The term “Millennial” has become a ubiquitous blanket term for a generation that at times, to the non-millennial, seems like a terrifying amalgamation of every internet obsessed, hipster nightmare ever conceived. As of late, this generation, comprised of 21-35 year olds, has become a major target consumer base. This attention from nearly all industries has marketers and companies alike scrambling to come up with strategies to win their patronage (and dollars), with varying degrees of success.
For all the business owners and startup founders out there who have yet to factor in this target audience, or for those who are just genuinely curious about this new fanged beast you’ve heard so much about, here are 4 ways to market to (and overcome your fear of) the millennials. Taking the time to think about this demographic will bring vital eyeballs to your product if you are mid-development or just getting started.
They Like Authenticity
Millennials like to feel good about their purchase, and value socially impactful and locally produced goods (sometimes even at a premium). They want to know that their opinions are making an impact through brand interaction, and will in turn endorse brands that do this successfully. Having and being attentive in your social media interactions is a start.
Many of them have graduated or will graduate into an economy that just experienced extreme economic turbulence. Coupled with rising housing costs, and student loans, this means they’ll be on the lookout for deals. Given the omnipotence of the Internet and smartphones, this generation has the right technological savvy and resources to find them without compromising quality, and at minimal effort to boot. Being genuine about your product quality and competitive with your pricing will go a long way.
They Value Community
The advent of social networking has allowed this generation to form a myriad of communities spanning continents and socioeconomic statuses. Technology is trusted and allows them to share and express themselves. They desire the same atmosphere from their physical communities, demonstrated through an increasing rate of urban dwelling among this generation. For those who own physical storefronts, creating an engaging atmosphere will earn you points.
They’re People Too
Comprising 24% of the United States population, this generation is diverse and very educated. Likewise, they will seek products that reflect and environments that reflect and respect this diversity. Although recent economic downturns have affected their opportunities, they remain optimistic and highly entrepreneurial in their pursuits. Ultimately, it’s important to keep in mind that like any other generation, millennials like quality products and services at a great price. Let your product and great customer service do the talking and you’ll be just fine.