With an expected $2.45 trillion annual spending power by 2015, smart brands are evolving their marketing to reach the Millennial generation. Find out if your brand is taking the right steps towards intriguing Millennials and satisfying their thirst for engagement.
It's no wonder that marketers are having a hard time reaching Millennials. This generation is accustomed to instant gratification and continuous connectivity. Although many claim that the Millennial generation is comprised of lazy anti-consumers, it is becoming more and more apparent that this couldn't be further from the truth. Millennials have grown up in a world where it is possible to do multiple things at once; multitasking has become a normal way of life. Having the ability to watch TV, carry on a conversation with a friend through text messaging and check up on the latest news all in unison makes them anything but lazy.
Thanks to technological advances, Millennials are exposed to information overload. Before the internet, consumers would have no other option than to go to a store and buy products. Maybe a friend's recommendation or a TV advertisement would influence their purchase decision, but there was limited sources of information at consumers' disposal. Today, with online retailers, consumers have hundreds of online product reviews and advice from friends at their fingertips through social media. With options like these, this generation has evolved into researching gurus. Whether it’s reading reviews online or searching for the best price, Millennials do their homework prior to making purchases.
Companies won’t find success just by selling to Millennials, they now have to involve Millennials in their brand and engage with them. It’s all about building relationships with this generation, and social media makes that possible. Once Millennials feel a connection to your brand, there’s a greater chance that loyalty will follow.
The buying habits of this complicated generation pose the question, are you marketing towards millennials effectively? It is not necessary to step away from traditional methods completely, but it is important to integrate modern methods within your strategy to engage this group of consumers through social media.
First, start by listening. Monitor for discussions about your brand and services and begin to identify themes, consumer preferences, and common complaints and praises. Then, engage these consumers personally through your social media channels. Remember to be authentic and avoid canned responses; Millennials expect to speak to a real person and prefer to be talked to rather than talked at. When you come across favorable reviews, thank the contributors and share their posts with your community. This adds credibility, as this generation is much more likely to look to their peers for advice. Finally, consider leveraging your social communities as a focus group by including consumers in brand decisions. Ask what new products they would like to see or maybe even what they think of your new logo. By doing so, you will see increased interest in your brand from Millennials and you will distinguish yourself from those who are still stuck scratching their heads at this “confusing” generation.
Let BKV’s social media experts help you refine your strategy for reaching Millennials. Contact us today!