One of the most coveted advertising and marketing audiences are Millennials. In order to create effective marketing strategies for this audience, it is important to understand who they are.
The Millennial generation was born in the US between 1981 and 1999, and the sweet spot are those with purchasing power, particularly consumers between the ages of 18-34. They’re characterized by being technologically savvy and extremely comfortable with nearly all facets of technology, especially social media. This is the generation that has grown up with computers and smart phones being commonplace. They are a much desired marketing demographic because, along with their technological prowess, they possess strong purchasing power, ranging from $900 billion to $1.3 trillion annually.
The majority of Millennials connect with brands through social media or apps, and more than three-quarters of these 80 million have created a profile on a social networking site. In the US, five out of those six Millennials connect with companies on social media networks.
Mobile marketing involves marketing strategies designed for smartphones and other mobile devices. Typically, these strategies involve ads in free apps, games, and mobile applications for social media sites.
That connection between social media and Millennials is where marketers need to focus their budget. Even more so if a brand has an affiliation with a cause. For instance, 40% of Millennials are willing to pay more for products and brands that are environmentally friendly. A brand that shows it cares is attractive to this generation.
For all their love of Facebook, Twitter, Instagram, and other social media sites and tools, Millennials may like a product, company, or brand all day long, but they have very low recall of brands in general. To be effective, advertising should be placed around engaging content or connecting with influencers. According to a HubSpot survey, 86% of Millennials are willing to share information about their brand preference online, making it a top personal identifier. As the “informed” generation, 73% of Millennials feel it is their responsibility to help friends and family make smart purchases. Offers shared by trusted advocates convert at a 4-10x higher rate than offers sent by brands.
Effective marketing strategies for the Millennial generation may seem elusive, but with an understanding of the target audience, creative thinking can lead to rich rewards. Whatever your strategy, remember that a generation built on technology, multi-tasking, and love of social networking has a powerful impact that is redefining marketing.