For a business to succeed, it needs to market to specific target audiences. This is often dependent on what a company has to offer. For instance, if you sell office furniture, you can target people who are business owners and those who work in their own home office.
These days, there is one consumer group that almost all businesses are trying to crack. But why follow through and welcome millennials into your business.
Why it makes sense to target the hearts of millennial consumers
There are tons of reasons why your business needs millennial customers. For one, they are undeniably among the largest population of adults these days. This only means they are also the largest consumer group you can cater to. According to research, their spending power will exceed four trillion dollars by the year 2030. To harness their projected annual income as early as now, it becomes a must that your business start attracting this diverse group of consumers.
Millennials are also always on their smartphones. They use the internet to entertain themselves, find jobs, look for the best mortgage rates, learn new things, and buy the things they both need and want. This means targeting them and enticing them with your offer is more cost-effective as you can do these mostly on digital platforms.
Gen-Yers are into local businesses. Sure, there are times when they do shop for items in other states or abroad. But according to a survey conducted by AT&T in 2017, about half of millennials support small businesses more. This is even if it means having to pay a slightly higher price tag on local brands.
Another reason to attract millennial consumers is that they are a group of naturally loyal customers. According to an article published by Inc.com, Gen-Yers are the most loyal consumers out there. If you can make them feel good and appreciated, they will stay loyal to your brand. Of course, your business beliefs and offers need to can satisfy the needs of millennial consumers.
How to start charming millennial consumers?
The earlier you start attracting millennial customers, the more successful your business can achieve in the future. You can start by staying on top of millennial consumer trends. For one, build your online presence as millennials love being on the internet. Know that most Gen-Yers are not into traditional advertisements like conspicuous commercials and click baits. Be genuine, share your passion with your millennial customers, and dare to be different and socially responsible.
Studies show that 79% of millennials are into in-store coupons. This is since this generation is known to be financially-conscious. This means if you offer freebies, discounts, rebates, and other “special offers,” you can attract more Gen-Yers. For best results, partner up with influencers who have the same values. You can send them freebies, allow them to make product reviews, and watch their magic bring in more sales to your brand.
Welcoming Generation Y into your brand offers many perks. You can increase your business profit while reducing your marketing costs. This is since online marketing has a higher ROI and usually costs lower than traditional ones. You can gain the attention and loyalty of the biggest group of consumers nowadays. To leverage the incredible buying power of today’s most loyal consumers, rethink your strategy and consider adding millennials to your target audiences.