According to a Viacom study there are 2.5 billion millennials (19-36 yr olds) worldwide, which contributes towards an estimated 170 billion dollars in buying power and who are set to make up 75% of the UK's workforce by 2020.
Millennials are the most technologically sophisticated and socially-conscious generation in history, that shares over 2.5 million pieces of content on Facebook, 350,000 tweets and 300 hours of Youtube video every single minute.
Millennials have an entirely different world view to previous generations. Growing up in an expanding world of choice and options has provided them with limitless possibility. What can be termed as the 'selfie generation' resides in a world saturated with information and a lack of brand loyalty, causing challenges for businesses that haven't yet conquered how to seduce the minds of their growing millennial audience.
With millennials predicted to have the greatest spending power of any generation by 2018, how can the businesses of today tailor their marketing for the trend setters of tomorrow?
Content is currency
A large number of millennials haven't known a world without the internet and social media, many are used to solving life's problems with a Google search, a Youtube tutorial or a chat with SIRI on their iPhones. Breaking through today's cluttered digital landscape to an audience that consumes information across multiple platforms and devices has become heavily reliant on the creation of show stopping content. In a study conducted by PwC, roughly 95% of this group states that their friends are the most credible source when it comes to a product/service review. As the first generation to engage with and share your content, creating marketing materials that are valuable and trusted enough to share, like and retweet has never been of more importance than it is today, with 74% of millennials heavily relying on their social networks for a final seal of approval before purchasing, its clear to see that word of mouth is far from dead. A study conducted by Yahoo and Tumblr also discovered that a millennial audience prefer content that is brief, entertaining, funny, fresh and informative, if your content can meet these requirements this group can feel more inspired to engage. Driving your marketing towards this audience is about being clear on what's in it for them and delivering your findings in a way that can catch their attention and win their trust.
Tap into their desires
Woo'ing a millennial involves tapping into the values that drive them. For many the traditional goals of a house, marriage and kids aren't as appealing as values such as happiness, passion, diversity and discovery. Researching what makes this audience tick and learning which elements of your business connect with these values can create the spark that takes your relationship to the next level, inspiring engagement; follow through on your calls to actions and loyalty to your business. Millennials thrive in a community that's built on connection and if you want your brand to go viral with this group the key lays in cultivating a relationship which caters to their desires. Learning what they value, what they buy and what they want in the future can elevate your business to meet the demands of a millennial consumer.
Get up to speed
With over 98.6% of this group owning a mobile phone in the UK alone, they're officially known as the mobile generation and for many a smart phone acts as an integral part of their DNA. With one in five millennials browsing the internet exclusively via mobile or tablet, the demand for using a desktop has decreased. Glued to their phones for social media updates, selfie uploads and shopping, if you want to reach them, it's mostly going to be via their smartphones. Ensuring that your website, landing page, and shopping cart is fully responsive and optimised has become more of a necessity than a luxury. Testing whether your call to actions are visible from a small screen and whether your file sizes are small enough for your audience to refrain from pulling a buffer face whilst streaming video, can guarantee that you create a fast, smooth and seamless user experience for this 'always connected' market. With a generation that has a short attention span, ensuring your marketing is mobile-ready is imperative if you want to capture their mind space.
Millennials are taking the world by storm and are set to be the future of our businesses. Leading your business through the evolution of this remarkable new generation and steering your marketing efforts to ones that align with their needs can set apart whether your business will have enough staying power to survive or be left to gather dust.