Understanding the Millennial Market
No other generation has been under more scrutiny than millennials. Born between 1981 and 1996, they’ve slowly become every brand’s primary target group. They’re a group of youngsters that are me-focused and narcissistic yet every marketer’s dream demographic striving to be caught.
While the term ‘millennial’ has earned an eminent place in the marketing buzzword hall of fame, it’s not without reason. According to a Morgan Stanley report of April 2017, India will have 410 million millennials, who will spend $330 billion annually, by 2020. With such figures, naturally every brand wants a slice of this pie.
Some would say targeting this younger generation is hardly a new thing. However, with soaring numbers, they’re the largest and most influential generation to date.
With 80% of them being tech-savvy and well-informed, millennials have thrown marketers for a loop because they don’t respond to traditional advertising. 84% of them do not trust it. TV commercials, radio spots and newspapers just do not resonate with them.
While this is a major shift for marketers, its high time brands expand their marketing strategy to a broader and diverse model.
Tips to Attract Millennial Clients
- They love experiences: Since millennials spend most of their time on the internet, it’s obvious they’re constantly bombarded with ads and content. These marketing messages almost have no effect on them. If brands want to lure this segment, they must focus on creating simple, tailor-made and delightful experiences. No matter what you’re selling, if you wrap an experience around it, it can be more valuable than the product itself. If your brand is successful in creating an experience that inspires this segment, they’re even likely to take a picture of it and post it on their various social networking platforms. They’re constantly on the lookout for something new, interesting, funny and exciting.
Coca-Cola created a powerful experience for their millennial clients with their #ShareACoke campaign. What better way to increase sales than to make bottles personalized to customers? The beverage brand’s soft-drink sales shot up to almost 2% after the launch of this campaign.
- Getting inside their daily routine: Did you know? Millennials love flexibility and mobility. They even tend to multitask. This desire for flexibility also means that millennials are generally very mobile and tend to work anywhere with an internet connection such as co-working spaces and coffee shops. While they do love their coffee, it’s more than a drink to them. It is indeed an emotional experience. The language millennials use and the attitudes they have indicate that they are deeply connected to coffee. Putting your brand on a coffee cup is a fool-proof way to influence their purchasing decision. As they sip their caffeine kick, they’re likely to stop and ponder on the message that’s imprinted on the paper cup. If your message offers an incentive, they may even react there and then.
- Utilise a multichannel communication strategy: Many brands believe that marketing to a millennial client is a one-size-fits-all deal. However, that’s never the case. It’s not necessary that whatever you do must be done online. From social media to emails to offline branding, create multiple touch points and make sure your messaging stays consistent. Remember, they have rewritten the rulebooks when it comes to brand marketing. While they seek unique experiences, they appreciate channels that are infused with creativity and innovation. Instead of shoving down paid-and-planted advertisements down their throats, focus on establishing a connection with them by utilising a subtle approach.
Owing to a diverse channel approach, Uber is one such brand has emerged as a millennial favourite. They have encompassed convenience not only in their service but marketing strategy too.
They’ve literally left no stone unturned in marketing to millennials.
They even ran a campaign on National Cat Day where customers could have cats delivered to their house using the Uber app.
In conclusion, Millennials are a powerful market. If your business is trying to target this segment, it is important to keep in mind that they respond to messages differently from other generations. The best practice is to understand what the market wants, and then give it to them. If you’re successful in establishing that connect, they will respond to your brand with real loyalty and passion.