with debt.
Millennials are frugal spenders, who do extensive research before buying anything and can be aptly called a millennial generation.
Before we begin,
Get the research right
Millennials are not that kind where they walk into a store and walk out with a product. They want to feel confident of their purchase, analyse and understand if their personal value matches that of the brand, and ensure that they are paying the best price for the product.
It would be in any brands best interest to have reviewed content upon the digital platforms, be it self-generated contents, influencer marketing, micro-influencing or encouraging reviewers. These are simple cost-effective means to strike gold at the hearts of Millennials.
With that said, marketing to millennials across these groups is similar on many grounds, which have been proved useful for many brands time and again. What did they get right? Read on!
Be it that Walmart is now shrinking the store size and going for more convenient locations, or the growth of Uber, which puts convenience over ownership, this generation gives great value to convenience. This generation is also mushrooming with online shoppers who prefer the transparency of shopping and the ease of use, the discounts and yet again reiterating the minimalistic shopping behaviours.
Millennials are those who crave for experiences – Be it Gillette’s brilliant ‘Kiss and Tell’ campaign where live experiments were conducted which concluded women does not like to kiss men with stubble. This came after a 1000 women survey, and the campaign as a whole gained a lot of traction online and a good customer base. FitBit’s focus on fitness helps them sell more to millennials as they now marketing experiences over their products.
Everything comes down to Experiences
Millennials are those who crave for experiences – Be it Gillette’s brilliant ‘Kiss and Tell’ campaign where live experiments were conducted which concluded women does not like to kiss men with stubble. This came after a 1000 women survey, and the campaign as a whole gained a lot of traction online and a good customer base. FitBit’s focus on fitness helps them sell more to millennials as they now marketing experiences over their products
Aligning with a social cause
Millennials want to add value when they spend, and a need to identify themselves with the product/service before they make the purchase. Brands have now started to wear their values on their sleeve, be it environmental concerns, or social concerns, as long as they represent a cause.
So tell the world, what worked for you?