Millennials are the most diverse in terms of political, religious and racial profiles. This segment of the population are probably the most educated and enlightened and millennials account for a sizeable population of tech savvy individuals, not only in the United States but globally. Viewing millennials from entrepreneurial lenses, they are the ones with a great margin of spending power as compared to other groups. These are individuals of independent mind and views and therefore any kind of marketing has to be executed in such a way that it is personalized. It has to speak to them at an individual level. There are a number of factors that companies and start-ups should take into consideration to deliver a marketing strategy that works with millennials.
Know who is the millennial
First, before any marketing strategy is formulated, the millennial should be identified. Who is a millennial? These include people in the age group of 18-34 years. They are different from those in the 35-50 age bracket as well as those in the 51-70 age bracket. So when developing a personalized marketing strategy, it is wise to know which methods speak to the millennials. This is a group that has been exposed to technological advancements and are bloated with technological information. The millennial is probably still studying, learning the ropes in their first job, has just settled down or is still unemployed. So they place a high premium on value, convenience and are looking to cut costs. Know who you are targeting.
Set your objectives right
Know what you want from the millennial. Learn their motivations so that you prepare the messaging and marketing strategy in line with what they appreciate and this should inform your overall business objectives. Do you want to attract them to your online store or do you want more visitors to interact with your website? Set objectives and devise ways to accomplish them.
For millennials, nothing is as personal as the phone. The phone is a critical part of their lives. They communicate, interact, consume information and make purchases through the phone. Make optimizing for mobile a top priority. Make the marketing strategy mobile friendly and relevant. Content should be tailored towards making sure that the millennials are able to take in information through their devices. Personalized content should be heavily emphasised to respond to the needs of this particular consumer.
Target millennials by empowering them
Millennials consume content that is genuine, authentic and empowering. This means that they want to consume content which they can share online by tweeting, snapping, commenting and forwarding so that they feel a sense of empowerment online. They like content that they are engaged by. This means that marketers have a responsibility to use words, images, personalities that can influence them. This attracts their interest which they can share with individuals of the same age group. Using their language empowers them and authenticates whatever the marketer is selling. Authenticity builds a brand relationship which leads to long-term loyalty.
Pay attention to specific needs
Setting up a social media presence is the first step of reaching out to millennials. Targeting millennials with personalized marketing is well organised on platforms such as Facebook, Twitter, YouTube and smartphone apps. Though that is not enough, companies have to employ marketing strategies which incentivize. This can be done through loyalty reward programs, discounts and special offers through those very social media platforms. Most social media users of this group have a strong sense of self and making the self an integral part of marketing works to capture the attention of millennials. And an important thing to know is that one size does not fit all. One has to create products that can generate interest in sub groups that exist within the millennials.
Focus on content
There is a misconception that marketing to millennials should be all glitzy and loaded with gimmicks. This is not accurate. Millennials want to be enlightened and informed on what they are buying. Studies conducted have shown that educational content builds brand loyalty over time. Focus on content that is geared towards the interests of millennials. Content that is honest and transparent is appreciated by millennials.
Create room for self-expression
Millennials have a need for self-expression and involving them in the product development phase itself can lead to greater success. This is different from the traditional approach where companies develop products and expect customers to come for it. Creating room for millennials to express themselves is a strategy that is increasingly on the rise. By crowd sourcing videos, sound-bytes and photographs and using it in marketing campaigns is a powerful strategy in marketing to millennials.
Show social impact
Millennials are most likely to deal with companies which have sound corporate social responsibility strategies. It is the responsibility of the marketing team to show and say what they have done to give back to the society. In this context, a study showed that millennials have high expectations and companies can meet these expectations by publicly sharing their values.