As the most educated and mobile generation, millennials (Generation Y) may be one of the most difficult generations to target. According to CEB Iconoculture, the millennial generation has a market size of 75.7 million with an estimated buying power of about $1.68 trillion. With a market size that large, companies need to begin looking at the unique values and spending patterns of this generation to create more effective Generation Y marketing. Companies that do not adjust their millennial advertising strategies to better fit the needs and desires of this demographic will have difficulty competing in the online marketplace.
Who is Generation Y?
Though this generation is sometimes complex and difficult to target, looking at millennial values and behaviors helps companies better understand how to reach and engage this powerful market:
- Millennials are putting off major financial commitments such as marriage, having children, buying a home, and living on their own.
- Millennials are more cost-conscious and less brand obsessed than previous generations, as many will purchase non-preferred brands when they are on sale.
- The millennial generation is one of the most mobile, and many of these buyers make purchasing decisions from their mobile phones.
3 Ways to Connect Through Millennial Advertising
Attracting and retaining millennial buyers requires companies to gear their marketing techniques to the values and lifestyles of this generation:
1. Appeal to their values. In order to reach this generation, it’s essential that your generation Y marketing focuses on the values that these buyers hold most important – passion, diversity, sharing, happiness, and discovery.
2. Reach them where they are. Reaching this audience goes beyond just offering a positive experience on your website. Companies must also engage and delight buyers on the social media platforms that their customer base is most likely to frequent.
3. Provide value. Millennials do not want to feel like they are being sold something. Instead, they respond best to companies that build a relationship. The best way to do this is to provide content that adds value through insightful and helpful information.
Reach More Millennials
Companies that don’t adjust their approach to better reach millennials will be missing out on an important part of the market. The USA TODAY NETWORK in Nashville, Tennessee helps companies develop a strategic millennial marketing plan to better reach these buyers. Contact us today to find out more.