Mostly identified as the group birthed between the early 1980’s and late 1990’s, a combination of Generation Y and Z, ranging between ages 18 and 34, Millennials are considered to be one of the largest and most influential demographics in America. The majority of research concludes Millennials differ from their generational cohort predecessors, and can be characterized by a preference for a flat corporate culture, an emphasis on work-life balance, products that accommodate and social consciousness the Millennial influence is here to stay. Whether you care to believe it or not what millennials want matters, and yes, it does affect your small business.
Adjusting to this Millennial revolution, many organizations are re-evaluating their marketing tactics and business’ priorities. According to Inc. Magazine, one company in particular that is growing from the Millennial population is Uber. Headquartered in San Francisco, California, Uber allows customers to use their smartphones to coordinate pickups and trips to different locations. It has become the go-to for transportation, and is often cheaper and more convenient than yellow cabs, trains, and buses. For a generation that wants to go places quickly and directly, despite it’s controversial criticisms, Uber has seen wild success. Uber’s 50 billion dollar valuation is proof that all small business owners should pay close attention to what Millennials care about.
Millennials seek experiences more than anything else. They don’t really give a care about materialism and traditional measures of success, instead they choose to focus their (considerable) disposable income on whatever activities and adventure contributes to their overall experience. To them, their ‘expert’ opinion starts conversation and they are willing to spend money on what will make them part of the shared conversation. They look forward to it. This is where marketing your product or service comes in. Millennials love brands no matter how big or small. Whatever they experience from said brand is one they post and talk about over and over again. If they like it, everyone will know about it. So, if you have a product or service that reaches them, you’re in luck.
What Kind of Products or Services Do Millennials Like?
It’s definitely not expensive watches, shoes, cars or flat screen televisions that’s for sure. Since a lot of their motivation has to do with whatever allows them to post photos on social media, it’s pretty safe to say that they prefer products like food and good cuisine, entertainment such as concerts, festivals, travel, art, yoga, social integration and inclusion, and products that are colorful. By colorful, I mean products or services that contain certain popular trendy words and concepts such as things that are organic, is about the turn up and having fun, contributes to Netflix and chill, feed the spirit as well as makeup and clothes. If your product or service stirs the senses and emotion in any way, it creates an experience.
How Can I Market My Brand Effectively?
When it comes to marketing your small business or brand to Millennials, I highly encourage chat. Social media is their biggest connection to world. As previously stated, they love conversation and being able to share their opinion. Knowledge is a form of currency to Millennials. They don’t just want to know about the product or service, but where and how it is produced, your business practices, how staff (if any) are treated and the personal character of the leaders running the company. When all those elements align, they are on board to try whatever product or service you are offering. This being said, you absolutely must market through social media and be available to chat or message at all times. If you can’t be available, hire someone who can. Brands that have a high social media presence, user-friendly website, and engage their customers with relevant, fresh content have a greater chance to impact Millennial purchasing decisions.
Also, don’t just sell your product or service, sell the actual experience. Your product should tell a story that transports customers to an environment they associate with relaxation and enjoyment. Provide web content or a theme in your shop to create the perfect user experience. Brands that adopt this strategy position themselves as an asset to the needs or wants of Millennials’, allowing them to become more than their products and services—they become the provider of an experience that this generation wants.
Above all else, seek to influence. By selling the experience as well as the actual product or service, creating a social marketplace for your customers. Millennials see value in a brand’s influence because it captures their attention and they will put their dollars behind it.
So, instead of shying away from this newer generation and questioning whether or not it’s worth it to market your brand of service to them, it’s time to start embracing new marketing strategies geared towards them for the future success of your business.
