Also known as Gen Y
Understanding each audience helps us craft the right message on the right channels, and a deep demographic dive is especially important if young people comprise a big portion of the audience you market to. For marketers and business owners, understanding the nuances and personality quirks of each generation is part of the fun — and part of the challenge.
Born around 1981 to 1996, Millennials are in the age range of 25 to 40. They are one of the 6 generations you are selling to. Each generation has its unique attributes, and each has some specific emotional components that you need to understand when marketing to them.
Only 50.5% of Millennials say they are particularly loyal to a certain brand. It should come as no surprise considering how e-commerce has widened their choices, along with various price comparison tools and special deal websites that are competing for their attention.
With an estimated purchasing power of about $600 billion, Millennials don’t rush into spending all their dollars with one brand. So, how can you build an effective sales funnel for this crowd?
Read on to get to know the essential pillars of success for such an endeavor.
You need to think about how you can tap into the existing private conversations if you want to spread your brand. The Center for Generational Kinetics has discovered that Millennials prefer to communicate in this order:
Keep this hierarchy in mind both when outlining your sales and marketing funnel, and when you think of customer support as well. Self-help portals can not only reduce the overall customer service costs but improve customer satisfaction rates as well.
So, how do you retain their attention and loyalty? Turn your brand into a helpful resource.
Saying that your product is the best out there or that it is the cheapest one will get you nowhere– a Millennial won’t just buy into that or can easily prove the opposite with a quick Google search. Instead, you should focus on educating your customer as to why your product is the best possible option for them specifically. Pet their ego. Talk about their unique pain problems and how your company can help them solve them. This strategy is universally applicable to any kind of product or service out there:
Millennials have higher expectations for customer service and the customer experience — and they’ll pony up the cash for it. In one recent survey by Salesforce, 66% of Millennials said their standard for the customer experience was higher than ever.
Deliver value and get your brand spread by what is called a “second customer”- people who may not have purchased your products yet but fell in love with what you are doing and trumpet the horn for you all the time on social media and other platforms.
3. Blend in the emotional component. Millennials care deeply about more things than other generations– economic inequality, animal rights, water contamination, recycling, and a bunch of other socially important causes. Millennials were an optimistic generation that’s often seen as being pandered to by parents and adults in their lives. Evidence: the proverbial millennial participation trophy.
Do you think the Starbucks Red Cup controversy was ever possible if not for millennials who love to voice their opinions? Gathering them to rally for a similar cause and bonding over it is another smart move to win their affection. This could be played two ways:
Everyone is tired of ads offering them the magic pill. With dynamic pricing, social media retargeting, and other smart marketing tactics, consumers are constantly feeling chased and duped by ads.
Millennial moms are particularly leading this change as 86% of them admitted that they don’t mind paying more for a completely transparent food product. In fact, up to 73% of surveyed consumers don’t mind paying more if the manufacturer discloses everything on the label.
So, what exactly goes into the demands for brand transparency?
Apart from the obvious food/cosmetics industry, the transparency card could be played for almost any niche.
For service-based providers that stands for disclosing all the involved processing/recurring fees well before the checkout; clearly outlining terms and conditions in plain English and being transparent about the kind of customer data they collect and store.
If you fail to deliver “what’s in it for them” from the very first line, you may never get a second chance. Good marketing slogans are important, but not in the way they used to be, a.k.a. to show how great you are. Instead, yet again, they should immediately convey what value is in it for the customer and entice the user to slow down and pay attention to what you are going to say.
Let’s take a few popular ones as an example:
Selling to Millennials is easier than you think as long as you are capable of tapping into their mindset and accepting the motives behind their decisions. The hard-core advertising era is coming to an end–today you need to put a bit more effort into your sales funnel to win over the Millennial’s mind.
What are your thoughts on selling to millennials? Are you a millennial? Would love to share you thoughts and ideas.
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