Millennials are actively spending money, buying literally everything, and are the main consumer group for all market segments. According to GallupMillennials not only make up the largest portion of today's workforce, they also provide trillions of dollars in consumer spending worldwide. And you might think that they are least interested in saving money. But this is a misconception.
Throughout modern history, marketers have made a special effort to reach young audiences, as they traditionally spend the most money on consumer goods and services. The problem is that millennials have many traits that set them apart from previous generations of young people, making it difficult to effectively access their budgets.
Given all the recent economic turmoil, this has never been more important than it is now.
There is no time or opportunity to be wrong. Our communications must be as accurate and convincing as possible. I would concentrate all approaches to a priority audience for most businesses into three broad principles.
A call to the desire of millennials to save money.
Even before the outbreak of the coronavirus, there were signs that millennials were saving more money than previous generations of their age, as there was no economic crisis in their lifetime that taught a new generation to consciously plan their budgets. And when the international outbreak of the virus joined the already traditional economic instability, adding completely new challenges to business, this only strengthened the desire to save, save and optimize spending.
According to the latest study on spending and investment during the coronavirus pandemic, almost 70% of millennials are willing to spend lessthan before the pandemic, and almost half of them expect to spend even less even after it ends. Polls showed that 60% of millennials are even more concerned about their finances than they were before the virus hit economies around the world.
Businesses should use these facts to their advantage by offering products and services that help millennials save money and become more financially secure.
Concentrate your communications on the Internet
Millennials are the first generation of people who grew up in the Internet age. Therefore, they are used to doing all sorts of things online, including buying goods and services. In order to effectively reach these people, it is vital that you move your business online. Moving your business online entails much more than just building a website. If possible, you should enable e-commerce on this site as well so that visitors can buy what your company sells directly online. It is also important for you to create useful and relevant content on your website. This is how customers will find your site by searching for information that your content will provide.
Next, you need to develop your presence on social networks, since many millions of people spend a lot of time there and often make purchasing decisions based on the information they find there. To develop that presence, you need to create useful content on resources like Instagram and market that content. A good way to do the latter is to bring in the services of influencers who can help buy what your company has to offer.
Alternatively, you may want to consider developing smartphone apps that can showcase your company's products and services, as well as the useful content you've created on your site. At a minimum, you need to make sure the site is fully optimized for viewing on phones and other mobile devices.
Be socially responsible
Gallup also found that millennials are very socially conscious, which affects how they spend their money. According to research Gallup, more than 70% of millennials are willing to pay more for products they perceive as green. After a pandemic and social upheaval, you can rest assured that the purchase of socially responsible goods and services is a priority, so it is important for your business not only to offer relevant goods and services, but also to act in a socially responsible manner. You should continue to broadcast these activities as part of your ongoing marketing efforts.
That millennials are harder to convince than previous generations of young people does not rule out their weaknesses and preferences to work with. Yes, they think, read and hesitate more before buying something. And yes, they are committed to conscious consumption. But they still have common human desires that give us a lot of opportunities for communication and stimulation of their loyalty. It is important to speak with them in the language of their needs and meet their expectations.