It was easy to run a successful business a few years ago. You could create a product, set up a marketing strategy, and wait for crowds to buy it. However, the arrival of the millennials has complicated the entire equation. It has never been that easier since the arrival of the millennial generations, which have thrown off the old marketing strategies. Research has revealed that the largest sector of U.S consumers comprises of the younger generation, which will soon make up half of the U.S population. As such, any business ignoring millennials might be missing out on a lot of sales opportunities. Furthermore, the younger generation doesn’t put much emphasis on the nature of a product or service as the older generation. Instead, their focus is on the value that a product or service provides. Below are ways millennials are changing the way brands market their products and services.
If you want to reach Generation X, just focus your efforts on mobile optimization. Recent studies have shown that over 85% of millennials own smartphones and are always connected to the internet. As such, a mobile-optimized website is critical to seeing success in today’s digital business world. Note that Generation X demands convenience and value its time. As such, young consumers don’t like to wait in long queues or go through a complicated process. Millenials will quickly abandon your brand if your web pages aren’t easy to navigate, user-friendly, and mobile optimized. Furthermore, your search engine ranking is likely to be downgraded if your website isn’t tablets and smartphones optimized.
Young consumers are inherently distrustful, especially of top brands. As such, companies need to be transparent to get in touch with the millennials. In fact, young consumers demand to know what you’re all about. Let them see how you relate to your employees and how you encourage their efforts. You could create a blog where employees voice their concerns and share their thoughts. For example, millennial will skew towards a company that gives humanitarian support to people in need. Young consumers want to spend their money on a brand that goes beyond monetary value.
Enhanced User Experience
Young consumers don’t want to buy a product or service and use it right away. Instead, they’re looking for a brand that promotes user experience. For example, when someone walks into a bank, he or she won’t just choose an insurance policy, pay for it and walk out. Instead, bank marketing strategies are designed in a way they demonstrate how best to use various insurance products. Moreover, all Apple apps are synced to add value to other devices the buyer might already own. That helps build a loyal customer base and take the buying experience to another level.
Use of Rewards to Encourage Loyalty
Millennials are believed not to be loyal to brands. However, that’s not always the case because they tend to be loyal to any brand that recognizes their loyalty with rewards. Reward programs have proved successful among young consumers in the travel industry. While Generation X values quality, it doesn’t want to concentrate all its efforts on it, either. Young consumers tend to be chic and savvy. They want a hotel to provide 5-star accommodations at a relatively low price. That’s when rewards programs come into play. You can use rewards such as a complimentary meal or free rooms to convince young consumers to stay loyal to your brand.
Brands spend a lot of money on marketing campaigns each year. However, many companies often forget that millennial consumers can’t buy a product or service just because they saw it on an advert. Instead, young consumers research thoroughly, scour social media and ask friends before making their purchase decision. In fact, millennials value thoughts of their fellow consumers than a company’s advertising strategy. Young consumers will refer their friends to your brand and convince them to buy it if they genuinely love it.
by: Lee Flynn