As the buying power of millennials grows, marketers have worked diligently to capture the attention of these consumers. The habits of these buyers differ to the patterns once observed in the generations before them, however, making it vitally important for small businesses to experiment with innovative advertising and marketing techniques. In the United States alone, millennials account for some 76.6 million individuals, making it imperative to focus on courting their pocketbooks.
The Power of Choice
Before the advent of the Internet, buyers were extremely limited in their options. Millennials have grown up surrounded by choices, however, with myriad brands and businesses competing for their attention. In the average millennial buyer, this has created an expectation of multiple price points and variations of the same products or services.
Shifting social pressures and unstable economic environments have further altered the traditional marketing model, as millennials pursue different paths in adulthood. Whereas baby boomers were marrying and having children in their early twenties, many millennials take things more slowly. Some of these buyers still live at home with their parents, while others are singletons pursuing high-level careers without the added responsibilities of domestic life. Catering to the various segments within the millennial population is a challenging equation.
Examining Wants & Desires
Marketers have always worked to address the wants and desires of buyers, often creating a perceived need even when one does not exist. In a report compiled by global insight firm CEB, businesses were found to be more successful with millennials when they embraced three key marketing strategies: understanding the audience’s values, realistically assessing the buyer’s spending power and lifestyle, and “involving” these consumers, as opposed to simply selling a product.
Real-world applications of these strategies are particularly evident in the hospitality industry, with restaurants working to cater to the millennial crowd. Millennials are more apt to spend time eating out with friends, as they’re not limited by spouses and young children. Furthermore, these buyers are on the hunt for a multitude of choices, as evidenced by the popularity of services like Yelp, which highlight a number of businesses operating in any given area. To answer this need, many chefs work on creating new menus at varying price points, which can help keep young buyers engaged with the brand.
Life will be changing rapidly for millennials in the years to come, as many of these young adults begin to settle down and establish families of their own. Marketing trends experts still believe millennials will be driven by a desire for plenty of options, however, and the core values of these buyers will likely remain constant. Because the nature of the millennial marketing game is evolving, it’s important for small businesses to carefully monitor the situation and not feel hesitant about trying various techniques to see what works best.