If you’re a business owner, an event planner, or really, in business at all, you’ve probably already encountered the great debate: “How do I reach my Millennial demographic?”
Millennial – a word that still comes up in spell check (because it’s that new) has now become the pain point for many businesses who now rely on this generation to grow, sustain, and advance their businesses.
We wanted to define exactly what the Millennial generation is and why it’s so important to get them on board with your brand. We truly believe if you’re not putting your focus towards this demographic you’re ignoring the state of your company’s future.
Who EXACTLY are these Millennials?
-there is a little bit of debate on the exact start date and end date of the Millennial generation but pretty much if you stick to the belief that they lie somewhere in between the ages of 18-36 then you’ve defined the age range pretty spot on
Why do I care what Millennials think of my business/brand?
- As of April 2016, the Millennial generation was the largest generation far surpassing Generation X and the Baby Boomers with 75.4 million U.S. Citizens. As young immigrants come to America this generation is only projected to grow much larger. Twenty-five percent of America’s population is made up of Millennials!
- 21% of consumer purchases are made by Millennials daily. This means this generation has over a trillion dollars of direct buying power and they also have a huge influence on the older generations buying decisions (think Mom and Dad asking for their adult child’s opinion on their latest and greatest technology purchase)
- 53% of this generation already have children in the house! This means if you are anywhere near a brand or business that is targeting families or parents you HAVE to pay attention to the Millennial generation.
Okay, so you probably are starting to understand who Millennials are and why they are important to your business, but why is it that they have now become the hardest generation to convince to use your product or fall in love with your brand? Understanding how to get in front of this sector and what they are reacting and responding to is important in appreciating the paths towards winning their business.
What should I know if I want Millennials to be my customer?
- Purchase price isn’t necessarily the make it or break it with this generation. 50% of Millennials say they are willing to purchase a product or service to support a cause they believe in, even if they have to pay a little more
- As a business wanting to reach the Millennial generation your technology must be up to date and work. This generation has pretty much grown up with smart phones and the internet and they understand that a company investing in their website, apps and social media marketing is the sign of good company. Millennials don’t have the time or patience to wait for your website to load, go to the second page of Google to find your search result or call you to ask their questions. They want to know about you and they want to know now! 41% of Millennials do all of their internet searches on their phones and 56% say they are excited to be the first to try out new technology.
- Seeing how social causes and technology are important to the Millennial generation it’s no wonder that they want to connect with your company/brand via Social Networks. Over 46% of Millennials report having over 200+ Facebook friends, 33% of Millennials say their preferred communication with a company is social networking sites and 70% report feel a responsibility to share feedback with companies regarding a good or bad experience via social media sites.
The bottom line is that the Millennial generation is no longer one you can afford to ignore, however, it is also not a generation that is going to react the same way to your advertisements and marketing as past generations have. Your company/brand must focus on a strategy to bring this generation to the table otherwise, you can count on your company/brand going under the table!
The most dangerous phrase in the language is ‘we’ve always done it this way.’ – Rear Admiral Grace Hopper