As a business, your marketing efforts will shift depending on the audience that you are targeting. Developing an effective strategy takes relevant data regarding the makeup and behaviors of your audience.
There’s one group that is gaining more and more attention as their purchasing power continues to develop, and that group is the Millennials.
Born between 1980 and 2000, Millennials are approximately 25% of the global population. In the US, Millennials now outnumber Baby Boomers. While many Millennials may not have reached their full purchasing power yet, it won’t be long before they do. Smart businesses know that now is the time to begin targeting this group specifically.
In order to help make the most of your millennial marketing strategy, we’ve put together some key insights regarding this growing customer base.
1. They Are Digital Shoppers
When internet shopping first became a discussion, many people were fearful of ever putting their credit card information online. Over time, more and more people have built up trust in online shopping. However, Millennials have grown up with the internet and feel far more comfortable shopping online than older generations.
Currently, Millennials spend about $600 billion a year. That number was estimated to grow to 1.4 trillion by 2020. An even more crucial aspect is revealed in their shopping behavior. They are truly the first digital generation, and surveys have shown that are the most likely group to go online while shopping in a physical location.
Imagine how you might change your tactics for online and storefront to coordinate. If it is your product in the store you would want to line up your online strategy with your current sales and features. If you are not in a physical storefront, then being aware of your competitor’s retail offerings can help you determine exactly how to market against them. Remember that Millennials are very comfortable with Google, and many of them will do their research before making a purchase.
2. They Respond To New Social Media Features
Marketing tactics are always shifting. That was true before the social media was around, and it is still true within that medium. As marketers become accustomed to working within a platform their audience also becomes aware of their tactics and shifts away. This keeps a continual churn of new features on social platforms. In order to stay ahead, it is important to never become too comfortable with your marketing tactics and always be on the lookout for new features and how you can implement them.
Remember that the moment you have discovered a new social media tactic, your audience has already been exposed to it. How much and how long will make a difference, but be careful before simply jumping on the bandwagon. Take a moment to think about how your audience will react and the best way to make your marketing approach feel less intrusive.
3. Indirect Sales Equals Success
As each social media platform releases new ad features more and more marketers begin to implement them. The problem with this is that the audience becomes very aware of sponsored activities and may even begin to despise them. When the technology to fast-forward commercials was released people were excited to jump on board. Now, the majority of Millennials will skip a YouTube ad as soon as they are able, and some even have an ad blocker. While Facebook and Twitter ads are seeing some growth in interaction they are falling in shares, which is an important aspect of reaching a new audience.
While your traditional social media ad options are still valuable to a certain degree, in order to succeed you must be involved in content and influencer marketing.
Content marketing is successful because it puts the audience’s needs first. Instead of advertising at them, you are providing them will valuable information. More importantly, if you know your audience well you are giving them the information they want.
Influencer marketing is set to be one of the biggest growing spaces for 2017. Every social media channel has their own Influencers, and they can even be broken down regionally. The value of influencer marketing is similar to a celebrity endorsement, but the bonus with Influencers is that their audience not only feels more connected to them, but they also have an enhanced ability to communicate directly with them.
Either of these marketing methods will enhance your efforts, but implementing both is not just a good idea, it’s becoming a necessity.
Stay Engaged and So Will Your Audience
Marketing is an ever-changing landscape. It’s likely that is one of the reasons you got your start in this field. Once we feel like we have perfected a tactic our audience has shifted elsewhere, and this requires us to change our approach with them. Remember to always study your audience demographics and behavior, if your audience is older than the newest tactics may not work for them. But if you are trying to reach Millennials, then you will have to remain on your toes, and as in-the-know as they are.
To Your Best Online!
Ingrid Griffin, Internet Marketing Consultant. Blue Dress® Marketing, an Internet Marketing Company headquartered in Knoxville, TN. Internet Marketing Developed, Implemented and Managed to Full Circle! Organic Internet Search Engine Guru. Turn Key Internet Optimization Programs Placing You Everywhere and Anywhere You Need to Be Online®