Now that millennials have become the biggest spenders in the US market, we need to step our game up to successfully get their attention. Times have changed and the 92 million millennials in the United States are in power in terms of the economy, so we better keep up if we want that kind of attention for our online businesses. Their unique lives are changing the ways we buy and sell, forcing companies to adapt to what they want. Creative Butterfly has done some research and come up with the following information:
So Who Are The Millennials?
These are people who were born between 1980 through 2000, which means they’re all of age in their big spending years, impacting businesses more than ever. But they aren’t all kids in college and they aren’t all in their first corporate job either. Millennials today could be anyone from an entrepreneur, to a mother with 3 children, to a construction worker. So as business owners, we cannot say that we are targeting millennials, because that could mean just about anything. So the first step in marketing to them is understand what kind of millennial you’ll be targeting.
In previous generations, it was all about the product and how to sell the product. But today, it’s about who you are as a company, what you support, what your purpose is, why you do what you do as a company. Developing a relationship is important to millennials and will only grow more important. Building businesses is simpler than it has ever been, especially online, so making yourself authentic and trustworthy is huge.
Go out of the way to be out of the box, and make them feel like you want to get to know them as an individual.
When your online business is marketing to millennials, you need to make them feel like your company wants to fulfill their specific needs as an individual. You can do this by making product options that fulfill different needs or even a quiz to help narrow down what they’re looking for and what product or service would best fit their needs.
If you provide online business opportunities. Millennials tend to be fairly money-savvy, so opportunities that suit them best tend to be business ideas with low investment requirements.
Buying Habits of Millennials
For companies that are selling high ticket items aimed towards millennials, know that they’re reluctant on committing to luxury goods, cars, houses, and even music. They’re not against spending money, but are not fond of having full ownership of things. Millennials have grown up in a time of rapid change so committing to owning something for the long term is a lot more difficult compared to previous generations. So, an option for your online business may be memberships that offer constant updates, renting, or sharing.
Speaking of large purchases, millennials are not finding previous “must-haves” too important anymore, like cars for instance, so it’s important to adapt to the mindset they have and focus on the things they do find most important in their buying habits
Millennials are using technology for almost everything they purchase, and only focus their money on the most user friendly platforms and stores with the lowest cost. So since convenience is now so important, make your buying process simple with up to date software and simple layouts, and be sure to have reviews, extensive information, live support, and quick shipping.
35% of millennials that are between the ages of 18-35 find that social media is important for a brand to have. If someone between that age range is interested in what you have to offer, chances are, they will refer back to social media to see what kind of business you really are. Keep your social media active with lots of additional information on your brand.
Health is one of the biggest topics for millennials and you can incorporate it in your online business. Being healthy to a millennial doesn’t mean not sick, it means eating clean, exercise, mental health, and positivity. They’re using apps that remind them to meditate or breathe deeply throughout the day, tracking their heart rate, and search the web throughout the day to figure out what is healthiest to eat.
Because health is one of the biggest factors in their lives, target that. Create a positive atmosphere in your online presence and create positive vibes for when they’re interacting with you. By promoting happiness, simplicity, and health can get lots of millennials to feel attracted to your brand.
The takeaway is that millennials are the biggest generation in US history and they’re in the technology age impacting the economy significantly. They want they think, live their lives and buy are different than any previous generation and online businesses everywhere need to take advantage of who the millennials are and how to target their every need. Online businesses have an advantage because of the progression of their buying habits, but to really captivate millennials, we need to progress with who they are.