Being one myself, I can tell you that millennial consumers are an interesting bunch. But did you know that, according to the U.S. Census Bureau, they are currently the largest living generation in America? And that, according to Accenture, by the year 2020 they are projected to spend $1.4 trillion.
That's an astounding amount of buying power, and businesses large and small should should be thinking about how to capture the attention of this influential audience.
However, here in Southwest Florida, there is a strong focus on retirees and it seems many businesses believe they are the primary demographic buying houses, cars and other high-priced items. That’s simply not the case.
While retirees do have a strong impact on the local economy, millennials have just as an important impact.
Gartner, Hertz, Lee Memorial, and Arthrex are just a few of the companies that employ thousands of the 21- 35 year-olds in Southwest Florida. These millennials are well-paid and are establishing their families here, they are buying homes, cars and other big ticket items, not to mention everyday purchases like banking and financial services, dining, entertainment, groceries, gas, insurance, and much, much more.
What about your company? Do you have a plan to reach this influential generation? If not, here's some things to consider.
Research tells us that when it comes to spending, millennials favor experiences over possessions. Millennials are fueling the ‘experience' economy. According to a recent study by Eventbrite, millennials' happiness is defined by living a meaningful, happy life that is defined by creating, sharing and capturing memories earned through experiences.
Let’s look a simple example, the iPhone. Apple’s approach to marketing is all about the experiences that go along with and are enabled by their products. They rarely tout the iPhone’s tech specs, instead they show the viewer how the iPhone will play a central role and even enhance their everyday experiences.
Many businesses would argue that it’s all about price or convenience, but millennials value quality experience, and they are willing to pay more for that quality. Another bonus is that millennials are also active sharers, using social media to share their great experiences.
If your company can focus on selling a great experience that is enabled or enhanced by your product or services, you'll be able to engage this important demographic.
Here are three simple things to get you started:
1. Start by trying to engage millennial customers through social media, ask them for their tips and advice to see how they are using your products or services, this can provide invaluable insight to helping you better understand how your products and services can play a role in the ‘experience’.
2. Ask to take a selfie with your millennial customers and post it to your company's social media pages. Millennials LOVE tagging themselves in photos and sharing it with their friends, so be sure to let them know when the post is live and ask them to tag themselves.
3. Brainstorm about how you can position your business in a way that can resonate with millennial customers. Don’t try to be too clever or over think it. Shy away from touting the benefits and features of your products and services and instead demonstrate how those benefits and features promote a desirable experience or lifestyle. Leverage those experiences to increase their value. If your products or services are built around experiential components that added economic value will help win the hearts of millennial consumers.
If your company is looking to strategically market to millennials, we can help you. Contact us here and we can help your company stand out from the crowd.