Running a successful business has never been easy and with Millennial’s now representing the largest sector of consumers (based on a US study) there’s a new set of challenges.
Millennial’s are now the most educated generation in history, and standard marketing campaigns are no longer relevant enough to work as a standalone marketing strategy.
One key challenge is that you can’t simply ‘sell’ products to the average Millennial. Marketeers have found that they place less importance on a good deal, than previous generations, and focus more on the values associated with an offering. It seems that companies need to tap into these values, or face an uphill struggle.
Millennial consumers tend to be focused on making their lives easier or ‘fixing a problem’. Tapping into that mentality has paid off in spades, for companies such as Uber, who streamline the experience of getting a taxi and changed that space entirely.
When a relevant value or need has been identified, the solution should be mobile friendly. Over 85% of this demographic own a smartphone and everyone knows how pivotal smartphones have become, to all sectors of society. User- friendly, easily navigated mobile apps are essential to accommodate ‘problem solving apps’. This also caters to this group’s insistence on convenience and lack of patience when waiting for products and services.
Another key value to be aware of, is that this particular generation are less trusting of large companies and corporations need to do considerably more leg work to get the desired impact.
They are also far more clued up about ethical and environmental practices and this needs to be taken into consideration. It’s a smart strategy for companies to blog regularly, giving themselves an approachable face and to keep their audience up to date with their efforts in ethical business practices. This has never been more important.
And finally, Millennial’s tend to do their research. A simple ad is not usually enough anymore. They ask around, they check reviews, they look at social media. Actively engaging with your audience on social media is one of the best ways to get advocates and if they spread the word, this will convert into more sales than a standard advertising campaign.
Renewing focus on customer experience, making yourself mobile friendly and paying close attention to the values of this demographic are now essential in any business. When this is done correctly it’s more likely to resonate and turn millennial’s into brand ambassadors.