I recently heard Stephen Bienko speak on key aspects of effectively reaching millennials in the marketplace. He started off with this comment: “Marketing is knowing who you are marketing to”.
So let me ask you: do you know who you are marketing to?
A few weeks ago we looked at How to Lead Millennials. Now, with Stephen’s insight, we are going to look at how to market to millennials.
Stephen is a thought leading speaker, author and CEO of 42 Holdings, a company that specializes in brand ownership within the home services industry. He has worked with millennials for many years and has taken the time to understand this generation.
According the U.S. Chamber of Commerce, millennials currently account for 36% of the U.S. workforce. By 2025, they will account for 75% of the workforce! This means that millennials will have the power to spend significant amounts money.
If you want your company to succeed in gaining business from millennials, you need to understand what is important to them. Here are three key take-a-ways from Stephen’s talk to consider on millennials. These take-a-ways are a great starting point for your company to use to consider how to reach this massive generation.
3 Take-A-Ways on Millennials
- It’s their product, not yours
Millennials don’t want to buy your product – they want you to create a product that they need. They want to be heard and social media platforms enable them to speak up. You need to take a step back and listen to what they are saying. It is then, and only then, that you can determine what this generation wants. Take the time to find out what that want, create it, and then attempt to market it.
- They do not believe in your ads
This generation sees right through bullshit. They don’t want glamorous ad campaigns or in-your-face TV commercials – they want authenticity. In fact, 48% of millennials say that word-of-mouth influences their product purchases more than advertisements. Millennials use social media to interact with brands. About 43% of this generation has liked 20+ brands on Facebook. Is your brand ready to authentically engage millennials? End your expensive ad campaigns, and invest in ways to talk to your customers.
- They love to give
Millennials are the most giving generation in recent history. Up to 81% of them have donated money, goods, or services. They need to see that your company is a global citizen and that its mission is reputable. Millennials want the purchases they make to benefit the world in a positive way. In fact, 84% say that helping to make a positive difference in the world is more important than professional recognition.
How has your company adapted its marketing efforts to reach millennials? At the end of the day, this generation wants to buy from brands that have an authentic, human quality. They want to interact with the brand, the CEO, and the employees. Is your company ready for this shift?
Stephen created a short video specifically for you summarizing these take-a-ways. Enjoy!