Millennials – the youngsters known for selfies, social media, and being hard to market to. Is your brand struggling to get a stamp of approval from this generation?
Let’s first take a moment to understand what makes them unique:
– There are currently around 80 million millennials in the US, spending $600 billion each year, and projected to reach $1.4 trillion by 2020.
“In 2020, we project millennial spending in the United States to grow to $1.4 trillion annually.” – Accenture
– They are constantly connected – on a daily basis they are using their laptops, tablets, and mobile devices to visit and communicate via various social platforms, making them the first true digital generation.
– They are celebrating large milestones in their lives, such as graduating college, getting married, having children, buying homes etc. – all while living – and spending – in the digital age.
So, what do millennials like?
- Transparency: Millennials want to know every aspect of your brand and don’t want to be left in the dark.
- Authenticity: Millennials want a real conversation between brands and individuals. They need to see and feel the personality behind a product or business in all of its communications.
“62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer. They expect brands to not only be on social networks, but to engage them.”- Forbes
- Positive brand experiences: Millennials are all about creating experiences rather than owning things they may not need. If you can inspire them and help them feel good about what they are doing and buying, then you are doing it right!
- Shareable content: Millennials want to hear what their peers think and are willing to digitally share their knowledge/opinions with others in return. “For 95% of millennials in the US, friends are the most credible source of product information.” – SocialChorus
- Making an Impact: Millennials want to see good in the world, and they want satisfaction knowing they contributed to it.
- Mobile-friendly: Millennials are always connected, if you’re not mobile-friendly…then why should they engage with you?
- Brand loyalty: Millennials are loyal to you if you are loyal to them; once you get them hooked, they’re potentially customers for life.
Many brands have successfully connected with this generation through thoughtful strategy and compelling content. Let’s explore and learn from some of the brands doing it best.
Millennials love aligning with brands that make them feel like they’re doing good, and Toms does just that. Their One for One® approach is built on the idea that if you purchase one pair of shoes on their website, another pair will be donated to someone less fortunate. Through this approach, they have been able to give away 60 million pairs of new shoes to children in need. Through One for One®, millennials can take a small step toward improving lives and inspiring others to stand up for a good cause. All of course while remaining stylish. The Toms blog has become a great place for millennials to explore the stories and features of people like themselves making an impact. In short, Toms has successfully created a philanthropic, yet creative and engaging culture, allowing customers to share their experiences and help raise awareness.
Millennials love exploring new places from a local’s perspective. By having an insider’s guide, you can avoid tourist traps and embrace a city’s true culture. Airbnb has flipped the travel industry upside-down by allowing travelers to stay in the houses/apartments of a city’s residents, as opposed to needing to stay in a hotel for the duration of a trip. Airbnb has also tapped into the millennial market by utilizing shareable content, inspiring millennials all over the world to get out there, explore and share at a more reasonable cost.
Uber uses technology to help users get to where they want when they want, all at the click of a button. Uber is great for millennials who want a night out but don’t want to worry about driving to and from their destination. UberPOOL is a feature that has been implemented recently, allowing users to share their ride with others for a more cost-effective option by matching them with others heading in the same direction. Users can also earn free rides when they invite their friends to sign up and use the app for rides.
Millennials love sharing their positive brand experiences, and GoPro nails it. Go Pro is a versatile camera that allows users to clip the device onto equipment, such as mounts, helmets, handlebars, backpacks, head straps, and much more. It helps millennials capture and share their real experiences through creative, shareable content. The brand thrives off of inspiring people to get out and create their own adventures for the world to see. Their Instagram account is built on utilizing the community’s content, sharing their experiences through GoPro lenses. They continuously increase their millennial following by engaging with customers and providing a positive brand experience from start to finish.
Now that you know what millennials want, when they want it, and how they want it…what are you waiting for?