Throughout modern history, businesses have made a special effort to reach young people, as these people typically have the most money to spend on consumer goods and services. Never has this been more important than now. According to Gallup, millennials not only make up the largest portion of today’s workforce, but they are also worth a trillion dollars in consumer spending.
The problem is that millennials have many traits that differentiate them from previous generations of young people, making it difficult for businesses to properly reach them. This article describes some of the best ways that your business can reach millennials and reap the benefits of having them as customers.
1. Appeal to Millennials’ Desire to Save Money
You might think that millennials would be the least interested of all groups of people in saving money. But you would be wrong.
Even prior to the coronavirus outbreak, there were indications that millennials were saving more money than previous generations, which is the result of them earning 20% less than what their parents were earning at this point in their lives. But the virus has only exasperated their desire to save.
According to a new survey of millennial spending and investment during the coronavirus pandemic, not only are nearly 70% of millennials spending less than they were before the pandemic, but close to half of them expect to spend less even after the pandemic ends. The survey also found that 60% of millennials are more concerned about their finances than they were before the virus struck.
Businesses should use these facts to their advantage, by offering products and services that will help millennials save money and become more financially secure. They should also market their products and services.
2. Move Your Business Online
Millennials are the first generation of people that grew up entirely during the age of the Internet. So, they are used to doing all sorts of things online, including buying products and services. In order to reach these people effectively, it is vitally important for you to move your business online.
Moving your business online entails a lot more than just setting up a website. If possible, you should enable eCommerce on this site, too, so that visitors can buy what your company sells directly online. It is also important for you to create useful and relevant content on your site. This is how customers will find your site, by searching for information that your content will provide.
You further need to develop a presence on social media, as many millennials spend lots of time there and they often make purchasing decisions based on information that they find there. To develop this presence, you need to create useful content on sites such as Instagram and market this content. A good way of doing the latter is by engaging the services of important influencers that can encourage the purchase of whatever it is your company offers.
You may additionally want to consider developing smartphone apps, which can showcase your company’s products and services as well as the useful content that you have created on your website. You can even enable eCommerce on these apps as well. At a bare minimum, you should make certain that your website is fully optimized for viewing on phones and other mobile devices.
3. Be Socially Responsible
Gallup has also found that millennials are very socially conscious and that this affects how they spend money. According to Gallup’s research, more than 70% of millennials are willing to pay more for products that they perceive as sustainable. This relates to the fact that close to 70% of millennials feel that climate change is a serious threat to their well-being.
In the aftermath of both the coronavirus pandemic and the social upheavals relating to the killing of George Floyd, you can be certain that the purchasing of socially-responsible products and services is even more at the forefront of the minds of millennials.
So, it is important for your business to not only offer sustainable goods and services but also that you always act in a socially responsible manner. You should further broadcast these actions as part of your ongoing marketing efforts.
Just because millennials may be more difficult to reach than previous generations of young people, does not mean that they are impossible to reach. By following the suggestions detailed in this article, you can develop them into customers, not just now but also well into the future.