by John Egan
Millennials now represent the country’s largest generation, with nearly 80 million Americans falling into that category. And marketers are itching to reach this group, whose annual spending power is estimated at $200 billion.
But the marketing techniques that appeal to baby boomers and Gen Xers don’t necessarily apply to millennials.
So, what’s a marketer to do in order to attract millennials? Scrap any one-size-fits-all approach and delivery messages tailored to that group.
Of course, that’s easier said than done. But it certainly is doable.
One way you, as a marketer, can get up to speed with the millennial segment is by learning more about this huge chunk of the U.S. population.
A session at LeadsCon Las Vegas 2018 will offer a mini-course in the millennial market. During a session titled “Marketing to and Working With Millennials,” Jason Ashman of HomeExpert, Will St. Clair of Zillow and Dan Green of Growella will offer insights into millennial-friendly marketing techniques designed to boost lead generation initiatives.
Ahead of that session, here are six insights that can help lift your millennial marketing efforts.
1. More than two-thirds of millennials use two electronic devices every day.
“Millennials are ever-evolving and embrace technology and social media fully,” according to GenAge Marketing. “Videos, animation, apps and engaging social content are essential to reaching this growing demographic.”
2. Millennials want to consume hyper-targeted content.
GenAge Marketing says the key to millennial marketing “is personalization and having easily sharable content.” Millennials prefer user-generated content over traditional marketing content, the marketing agency says.
“The key to connecting with this generation is listening to their needs,” GenAge Marketing says, “and using it to connect through their preferred channels and languages.”
3. Millennials are cause-driven.
An article published in 2017 by HuffPost underscores the fact that millennials embrace brands that support causes.
“With social awareness firmly stamped into the psyche of this powerful market segment, companies need to change the way they do business to keep up with the trend,” according to the HuffPost article. “Millennials are used to convenience and authenticity, but they don’t like companies who choose profit over purpose.”
According to Cone Communications research cited by the American Marketing Association, millennials are 60 percent more likely to engage with brands that discuss social causes than those that fail to do so.
4. Millennials really do like email.
It’s contrary to their image as social media and texting fanatics, but millennials don’t mind email.
Research released in 2015 by software company Adobe found that millennials are more frequent users of email than any other age group, with 70 percent checking email from bed, 57 percent from the bathroom and 27 percent from behind the steering wheel.
Adobe recommends that marketers double-down on email as part of a cross-channel strategy.
“In the case of email campaigns, less is often more; relentlessly pressing send on massive lists only adds to consumer email fatigue,” Adobe says. “Instead, marketers should revisit their tired tactics and consider how to make email more mobile-friendly, sent at a more timely moment, or made more dynamic and contextually relevant.”
5. A lot of millennials aren’t urban dwellers.
Research from Zillow shows nearly half (47 percent) of millennial homeowners live in the suburbs, just as many of their parents did. Why, though, are millennials drawn to the ’burbs?
“One big reason for the popularity of suburbs is cost. As urban cores have soared in popularity, so have the price tags on urban homes,” Zillow says. “To afford bigger homes, and to find the shared amenities they like such as community gyms and pools, many millennials are willing to live farther out.”
The reality that close to half of millennial homeowners live outside America’s urban cores means the marketing messages that resonate with these suburbanites might not align the messages that resonate with their city-dwelling counterparts.
6. Millennials aren’t necessarily better off in gigantic cities.
Some millennials may be mesmerized by the bright lights of the big city, but it might not be in their best interest to set down roots in places like New York City and Los Angeles.
A 2017 study by Growella, a personal finance website, came up with the 13 best U.S. cities for millennials to thrive, and neither New York City nor L.A. made the list. Here’s the baker’s dozen that earned top scores in the Growella study:
Albany, New York
Charlotte, North Carolina
Des Moines, Iowa
Durham, North Carolina
Greenville, South Carolina
Syracuse, New York
“Millennials can move anywhere they want,” says Green, who founded Growella. “And, in many cities, it’s possible to earn a very high income. But what you earn is not the same as what you take home.”
For marketers, this information suggests that while urban amenities might appeal to millennials, not every millennial is destined to succeed in a metropolis. Therefore, it’s important to think of millennials in terms of geography, not just broad demography.
Translation: Millennials are not cookie-cutter versions of one another, and they’re everywhere across the country, not only in urban settings.
Click here to register for LeadsCon Las Vegas 2018.