Connect with us

Business Marketing

10 tips for marketing to millennials

Millennial buying power is up to $200 billion, which makes them one of the most lucrative markets today. Generation Y should be a top priority for marketers.

Published

on

gen z womens history month millennial

Don’t roll your eyes just yet

Marketing successfully to a specific audience isn’t always easy. Knowing your target audience is only half the battle for moving product and making a profit.

You also have to market toward that demographic in a way that appeals to its members’ particular tastes and wishes. Millennials have proven to be a particularly choosy group.

bar

It’s a quarter of the buying power

Millennials, also known as Generation Y, encompass Americans age 18 to 35. There are currently 80 million millennials in the U.S., which equals a full quarter of the population.

Furthermore, their buying power is up to $200 billion, which makes them one of the most lucrative markets today. These statistics dictate that Generation Y should be a top priority for marketers.

10 tips for reaching Gen Y

As you seek to make them a more prominent goal of your marketing efforts, here are a few worthwhile tips to remember.

1. Renting beats owning
For the most part, millennials prefer renting over owning, which is a powerful fact for marketing. When given the choice, most millennials would rather pay full price to purchase or rent something when they need it rather than own it. This new “sharing economy” orientation can be useful for directing your marketing efforts.

2. Organic products move
The greener and more natural, the better. Today’s generation is all about saving the environment and reducing carbon footprint. If you truthfully market products as being clean and Earth-friendly, it gives you an initial foot in the door with these consumers.

3. Interconnectivity is a must
Smart technologies were invented when these customers were kids, which means they grew up expecting them in both marketing and products. Integrate interconnectivity into products when possible, and select marketing strategies that bounce off each other.

4. Authenticity sells
Millennials spend approximately 25 hours per week online, and much of that time involves reading content and viewing multimedia that informs and entertains. Because they have so much experience in the market, they can tell when you’re being fake in your advertising efforts, and it’s a major turn off.

5. The focus is on fun
Instant gratification and memorable experiences score high for most people in their 20s. When they interact with companies and their content, they want to enjoy the process. They crave the experience of shopping sometimes more than the purchase itself, so everything from the layout of your website to the pop-ups should be geared to entertain and please.

6. Build responsively
If you’re targeting millennials, you can’t escape responsive design. As of now, more than 85 percent of millennials in the U.S. own smartphones and use them daily for Internet browsing, social media, shopping, and more. When they encounter a website that’s not optimized for the small screen, they don’t stick around.

7. Social groups generate leads
Traditional styles of marketing rarely apply to this younger generation. Targeting social groups is one of the best ways to appeal to your audience and generate leads. Generation Y tends to have a strong attachment to social media and the identities they’ve built there, so it’s wise to market aggressively to that group.

8. Engagement comes with relevance
If you want millennials to engage, you have to be relevant. Reference current events, trending topics, and evergreen articles to help consumers solve problems and encourage them to engage with your content. Continue the conversation through social media, forums, emails, comments, and any other forms of communication.

9. Involvement makes them feel special
Approximately 42 percent of millennials said they wanted to help companies develop their products and services. These people don’t understand limitations; they want to see their grand ideas come alive in new products. When companies enable their fantasies, they love them all the more.

10. Content marketing rules
Videos, photographs, memes, infographics, gifs, blog posts, white papers, ebooks, and other forms of multimedia will always hold a special power for millennials. The content companies provide offers the kind of entertainment this group craves.

Stick with what works for you

Content marketing has been going strong for nearly 130 years, and it will continue to convert for the foreseeable future. Stick with what works when you’re marketing to millennials, and you’ll see the profits follow.

#MarketingToMillennials

Larry Alton is an independent business consultant specializing in social media trends, business, and entrepreneurship. When he's not consulting, glued to a headset, he's working on one of his many business projects. Follow him on Twitter and LinkedIn.

Business Marketing

How a Facebook boycott ended up benefitting Snapchat and Pinterest

(MARKETING) Businesses are pulling ad spends from Facebook following “Stop Hate for Profit” social media campaign, and Snapchat and Pinterest are profiting from it.

Published

on

Phone in hand open to social media, coffee held in other hand.

In June, the “Stop Hate for Profit” campaign demanded social media companies be held accountable for hate speech on their platforms and prioritize people over profit. As part of the campaign, advertisers were called to boycott Facebook in July. More than 1,000 businesses, nonprofits, and other consumers supported the movement.

But, did this movement actually do any damage to Facebook, and who, if any, benefited from their missing revenue profits?

According to The Information, “what was likely crumbs falling from the table for Facebook appears to have been a feast for its smaller rivals, Snap and Pinterest.” They reported that data from Mediaocean, an ad-tech firm, showed Snap reaped the biggest benefit of the 2 social media platforms during the ad pause. Snapchat’s app saw advertisers spending more than double from July through September compared to the same time last year. And, although not as drastic, Pinterest also saw an increase of 40% in ad sales.

As a result, Facebook said its year-over-year ad revenue growth was only up 10 percent during the first 3 weeks of July. But, the company expects its ad revenue to continue that growth rate in Q3. And, some people think that Facebook is benefitting from the boycott. Claudia Page, senior vice president, product and operations at Vivendi-owned video platform Dailymotion said, “All the boycott did was open the marketplace so SMBs could spend more heavily. It freed-up inventory.”

Even CNBC reported that Wedbush analysts said in a note that Facebook will see “minimal financial impact from the boycotts.” They said about $100 million of “near term revenue is at risk.” And for Facebook, this represents less than 1% of the growth in Q3. However, despite what analysts say, there is still a chance for both Snapchat and Pinterest to hold their ground.

Yesterday, Snap reported their surprising Q3 results. Compared to the prior year, Snap’s revenue increased to $679 million, up 52% from 2019. Its net loss decreased from $227 million to $200 million compared to last year. Daily active users increased 18% year-over-year to 249 million. Also, Snap’s stock price soared more than 22% in after-hours trading. Take that Facebook!

In a prepared statement, Chief Business Officer Jeremi Gorman said, “As brands and other organizations used this period of uncertainty as an opportunity to evaluate their advertising spend, we saw many brands look to align their marketing efforts with platforms who share their corporate values.” As in, hint, hint, Facebook’s summer boycott did positively affect their amazing Q3 results.

So, Snapchat and Pinterest have benefited from the #StopHateForProfit campaign. Snapchat’s results show promising optimism that maybe Pinterest might fare as well. But, of course, Facebook doesn’t think they will benefit much longer. Back in July, CEO Mark Zuckerberg told his employees, “[his] guess is that all these advertisers will be back on the platform soon enough.”

Facebook isn’t worried, but I guess we will see soon enough. Pinterest is set to report its Q3 results on October 28th and Facebook on the 29th.

Continue Reading

Business Marketing

Cooler temps mean restaurants have to get creative to survive

(BUSINESS MARKETING) In the midst of a pandemic and with winter approaching, restaurants are starting to find creative and sustainable ways to keep customers coming in… and warm.

Published

on

Outdoor eating at restaurants grows in popularity.

Over the last decade we have seen a change in the approach to clientele experiences in the restaurant business. It’s no longer just about how good your food is, although that is still key. Now you have to give your customers an experience to remember. There are now restaurants that feed you in the dark, and others who require you to check all your clothes at the door. Each of these provides an experience to remember alongside food that ranges from good to exquisite, depending on your taste.

Now, however, the global pandemic has rearranged how we think about dining. We can no longer just shove people into a building and create a delectable meal. If you’ve relied mostly on people coming into your restaurant, you may struggle to survive now.

The new rules of keeping clients safe means setting things up outside is the easiest means of keeping large numbers of them from crowding inside. Because of this, weather has become a key influence in a company’s daily income. Tents that were a gimmick before, only needed by presumptuous millennials, are now a requirement to keep afloat. People are rushing to make their yards into lawns that bring some in some fancy feeling.

The ties to the sun in some areas are so strong that cloudy days have been shown to drop attendance as much as 14% for the day. This will become the more apparent the colder it gets. For me, I always mention hibernation weight in the winter, when all I want to do is curl up and eat at home. Down here in Texas we are already finding cooler weather, drops into the 70s even in August and September. We are all assuming a cold winter ahead. So, a bit of foresight is finding a means of keeping your guests warm for the winter ahead.

San Francisco restaurants have started with heat lamps during their cooler evenings. Fiberglass igloos have also been added to outdoor seating as a means of temperature control. A few places down in the Lonestar state keep roaring fires going for their outdoor activities. While others actually keep you running in between beverages by encouraging volleyball matches. This is the new future ahead of us, and being memorable is the way to go.

Continue Reading

Business Marketing

Healthcare during pandemic goes virtual, looks to stay that way

(BUSINESS NEWS) Employment-based health insurance has already been through the ringer with COVID-19, but company healthcare options are adapting for long term.

Published

on

Stethoscope with laptop, showing healthcare going virtual.

Changes in employment-based health insurance may end up costing employers more, but will provide crucial benefits to workers responding to the healthcare challenges presented by the COVID-19 pandemic.

According to a recent survey by the Business Group on Health, a member-driven advocacy organization that helps large employers navigate providing health insurance to their employees, businesses will increase access to telehealth, mental health resources, and on-site clinics in the upcoming year.

Besides the obvious impacts of the coronavirus itself, the effects of the COVID-19 pandemic have also rippled out to affect other aspects of public health and how we engage with medical care. With so many people staying home to reduce their in-person contacts, there has been a significant increase in the use of telehealth services such as virtual doctor’s visits. According to the survey from Business Group on Health, whose members include 74 Fortune 100 companies, more than half of large employers will offer more options for virtual healthcare in the upcoming year than in the past.

The pandemic, resulting economic fallout, and dramatic changes to our lives have inevitably exacerbated peoples’ anxieties and feelings of hopelessness. As we move into cold weather, with no end in sight to the need to socially distance, this promises to be a particularly dreary, lonely winter. Mental health support will be more necessary than ever. In 2019, 73% of large employers provided virtual mental health services. That number will increase to 91% next year, with 45% of large employers also expanding their mental health care provider networks, making it easier for employees to find the right the therapist or other mental health service provider, and making it easier to access those services from home, virtually.

In addition, there will be a 20% increase in employers offering virtual emotional well-being services. Altogether, 9 out of 10 of the employers surveyed will provide online mental health resources, which, besides virtual appointments, could also include apps, webinars, and educational videos.

There has also been a slight increase the availability of on-site clinics that provide coronavirus testing and other basic health services. This also included an expansion of resources for prenatal care, weight management, and chronic health problems such as diabetes and cardiovascular disease.

These improvement won’t come free of charge. While deductibles will remain about the same, premiums and out-of-pocket costs will increase about 5%. In most cases, employers will handle these costs, rather than passing them on to employees.

Continue Reading

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!