Marketing to American Millennials in 2014
copyright, 2013, Debbi A. Ballard All rights reserved worldwide.
Marketing to American Millennials in 2014 will be done successfully by those who first take the time to understand that unique segment of the U.S. population. Smart marketers will examine the available research that analyzes the over 80 million Millennials in the U.S. who collectively represent an estimated buying power of over one trillion dollars.
It doesn’t matter if you are a merchant, a network marketer, an affiliate, etc., to reach the Millennials (age 18-36) using various channels and platforms online or offline in a way that can dramatically increase profits, you must understand how they want to be reached and what they want to hear from you.
Research on American Millennials
Barkley, an ad agency, released a valuable report on this group based on research they conducted in collaboration with The Boston Consulting Group and the Service Management Group. You can get this complimentary Millennial research report here.
The report, along with other studies, found that Millennials had the following characteristics:
- tech savvy
- approachable
- love to use technology as a way to have fun
- overall just enjoy looking to have fun and adventure
- are very concerned about being healthy, fit and looking their best
- like to search for and use coupons and loyalty reward programs
- embrace a strong entrepreneurial spirit*
- are cause oriented and like to feel good purchasing from a certain brand but will leave to buy for another brand if discounts/rewards are offered by that other brand
- authentic and genuine
- text messaging and social media reign supreme with them
- eager and willing to share (online and offline) word about the experiences they have had with products/services they’ve used
- the level at which they participate in sharing the word about a company and its products/services is proportionate to the high or low “shareability factor”
According to Jeff Fromm from Barkley, the intensity of the “shareability factor” is distinguished by…
a) how the company and its product/services are seen as disruptive to the status quo
b) how well the company elicits good feelings from the Millennial relating to a cause he/she supports and that which is also supported by the company
c) how authentic and genuine the company is perceived
There are many lessons to be found and applied based on this research and many other research reports my network marketing consulting firm has examined.
Ten Tips on Marketing To American Millennials in 2014
Based on that research along with my firm’s analyses and insights, here are my ten tips on marketing to American Millennials in 2014.
1) Don’t engage in hype and phoniness but DO think about being
genuine, fun and adventurous in your marketing campaigns.
2) Mobile marketing must be utilized in attracting and engaging this group. They use their smartphones primarily for text messaging, social media, searches such as looking for discounts, coupons and/or rewards before purchasing, etc. They are not using their smartphones primarily for calling their friends and family members. Look to attracting them and engaging them using the tools, platforms and channels they prefer to use.
3) Continue to be creative in your marketing campaigns but understand that the creativity should be used to enhance the marketing message, the storytelling behind your brand. Content across all channels should have consistent, clear genuine messaging. It should convey not just product information but information about the causes that you support. There should also be illustrations about how you are shaking things up in your industry with your brands and the way you do business. Examine the “shareability factor” of each message you convey.
4) Since Millennials are eager to give feedback about your brand and help you create your next new product, invite them to participate in surveys and focus groups. That input can help guide you in developing your next product or service offering that targets that group.
5) Develop a loyalty program if you don’t currently have one. Doing so can help to retain Millennials as customers since they like to receive rewards. In addition if your competitors don’t have loyalty rewards, you can gain an advantage in garnering new customers as well.
6) Consider using coupons and other forms of discounts to attract Millennials as new customers and retain current customers.
7) Be careful not to alienate other generational segments such as Baby Boomers, Gen-Xers, etc. in the way in which you conduct your campaigns targeting Millennials (particularly if you already have customers for various brands you own who are from those other generations).
8) Stay true to your core philosophy, your culture, the way you want your brands to be perceived. For example, if you’re thinking about having a Miley Cyrus clone doing ads and promotions to sell your products to Millennials, you may want to think again.
9) Like all generational research studies, results given are not applicable to everyone in a particular group. So remember that not all Millennials are serious about supporting worthwhile causes and not all Millennials are engaged in using over the top profanity in their online and offline conversations.
10) There are great opportunities for firms (including merchants with affiliate programs and mlm network marketing firms) that tap into the strong entrepreneurial spirit embedded in the typical Millennial. Get them involved now in your firm’s business or marketing opportunity (network marketing, affiliate marketing, etc.) before your competitor does. If you treat them well and secure their loyalty, they can help you to dramatically increase your base of loyal customers and your bottom line profits now and into the future.
Since health and fitness, looking one’s best, and useful technology are so important to Millennials, those firms marketing breakthrough products/services in those areas, will be particularly attractive to Millennials looking to run their own independent marketing businesses.
*Philip Springer, the Chief Investment Strategist for Personal Finance, reported that a Rasmussen College survey found that 60% of Millennials aspire to be entrepreneurs. He also reported that another study by the Kaufman Foundation stated that already 30% of today’s entrepreneurs are Millennials.
Infographic on Millennials
Here is an infographic on Millennials that can also provide you with additional research to help in your marketing to Millennials.
Also make sure you’ve read one of my most popular posts on how you can spread the word by being remarkable as the information directly relates to this post. If you haven’t done so yet, try to do so as soon as you’re done reading this post.
So what are your plans on how you’re going to market to American Millennials in 2014? Please share your comments below. And if you found this information helpful, please bookmark and share and like this post on Facebook and Twitter. Here’s to a fabulous 2014!
About the Author: MLM Consultant, Expert Witness, Author, Blogger, Speaker and CEO of International Network Liaison Corporation...but more importantly, wife, mother, daughter, aunt, cousin and friend.
