The buying power of millennials is expected to reach 1.4 trillion dollars, by 2020. These ten steps can help steer this driving market to your business.
Think Like a Millennial if you want to market to Millennials
Your focus should be to engage with them on relevant platforms including Facebook, Instagram, Snapchat, Twitter and YouTube.
Consider the Channels to Use
85% of millennials use smart phones. It would be wise to consider this an important channel. Your business should look good on any device. Use mobile responsive designs in your website and email marketing.
Deliver Value & Remember—Content is King!
Content marketing is replacing traditional advertising. Provide creative content that resonates with your audience. Examples include: images, videos, blog posts, or podcasts. Your content should position your business as a “trusted source of information.” You may wish to write a blog that offers solutions to problems that millennials face in your industry.
They Want to Hear YOUR Story
Convey your personality. Tell them how and why you started your business, your goals and challenges. Most importantly, tell them how they fit into your story.
The increased use of social media discourages millennials from “one-way” communication. However, it encourages “two-way” communication from the same group. This provides an opportunity for you to voice concerns and give shout-outs. Additionally, feedback should be encouraged and responded to quickly.
Embrace Your Cause
More than 90% of millennials prefer a brand that is associated with a cause. If your business isn’t supporting a cause, it should be. Tell your audience about it…it’s the type of news they want to hear and share through social media.
Listen to What Millennials Are Saying and How They’re Saying it.
Stay on top of what’s trending for millennials on social media. Paying attention to this will help you to understand and define your desired target market.
Because so many choices are available today, 92% of millennials read reviews. 88% incorporate reviews into their purchase decision. Encourage your satisfied customers to emphasize their experiences with your business. Personalized reviews like a video or audio review are far more authentic than written reviews. Transparency is critical; be honest and upfront with your customers & employees.
Flexibility is Crucial to Reach this Demographic
The fact is, millennials take “new technology” very seriously. This technology is constantly changing. Flexibility is essential. Be open to modifying your plans on a moment’s notice.
What does this all mean?
If you want your business to flourish, “listen.” If you’re listening skills aren’t very good; I suggest you hire a coach or consultant—“fresh eyes”—from outside your business to help you. Observe and be ready to change. Millennials are changing the way they do business—you should be ready to change yours, too.
A recent Columbia Business School research study concluded that, “those who are better listeners, are better at influencing others.”
Have a question? Ask Alan…
If you have a small business question email it to Alan: firstname.lastname@example.org. Questions may be combined and answered in an upcoming column of “Ask Alan!”
Alan Adler is an Executive Coach, Business Consultant & Speaker. He’s worked for Westinghouse Broadcasting, as a producer/director and with senior management at AT&T, as a corporate spokesperson. Additionally, Alan has been an entrepreneur, creating and growing his own business, Alan Adler & Associates. As a result, he knows management, media and marketing. Alan specializes in helping entrepreneurs through mid-sized businesses, improve profitability. He lives in Huntersville, NC with his wife Mindy. They have two grown children, two adorable grandchildren, and a rescue dog named Bentley.