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2016-11-10 00:00:00MarketingEnglishMarket to Millennials: Millennials are known by several names- like Gen Y or the Net Generation, that followed Generation X.’t be Afraid to Market to Millennials

Don’t be Afraid to Market to Millennials

4 min read

Millennials are known by several names- like Gen Y or the Net Generation, that followed Generation X. They form a varied set of consumer profiles that comprise of people who range from 16-year-old students to 30-year-old family men. Currently, millennials are the world’s most powerful consumer block. It, therefore, becomes essential that your small business has a strategy in place to market to millennials.

Videos have emerged as the number one medium to utilize on social media platforms with YouTube as the most preferred social media video channel. Video-sharing platforms like Vimeo and YouTube drive a larger engagement through social media channels than other forms of content. Millennials are more prone to engage via video and social media as they can engage with the brand on a more personal level.

Millennials are more active on social media than in person. This could be a great way for you to engage, involve and reach out to them especially through platforms like Instagram and Snapchat. This would help you focus on growing productivity, reach and build a greater association with your millennial clients and employees.

With Snapchat, you can collaborate with influencers to create fresh and engaging content for millennials. Get creative and don’t be afraid to use those funky filters. On Instagram, you can increase your reach and develop brand ambassadors that can market your product through images and short videos. And if like most businesses you aren’t getting traction on Facebook, turn to Facebook Ads. Facebook Ads will enhance your small business engagement on social media with the right brand message, images and targeted audience. This will enable your small business to drive growth through the best social media marketing practices. Post regularly, keep it short and above all else, entice with brilliant imagery.

Millennials have changed the way we do business. Arundhati Bhattacharya, Chairperson of SBI stated that millennial customers no longer interact with their bank from a traditional channel perspective. Millennials use bank mobile apps and third-party services like Paytm, and online payment gateways through NEFT and RTGS. Look at how you can reach them through an app by using ads in an app.

Kurian Kallarakal, Lead Tax and Welfare CoE Capgemini India explains, “Millennials go online and look for products and services which they can buy rather than using traditional forms of media and networking. They require products and services that they can purchase with quick turnaround time. Information flows much faster to Millennials than traditional modes of reaching out.”

Kurian adds that there needs to be a system where the older generation needs to create a dynamic system of engagement. We operate in a world which is quicker and faster and unconsciously our needs and wants are categorized through pop-ups and social media ads.

A recent survey suggests that 84% of millennials distrust traditional advertising. This is due to the phenomenal growth of digital media with social media accounting for 22% of all marketing reach. Millennials are more prone to buying products that have recommended reviews and insights from their friends and family.

When marketing to millennials, you must understand that they are more likely to make a purchase based on peer pressure, product engagement and how other millennials communicate about your business on social and online platforms. You need to reduce the communication gap between your business, the end consumer and your interactions.

Millennials make purchase decisions mostly based on your business’s online interactions and presence on social media. In terms of making an actual purchase, millennials are more likely to review content and previous posts by your business before deciding if they should go ahead with the purchase.

Your site should be mobile-friendly and comply with Google’s minimum standards. This helps your small business because you can create an improved user experience and enable millennials to make purchase decisions quicker through easily accessible payment options. With this mobile-first approach your business will not be limited to a single device and your product offerings can be easily shared with other millennial customers.

Millennials want to be a part of your brand story and brand personality. They associate with your brand if they find that they are a good fit and that your business provides value to them through your product offering. 40% are willing to pay more for products that accentuate themselves. Millennials feel the need to communicate with brands and befriend them in the process. They look to experience your brand, enjoy sharing business information, products and resources through word-of-mouth and be marketed to directly through social media engagement campaigns. 60% of millennials explain that they prefer brands that reflect their personality and style.

Your brand needs to mirror millennials and develop marketable, trustworthy and readily accessible products, easily available at their fingertips.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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