This isn’t news: Millennials currently drive marketing. But even knowing that, you may not be sure how to harness their purchasing power. They’re stereotyped as lazy, mysterious, and cheap — but none of that is true. And believing that puts you ahead of the curve as a marketer.
A “Millennial” is anywhere between 23 and 38 years old right now: the exact demographic that most marketers target to spread the most influence, build the best brand, and make the most sales.
- They spend $600 billion in the United States per year
- Spend two-thirds the amount that Gen X and Baby Boomers spend on entertainment
- 94% of Millennials use coupons, look for deals, use digital formats
- 54% of purchases made online
- 40% refer to testimonials/reviews BEFORE purchasing
Altruistic and charitable
- The average Millennial spends $600 per year on charitable causes, despite highest rate of student loan debt, stagnant salaries, and rising cost of living
- 81% of Millennials expect companies they partner with/buy from to publicly support charitable causes; they will switch if they believe the company is harmful to a social or environmental cause
- Fortune magazine found that ⅔ of buyers between 18 and 34 more likely to partner with a company that donates to charity
Millennials are on the move
- 69% of them get news on a mobile device at least once a day
- 88% of them get news and opinions from Facebook every day
The more accessible, the better
- 80% want real-time customer service
Are you funny? You gotta be funny.
- A joke is worth $1000
- The promos/ads they remember best are the funny ones: 80% remember the ones that make them laugh
What does this mean for you, a marketer?
- Millennials value altruism, flexibility, and accessibility.
- You need Savvy social media skills
- You need to be public about your charitable causes or commitments
- Spend time curating reviews and testimonials: make them genuine, specific, and easy to find
- Make ‘em laugh, clown
- You need to be available and accessible: combine that with social media – questions and responses via Twitter or Instagram show that you’re on trend but easy-to-reach: it feels more personal. The “email a question” or vague “contact us” method feels like there’s a wall between you.