Millennials take a lot of hits from older generations in the media. But what, or rather who, is a millennial? Contrary to popular belief, millennials are interested in more than just avocado toast. Constantly grouped together with the younger Gen-Z, millennials generally fall between the ages of 22-37. Currently, the youngest millennials are in college or about to graduate.
There hasn’t been a larger generation since the baby boomers. Not only are millennials quickly outgrowing previous generations, they’re about to reach their peak-purchasing years, making them a valuable demographic for marketers.
Now is the time to learn how to think and speak like a millennial, if not, your business is sure to get left behind. By 2020, millennials are expected to spend a total of $1.4 trillion. As marketers start to veer away from older generations and re-strategize with millennials in mind, here are a few of the latest trends to keep in mind going forward.
Capitalizing on User Generated Content
Long gone are the days of shelling out thousands of dollars for professional images to post on social media. If you want to impress a millennial, you need user generated content. Millennials trust user generated content 50% more than any other media.
If your business is still focusing on traditional advertising, now is the time to break away. Building your online presence is crucial in cultivating user generated content.
One of the most powerful social media platforms for user generated content is Instagram. And thanks to the repost option, it has never been easier to get fresh, aesthetically pleasing content from a consumer’s page to your own. Instagram is home to over 300 million users, over half of which fall into the millennial age range.
With the help of a branded hashtag, you can provide your happy customers with a quick and easy way to share their content with you. Whoever you’re getting your content from, make sure to give them a shout out — after all, they’re helping make your feed better.
The Rise of Influencers
Influencers are becoming increasingly popular across social media, especially with millennials. With millennials placing such a huge emphasis on word of mouth and recommendations, it’s not shocking that influencers are paving the way for marketers to increase their profits.
92% of consumers rely on referrals before making any purchasing decisions. With the increased transparency between influencers and online users, they are the key to getting new products into the hands of millennials.
The key to getting the most out of influencer marketing is finding an influencer who has a target audience similar to yours. It wouldn’t make sense to have a video game influencer try to push a beauty product to their audience.
Making a Positive Impact
Millennials are invested in making the world a better place economically, politically, and environmentally. Millennials are incredibly socially conscious and have begun calling upon businesses to help fuel change.
The most common ways a business can get involved and lead the way with social change is to partner with a non-profit, donating portions of your profits to charity, or donating items to those in need. 69% of millennials want companies to help make it easier to improve their community. By getting involved in either local or global issues, companies are able to 1) make a positive impact and 2) attract the business of millennials.
You may not know Love Your Melon by name, but you’d recognize their stylish beanies anywhere. This apparel company has become a hit amongst millennials because they donate 50% of their profits to help benefit children with pediatric cancer in the United States.
As the power shifts from one generation to the next, it’s time to re-evaluate marketing strategies. Just because it’s what you’ve always done, doesn’t mean it will keep working. Millennials are completely different from the generations before them. Traditional marketing just isn’t going to cut it anymore. If you’re going to win over the millennials, you have to learn to market to them. If your business isn’t willing to change things up for the newer generation, you’ll lose your consumers to competitors who know what the millennials want.