There is no denying that the consumer demographic has changed over the last few decades. While other generations are still an important part of the economy, millennials’ influence has grown by leaps and bounds. In fact, according to Strategy, Canadian millennials have an estimated income of $225 billion.
These statistics mean that business owners like yourself need to reevaluate their marketing strategies to make sure you’re meeting the needs of your new audience.
What’s a Millennial?
Millennials, also known as Generation Y, are considered to be people born between the 1980s to early 2000s. They drive the latest must-haves in food, fashion, music and more, making them one of the most important factors in market trends.
Ease your way into your new millennial marketing plan by trying these five essential starting tips.
Essential Marketing Tips
1. Use Social Media
Growing up surrounded by traditional advertising has made millennials wary of typical mediums like television, radio and print. They expect brands to work for their business, and while using social media can take time, it’s worth the effort.
Spend the time to always include interesting pictures (or at least beautiful stock photos) with your posts on Twitter and Facebook. Curate an Instagram account made up of gorgeous photos relating to your product or service. Build a conversation with your customers by connecting with them one-on-one. And remember, if you’re not able to hire a marketer specializing in social media, you can always pre-schedule your posts using Hootsuite or Buffer.
Customers can see that you’re committed to them through your social media efforts, which shows them that you care about them, not just their buying power.
2. Treat Them Like Individuals
Millennials are often characterized as non-conformists, so it makes sense that they want to be engaged with brands that make them feel valued as individuals. If you empower them by giving them some control over your product or service, you’ll see that they’ll come back to your business over and over again.
Customizable meals, personalized makeovers and individualized experiences are all ways you can make your customer feel special.
3. Cater to Curiosity
Millennials are intellectually curious. With globalization, the rise of the Internet and advances in technology, they’ve been exposed to an incredible amount of information and experiences. Because of this, and their technological aptitude that lets them share their likes and dislikes, exciting new products and services trend faster than ever before. If you offer something innovative, you’re more likely to catch the interest of this influential demographic.
4. Create a Look
Young adults in their 20s and 30s respond strongly to a brand’s “look” and atmosphere. Today, it’s important to consider what their purchasing experience is like, so that your customers will respond to it and come back again. Vintage-style barber shops, hyper-modern computer stores and themed restaurants all take advantage of this marketing approach.
We use vibrant colours, great music, bright lighting and hire positive people who are genuinely happy to be part of our team. This creates a fresh, positive atmosphere and it works – because that’s what our brand is, who we are and how we want our customers to feel.
Are you taking advantage of Small Business BC’s wide selection of seminars for entrepreneurs and small to medium-sized business owners? Master the art of social media with Mhairi Petrovic of Out-Smarts Marketing Inc and learn how to market your business effectively to millennials.
Space is limited, so don’t miss your chance to register today.
Plus, don’t forget that you can meet one-on-one with an expert to get specific information that applies to your business by booking an appointment with Small Business BC’s Ask the Expert service now.