For any brand cognizant of today’s world and peering at the horizon, resonating with Millennials is critically important to current and future success. While many brands recognize this, identifying and inventively catering to their values, wants, and needs can be a challenge. This generation doesn’t respond to traditional marketing tactics in predictive ways. New and creative models of brand-consumer interaction are required.
Millennials (noun): 1.7 billion individuals worldwide, composing 25% of the US population (at roughly 79 million), who are currently between the ages of 18 and 34. Millennials, who have on one hand been caricaturized as the “me me me” or “selfie” generation and on the other as the tech savvy, value-conscious, entrepreneurial, and highly collaborative generation, have the highest college attendance of any generation in history, with over 23% holding a Bachelor’s degree or higher. They account for an estimated $1.3 trillion in direct annual spending, only just beginning to breach maturity in buying power. By 2020, they will make up the majority of the workforce. By 2030, Millennials will likely outnumber baby boomers 78 to 56 million in the US. In summary, they are the future of the workforce and the consumer market and the people who are developing buying habits and values today.
Here we will investigate key characteristics of Millennials, reveal the most effective ways to engage them, earn their business, and earn their loyalty.
Millennials are digitally sophisticated
The Millennial generation has been raised in an age of extreme technological advances. They grew up alongside the Internet, cell phones, laptops, Facebook and Twitter. No steep learning curve here~ this all has been an immersive part of their daily life. So what does this mean for brands?
Millennials are demanding and digitally erudite. They expect immediacy and ease of use. They are highly adaptive to new technologies, with the highest numbers of early adoption of new technology compared to past generations. They want interaction and cohesion. They are impatient. With the influx of media that came with the digital age, millennials are predisposed to gloss over landing pages and mute video ads. How can you catch and retain the attention of a generation that is known for a short-attention span and little patience for advertising?
Millennials want to be inspired
Millennials are most receptive to messages that use role models or peer endorsements or relatable motifs. A brand that has strong and well-communicated values that align with a Millennial is one that the Millenial will invest more time on. Creating that desire to interact is crucial. The push model of advertising has been replaced by a need for conversation, where consumers feel connected and can become brand ambassadors.
Millennials need reciprocity
Ongoing engagement is necessary. Studies have shown that Millennials don’t like brands that explicitly “sell” to them. Repeat engagement stems from giving value to consumer’s lives: for instance, producing new, stimulating content, championing a cause, or educating consumers on a new feature.
Although general social media reciprocation is important, a lot of value and connection-creation is generated through other devices such as loyalty programs, special access to sales, and rewards, etc.
Millennials love a good deal
Millennials are often viewed as frugal but perhaps a more accurate description could be value-driven. Heightened by the browsing capabilities of e-commerce and the money-conscious tendencies imbued by the financial crisis and job market, Millennials tend to make educated purchases and take advantage of sales and promotions. 31% of their shopping dollars are spent on deals. And they’re discerning,they are not easily hooked by fake deals. This leads to the next pressure point: authenticity.
Millennials require authenticity
Millennials want to feel like informed and involved stakeholders, not just marketing targets. They also demand authenticity. In fact, Millennials are especially distrustful of advertising.Mashable.com states that user-generated content is 50% more trusted than traditional media and non-UGC content. An appearance of authenticity stems from being authentic, educating consumers on those firm values, and providing a forum for peer-endorsement and reviews. Millennials are well aware of the wealth of purchasing options out there and rely heavily on outside feedback in their decision-making.
Jebbit is extremely optimized to engage millennials
The Jebbit team is composed of Millennials: what better way to understand the Millenial generation than to be one? Our original business model was centered specifically around the Millenial audience and succeeded in growing a user base of 50,000 students across 3,000 colleges in the US in just over a year. We reached such a level of success because we understand Millenial needs and motives and how to appeal to them. Our current model works with many brands who are trying to reach this audience, and we help them do it with success.
Jebbit’s post-click technology:
1) Creates meaningful conversation and interaction between brand and consumer,
2) Can showcase brand value and authenticity through targeted questions,
3) Reveals product and marketing insights to better allow brands to meet consumer needs,
4) Is rewards-based, therefore creating real, tangible, and immediate “value” for the consumer, and
5) Is optimized for social-sharing.
To learn more, contact Jebbit or leave a comment below.