Marketing to Millennials is a subject of discussion in circles today. Also known as the “Y Generation”these potential customers were born in the time period between the late 1980’s to early 2000’s and currently make up approximately 25% of the population. They also account for about 21% of consumer discretional spending Figuring out how to increase this market share calls for leveraging demographic information.
Fifty percent of millennials are more willing to purchase from a company that supports a cause while thirty-seven percent are willing to pay more to do so. To capture their attention a business may want to look at developing a strategy that includes donating a percentage of profits to a charity. Or encourage employees to be involved with volunteering events that benefit the city. This shows company dedication to good will.
Millennials are 2.5 times more likely to be early adopters of new products and services. In technology alone, 56% will be the first to try new products. No matter what you provide consider implementing an out-of-the-box buying experience to appeal to this market group. A good example is the on-line order ahead applications that are appearing at many restaurants. It’s a good bet that millennials are one of the first and top users of this service.
Forty-six percent of millennials have more than 200 Facebook friends compared with nineteen percent of non-millennials. This can be a chilling thought as you add in the factor that 70% of millennials feel a responsibility to share feedback after a good or bad buying experience. This consumer is going to talk about what they purchased including the quality and level of service during the visit. They have an audience that will listen and who most likely have their own list of 200+ friends.
Is it no wonder why social media is playing such an important role in our current business climate?
The lesson is clear, strive to provide the best product and customer service but if something does go wrong don’t ignore social media posts. When appropriate, respond and mitigate the problem as best as possible.
This is just a few of the many demographic statistics that can help a business target the millennial generation. Research and study will take the mystery out reaching this potential customer base.