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A Trillion-Dollar Demographic: How to Woo Millennials to Your Small Business
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Cyean Blog • May 2, 2017
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There is a lot of talk about Millennials and for good reason. Not only do they make up a trillion-dollar demographic, according to a 2014 study by Accenture, they are also a massive generation in terms of size, accounting for nearly 80 million people in the U.S.. Their estimated spending is close to $600 billion every year and they have about 21 percent of consumer discretionary purchase power. Millennials are the best choice to market your services.
Why this is good for you?
The first thing to understand about millennials is that most of them aren’t kids anymore. They’re full-grown adults. While there’s no official start date for the millennial generation, Pew Research defines them as anyone between 19 and 35 as of this year.
Most of them are in their late twenties, many people have gotten married, even started a family. They might have seen a few promotions at work, too. Some of them will be in mid or possibly even upper management. They are a generation in the fly.
Globally, there are also more millennials now than any other age group. They’ve got the buying power (an estimated $2.45 trillion in 2015) to prove it, too.
What you must do to get their attention
All these things make millennials a group any small business would love to attract. So, here’s a few tips for doing just that:
1. Content over advertising.
Millennials trust genuine content more than flashy ads. In a recent survey done, there are over 250 million Adblock users, most of whom are millennials.
On an average they spend 25-hours a week consuming online media such as websites, blogs, and social media, as they feel empowered by the amount of remarkable content that’s out there.
When it comes to what kind of content works, authenticity stands out. 43% of surveyed millennials prefer content that’s authentic. That means, for example, content that uses their language and is relatable to them and not salesy. They can differentiate an advertisement and a genuine content from a mile away.
2. Social media and user-generated content.
Millennials are the generation of social media. It’s what transformed how they make buying choices and interact with brands. In fact, social media is likely the most powerful factor influencing all their buying choices.
Topping this list of social media is Facebook and Instagram.
Millennials expect businesses to be on Facebook. Even local businesses – even tiny businesses. If you’ve got anything more than a food truck, you should have a Facebook page.
In a survey of 1,000 US millennials aged 18-29, Facebook came in as the most useful social media platform for researching small business products or services. For 84% of millennials, user-generated content has at least some influence on what they buy.
3. Get reviews.
73% believe it’s important to read reviews and get their peers’ opinions before purchasing. Reviews are more important than any other piece of information for this group. Millennials rely on them heavily when they’re deciding whether to use a business. Moreover, the vast majority feel a responsibility to share their brand experience, whether it’s positive or negative.
This allows you to tap into your user’s social network by promoting content sharing features, referrals, and user-generated content; in fact, these are the most powerful ways to connect with them.
4. Email is still in play.
As millennials are viewed as a social media generation, email marketing may come across as an “old-school” marketing technique. But data shows the opposite, 58% of millennials consider email their preferred method of communication with brands. 45% said they were likely to do so in 2017 – a big jump from 19% in 2016.
This means whatever your marketing funnel looks like, email marketing should play a crucial role in your millennial customer journey.
5. Use discounts and coupons.
They love deals and discounts. Pair this with their love of mobile, and their heavy use of Facebook, and you might want to try out a few Facebook deals to see if you can hook them.
One other great channel for offers discounts and deals? Email. Read the above point.
6. Video is huge, a Facebook Live is the Big thing.
Video as a trend has always been growing, but these days, it’s exploding. Snapchat has reached 100 million daily active users and Periscope is at over 200 million broadcasts.
According to Mark Zuckerberg, live videos on Facebook have seen a 4x increase in use since May 2016. Instagram has just made a big shift introducing both live video and a ‘stories’ feature this year.
Millennials are a big driver behind the changing landscape. They spend 48% more time watching online videos than the average internet user.
In other words, your content strategy should include some video content, such as engaging informative product videos and DIY tutorials.
7. You certainly want to go mobile-centric.
Millennials are Mobile Users. Period. Mobile now represents 65% of digital media time, while the desktop is becoming a “secondary touch point,” according to comScore insights.
Nearly 40% of millennials say they interact more with their smartphones than any other person, according to a 2016 survey by Bank of America.
As per an Experian study, “Millennials spend so much time on their smartphones that they account for 41% of the total time that Americans spend using smartphones, despite making up just 29% of the population.”
With that in mind, if you’re looking to win millennial customers, it’s just about the right time to shift your marketing strategy from mobile-friendly to mobile-centric.
They’re growing, are you adapting?
Attracting millennials really isn’t all that hard, once you’ve got the right mindset. In fact, in many ways, millennials love local businesses.This assumes, of course, that you’ve got a website and it’s mobile-friendly. All the channels millennials like to communicate through need to be open if you want to reach these valuable customers.
As millennials are becoming the dominant consumer force, businesses need to adapt. Learn what they respond to and adapt to their wants and needs. Doing well in the millennial market can not only attract other demographics, it can prove to be a business breakthrough for your company too.
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