Marketing to the Generations: Millennials
“Millennials expect to create a better future, using the collaborative power of digital technology.”
This is the fourth post in a four-part series about Marketing to the Generations
As you work on preserving the life of your business through marketing to various generations, don’t forget to reach out to the newest generation, the Millennials. The great thing about this generation as a target market is that most of them have not yet sought out the advice of a financial advisor, so there is a larger potential to grow your business while helping to meet the financial needs of this generation.
Millennials are the largest generation in American history, and they have immense spending power. As the holders of social currency, they determine what’s relevant and shape the way business is done online.
Many from this generation have never known life without the internet, and they value technology greatly. Technology has made it very easy for millennials to gauge their peers’ opinions, and they rely heavily on their recommendations. Communication is often informal among this generation.
Because of the wealth of information available at their fingertips, millennials pay attention to the events and trends that affect society. They focus on diversity and tolerance. They are also passionate about buying and investing for a cause.
Millennials are the most educated generation in the U.S. to date. This has had a great effect on the social norms of this generation. Due to pursuing more education, adult milestones such as marriage and having children have been pushed later into their late 20’s and 30’s.
How They’re Doing Financially
Due to the downturn of the economy in their lifetime and a job market that has not kept up with the vast number of college graduates with immense student loan debt, millennials are concerned with financial security. Many have had to downsize their dreams to make ends meet. These circumstances have made them reluctant to save and invest, and they will have to save more and longer than their parents. The lack of ability or desire to seek financial planning causes millennials to prefer convenient products over traditional ones.
How to Meet Their Needs
Pay attention to how you conduct yourself when trying to win over the business of a millennial. After reflecting on a meeting or two, you may realize the format of your meetings need to change. Business should progress as quickly and easily as possible to keep their interest. Millennials also greatly appreciate any free offerings you can give them.
As a generation that is accustomed to being able to find out most anything through social media and which communicates mainly online, protect your online reputation and let your involvement with social or environmental causes be made known. Transparency will win over a millennial. They will see through it if you try too hard.
We hope you’ve found this series of blogs helpful to your business. As you reach out to the various generations, we hope you are able to implement the tips you’ve learned here and find your interactions with the various generations to be personally and professionally rewarding.