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Marketing To Millennials

By Anna Johnson

Baby Boomers hold 57% of the wealth in the U.S. and are at peak buying power. With that in mind, is there a reason we never seem to stop hearing about Millennials?

Millennial is a term used for those born between 1981 and 1996, coming of age in the 21st century. As Millennials enter their 30s and 40s, often with student loans or young children, they haven't reached their full buying power compared to Gen-Xers or Boomers. Nonetheless, there are multiple reasons to target this generation in your advertising.

1. Millennials Make Up a Quarter of the Population

Yep, you read that right. Even though as a group, they haven't reached their full buying power, their current buying power still eclipses that of other generations due to their vast numbers. Because they make up 25% of the population, they have an estimated annual buying power of a trillion dollars, which makes them a lucrative market!

2. Millennials Want To Keep Up With The Joneses

Millennial market research by Daymon Worldwide suggests that 29% of Millennials buy the same brand, which makes for a much lower brand loyalty score compared to previous generations. Millennials often buy brands that are trendy now, or to support whatever the latest fad is. Brands are constantly competing to keep their buyers happy, leading to the need for marketers to keep their advertising fresh.

3. Millennials Use Technology for Everything

Almost all Millennials (nearly 100%) use the Internet. This is attractive to brands that use technology to advertise, and sell goods and products. Pew Research found that 9 out of 10 Millennials have a smartphone. With widespread device ownership and use comes a higher likelihood of consuming web content, giving rise to different modes of marketing.

4. Millennials Are Always Online

Millennials spend an average of 242 minutes online or using apps per day and they're craving content-driven media. They're scouring websites, blogs, and social media feeling empowered by discovering content… Also, Millennials share, like, pin, tweet, snap, forward, and comment on content to impart their sense of empowerment to the online community. Make sure your advertising content gets that like!

5. Millennials Have Ditched Traditional Media

Magazine ads, direct mail campaigns and radio spots do not impress Millennials. In their minds, these campaigns are impersonal and company-focused, filled with logos and void of any real substance. This generation demands more customer-driven, personalized marketing. Only 1% of Millennials say a compelling advertisement builds trust or makes them want to purchase.

How do you market to Millennials?

1. Create a brand built on trust.

Millennials are focused on people, not profits.

2. Make a connection.

Millennials like to "keep it real." Be a positive force for change in your marketing!

3. Be Socially Responsible.

Millennials like to "keep it real." Be a positive force for change in your marketing!

4. Offer Multi-Platform Marketing.

Sure, almost all Millennials own a smartphone, but give them an impeccable experience across several different platforms.

5. Make It Shareable.

If you aren't able to post a picture of your Starbucks coffee, did you even order any?

Marketing to Millennials can be summed up in the words of a true Millennial:

It's lit = Your ads are compelling!

Fire = This product or service is awesome!

On fleek = Advertising perfection.

Don't be basic = Make sure you stand out from your competitors.

Slay = No one can compete because you are number 1!