Understanding your market is central to success in any business and one of the most important target demographics is the millennials. Not only are they highly active online, they’re set to be the major consumers of the future. As a Sydney business, are you taking their special characteristics into account when developing your online marketing strategy?
So who are the millennials exactly?
Definitions vary from a person reaching young adulthood around the year 2000 to those born between 1983 and 1997. This covers students and young workers, a very important age group in terms of present and future purchasing power.
A Hard Sell
In one sense, millennials should be the easiest demographic to reach with online marketing. After all, they’re ‘digital natives’ who grew up with the internet and don’t need to be educated as baby boomers often do. However growing up in a digital networked culture also means that this age group is extremely savvy. They’ve been exposed to digital messages since they learned to read so they can tell the wheat from the chaff.
Authenticity is the key so you need to tap into their mindset, values and ways of thinking. You then need to align your brand and product offering to their special needs.
Financial Constraints
Though a group with growing purchasing power, their relative youth and the current economic climate means that they not free spenders as are the boomers. Student loans, unemployment, mortgages for young familes etc leads this generation to seek value in all transactions.
However that doesn’t mean they skimp. They happily patronise companies that offer good value and a sense of experience. Starbucks and Gap are just two of their favoured brands. Millennials tend to be extremely loyal to the chosen brands so they’re well worth cultivating.
Social Media Matters
Unlike the previous generation X, most millennials grew up with social media and it’s now a core component of their online decision making. Over half said they discovered new brands via Facebook so building relationships via social platforms and blogs is a must.
Content Issues
Having had access to unlimited content all their lives, you need to offer millennials a sense of adventure and discovery and alert them to items they haven’t found yet. Content should include drama, humour and storytelling, in other words a strong dose of entertainment. It should also mesh with their zeitgeist and reflect the culture in which they live.
Advertising
One positive characteristic of millennials is that they understand that the internet is a business. This means that they’re happy to respond to advertisements as the price to be paid for convenience freely available information.
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