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According to the Merriam-Webster dictionary, millennials are those who reach young adulthood in the early 21st century. But for some, they are more than just the “new generation.” They are the target consumers of many brands today. But what exactly is the reason behind this? What makes them so special than other age groups? And what is it with them that can fuel the growth of your business? Find out the answers to your questions and see why it pays to invest money in marketing to millennials.
Growth Potential
When you hear the word “millennials,” the first thing that usually comes to mind is young adults or people who are still enjoying their youth. Most of them might not even have a stable income yet. But why does it seem like more and more marketers and business owners are focused on getting their attention?
While older generations have more stable incomes, it is undeniable that Millennials are not only the largest demographic but they also have long-term potential which most people want for their businesses. Although the personal finances of this new generation are not the most attractive right now, they are on their way to having good purchasing powers and it will reward your business if you already have their loyalty as early as now.
However, don’t get too caught up with marketing to millennials because you might neglect the needs of your older consumers. Every customer is important and knowing how to balance your attention will allow you to have loyal customers for years.
But If you want to get the hearts of millennials, then you ought to know that they are people who do not give into advertisements that easily. And this just makes them an even more challenging demographic than other generations.
Marketing Approach
Since millennials are more tech-savvy than older generations, it is easy to understand that you can get their attentions through new marketing techniques. Social media is one of the most convenient platforms where you can have the opportunity to reach out to them. However, it is more than just getting their attention or personally connecting with them.
Unlike other age groups, millennials are more open minded and they do not follow the norms of the society. Instead, they do their own research and make their own opinions. It is not enough that you interact with them a lot; you should also be able to promote your brand in a way that won’t make them feel manipulated. Once you get the balance between your promotions and brand awareness, millennials will feel encouraged to act and patronize your brand.
Brand Loyalty
Even though Millennials are always looking for new trends, they are still loyal customers especially if you can offer exceptional products and services. Price is one factor that might cause millennials to switch or to be loyal to your brand. Other factors include having a website that is mobile-friendly since they are always with their smart phones. Recommendations from friends can also be a huge difference maker. However, the most important thing to remember is to build an authentic, share-worthy brand that people from all ages will not hesitate recommending to their peers.
