You probably already know that the Betsy Bash social media marketing team is a proud band of millennials just trying to make a difference in this crazy industry! Or you don’t and you are only on this blog page because your friend from spin class sent it to you and we may have already lost you, but stick with us, it gets good.
So, it’s the fall season. And you know what that means? Media everywhere is poking fun at millennials for their love (borderline obsession) of all things autumn. Check out our Instagram or Facebook to get on the action too. ;) With all of that unnecessary filler being said, our generation has been on our minds, and as marketers, we wanted to help other small business owners learn how to market and connect with those pumpkin-spice-crazed-sweater-weather-loving-fools, Millennials.
Who Are Millennials?
The millennial generation is generally defined as anyone born between the years 1981-1996. This makes our eldest members hitting the big 4-0 and our youngest smack dab in the middle of their quarterly crisis at the ripe old age of 25. This is important information because millennials are entering or are currently in their prime spending years. They also make up most of the global workforce, as baby boomers and even Gen X retire, and our Gen Z counterparts are still primarily in their school/college years.
As a business owner, it is imperative to consider what this generation is spending their money on, a hot tip; it’s not just avocado toast. In all seriousness, this generation came of age during a period of rapid change both technologically and socially. Due to this, our priorities in spending do not reflect the same desires of Boomers and Gen X. Rather our closest generational relatives would be Gen Z, so marketing to the millennial generation will also help lead you down the right path to connecting with our successors. For more information on the Gen Z mind, check out a former blog post, “Are We Chuegy?”.
How Can We Earn Millennials Hard-Earned Money?
First things first, millennials have less money than previous generations. Economic downturns, social and political instability, and job losses/shortages have left this age group with smaller salaries than previous generations. These factors contributed to the shifting millennial priorities; home/car ownership is either financially out of reach or delayed. Marriage and children are also no longer mandatory adulthood expectations. Ok, so how does this less wealthy, more independent generation want to spend the coins they have? How can you as a business inspire them to spend their budgeted income? We’ve got five tips to help you improve your millennial marketing abilities.
Help Others.
“About 71 percent of Millennials will pay more for goods that funnel some proceeds to charity, and 67 percent of that age group say it’s important that a brand they’re buying from has a charitable component”, according to the 2020 Consumer Culture Report. Millennials want to help the world, and thus they are more likely to buy from a brand that is doing good. As a business owner, consider what charities or organizations align with your brand’s ethos and be open about it. Show your potential customers that you care by donating and supporting important causes.
Genuinely Stand for Something.
This generation is active politically and socially, and they want their money to align with their values and priorities. If a CEO comes out in support of an issue that a millennial stands for, they will feel more confident and safe purchasing from that company. Millennials appreciate transparency, honesty, and strong beliefs. You can’t always make everyone happy, but you can inspire strong loyalty by being genuine.
Make it Easy.
Online shopping and convenience are key. This makes having a strong social media presence even more crucial. As one of the highest social media users, millennials often discover new brands, products, and services on their favorite platforms. When your product, service, or experience is discovered, make purchasing as easy and seamless as possible, and you’ll more than likely close many millennial impulse buys.
4. Focus on the Visual Appeal.
Make your product Instagram-able, and they are ten times more likely to share and become an advocate for your brand. Millennials also report making most purchases based on a friend or influencer recommendation. This is where “user-generated content” soars! If your product is lovely enough to get posted on my friend’s Instagram, my millennial FOMO kicks in, and I gotta have it! Learn more about social media strategies in our blog, “How to Build a Social Media Foundation in 4 Easy Steps.”
5. Learn What’s Important.
Millennials spend more on travel, experiences, and pets than any other generation. When you can’t afford a big house to lounge in, get out of it by traveling and having fun, unique experiences. Not interested or ready for children? How about a dog to obsess over? As a business owner, even if what you are selling doesn’t fall into these three categories, you can keep this in mind as you consider your marketing tactics. What makes your product a unique experience? Is your product time-saving or cost-saving for the jet-setting lifestyle? Can you feature a cute puppy or kitten in your content, please?
We hope this has provided you with some insights into the millennial mind, and as always, reach out to us if you have questions! We are always happy and ready to help another small business succeed. And if just thinking about tailoring your social media marketing toward the millennial generation has got you stressed, click here.