The term “millennial” has been quite the buzzword in the past decade or so. By definition, a millennial is a young person reaching adulthood around the year 2000, though typically the word refers to young adults who have entered the workplace, and continue to do so, around 2010, meaning that millennials are recent grads and young adults who are now entering the workforce. They have a significant influence in the world, so it is surprising to find out that most small businesses are not marketing towards this growing demographic.
According to a study recently released by Manta, only 15% of small businesses are putting effort into marketing to Millennials. Millennials represent a fairly large part of the consumer population and they are still growing. Most small businesses should be scrambling to market their products and services to these consumers, so why aren’t they? Manta’s survey revealed why. According to their findings, about 26% of small businesses claim that they simply lack the budget while about 25% of them state that they do not believe that Millennials are worth marketing to. The truth is, Millennials are powerful consumers and should not be neglected by business owners.
Millennials are also known as the most tech-savvy generation, and negative connotations aside, it is impossible to ignore the growing significance of technology and social media in business. So now that you know why Millennials are important to market to, how do you go about doing that? Considering their more modern associations, it should be obvious that bringing your small business into the digital age and incorporating social media are the keys to successfully catering to this new and powerful consumer demographic. While expanding your services and products, you don’t have to make a specifically designed marketing campaign that is meant to entice young adults, but there are some simple things you can add to your current strategy that can help a great deal.
It is almost impossible to have any kind of business these days without a website, but is your website mobile-friendly? A mobile-friendly site is a site that is readily accessible via a mobile device. If your page is hard to see or difficult to navigate when opened on a smartphone or tablet, then you may be losing many potential clients and customers.
When marketing to millennials, it helps to remember to engage them on a social level. Older business models tend to market to people at different life stages. But things are changing so marketing specifically to newlyweds or first-time homeowners does not mean what it used to. Millennials are getting married later and may not consider buying a home anytime soon, so gearing your marketing strategies towards these sort of milestones may not appeal or apply to them. As Millennials are taking on different lifestyles and values to adapt to the current economy, it may help to target social groups and movements rather than targeting life stages.
Relevancy is Key
When targeting specific social groups that may be interested in your products or services, it helps to be engaging and relevant in your marketing. Millennials are notorious for being social media savvy as well as tech savvy, meaning that they are usually up to date with current issues and trending topics. Utilizing news trends and stories to fit the narrative of your business can be key when it comes to getting this demographics’ attention.
Some businesses may fear changing their ways in order to adapt to the changing market, but it is a necessity if you want to stay in the game. Updating your marketing strategy and adopting new ideas to your current business model as well as to your repertoire of products and services does not just cater to the new and future generations – it appeals to older ones as well. As technology and digital media grows, older generations want to get involved and stay up to date, too. By marketing your small business to Millennials, you are not only marketing to a new generation, but you are marketing to all the others that are simply trying to adapt to our ever-changing world.