If you want to see your business succeed, then you have to start attracting millennials. According to the Journal of Business Research, this demographic already makes up 25% of the current population. In a few years, millennials will become the largest age group in the UK. This means that they will soon become the group with the largest purchasing power.
Millennials grew up during the height of technological innovation. Whether it’s their exposure to social media, global problems, or customer reviews—the advent of digital media has provided them with a lot of information that made them more discerning buyers. If you want to attract millennials and earn their trust, here are five strategies to look into.
Harness the power of social media
Instead of tapping into traditional channels like TV and radio, you’ll reach millennials much faster if you market where they’re at—social media. There are many ways to do this, from creating engaging content (like videos and infographics) to paying for sponsored ads. The former nets you more organic traffic and the latter will reach more people. Retailers can use either, depending on the goals of a particular campaign.
Empower influencers and brand ambassadors
Influencers are people or accounts with large followings, mostly thanks to a good rapport. If you want your product advertised to a specific demographic, then influencers are an affordable and effective way to go about it. Telemedia Online shared Influencer Intelligence’s annual report, which notes that 61% of millennial consumers have, at some point, been swayed into a purchase by trusted influencers.
When choosing an influencer to represent your brand, look at the kind of content they produce. This gives insight into the kind of people that follow them and how they engage with their audience. The influencer must align with everything your brand stands for.
Add some personality to your brand
If you want your brand to stand out, then it helps to add a little personality to it. Much like how a person’s qualities determine how others feel about them, a brand’s personality will shape how consumers feel about it too. For instance, you can tell interesting stories via photos and videos. Here’s an example from GoPro:
— GoPro (@GoPro) June 1, 2020
You can also add some personality to your posts. Here’s an example form Greggs:
The heart wants what it wants https://t.co/wjeWg7tse1
— Greggs (@GreggsOfficial) May 15, 2020
Millennials interact with your brand a lot in the netspace, so you need to utilise every opportunity to connect with them. Personalities make brands seem more human, making them much easier to like.
Make it mobile friendly
It’s no big secret that Millennials rely on their smartphones to complete daily tasks. This includes online shopping. True enough, Episerver’s latest Reimagining Commerce research report states that millennials shop on their phones more than any other generation. As such, it’s important that your platforms are optimised for mobile devices.
In line with this, businesses must also embrace mobile payments and cashless transactions, which younger generations prefer. This means embracing the latest payment trends such as cryptocurrency. Payments solution provider FIS Global outlines how crypto exchanges can help expand your market in order to accommodate these tech-forward consumers as well as increase your revenue. Cryptocurrency allows people to privately and more quickly process their transactions, and tech-savvy consumers like millennials are avid users of this platform. In fact, tech writer Laurence Bradford attests that this demographic is the top user of cryptocurrency today.
Advocate for sustainability
Digital media has made it possible to learn and engage in global issues. This made millennials grow up with strong ethical values. One of the biggest issues to date is sustainability. A Nielsen study found that 85% of millennials agree that it’s “extremely” or “very” important that brands show their concern for the environment. They’ll even be more inclined to buy from you if you do. There are plenty of ways you can advocate for the environment—from fixing your packaging, to investing in renewable energy. Big brands like Dell, Apple, and Coca-Cola are already making strides in this regard.
Millennials are hard to please. But once you’ve earned their trust, they’ll stay loyal to your brand for a long time. For tips on how to make your retail business survive these testing times, check out our previous article on ‘Selling Online in the Era of Social Distancing’.
Image Credit: [Pixabay] – No changes were made to the image