Millennials, there are more than 83% of them in the world. Millennials are all tech-savvy, with that they have made a massive impact on marketing strategies. Over the years, millennials have influenced business practices and have altered the way of marketing a product or brand.
Millennials differ from their previous generations in shopping and spending. By knowing about their purchasing methods, businesses can optimize their brands and product marketing that could attract the vast base of potential millennial clients.
Through statistical data, we at the Voice of Local Businesses have prepared a list of five ways through which a business can draw millennial’s attention and how to sell their products to them.
Five tips for marketing to millennials:
- Social media marketing: 92% of millennials own a smartphone, and they tend to spend more time on social networking sites. The brands they come across online influence their mind. Every business, either local or small, must have an active social media account and market their product or service online. It is one of the easiest ways to take your brand to the millennials. And if millennials love a brand, they promote it on social media and leave positive online reviews, which in turn attracts more consumers. 97% of millennials read online reviews before making a purchase, and around 87% of them trust the reviews.
- Holiday Sales: Festival and holiday sales are exciting. It indeed sends a wave to the millennial consumers. 86% of millennials spend more on buying holiday gifts. Out of them, close to 32% of millennials use their savings to purchase holiday presents. With millennials being crazy about holiday shopping, Holiday sales may increase, and businesses can make a bountiful profit during this time of the year.
- Millennials spend a lot on food: Millennials are a boon to the food industry. Millennials throng to Cafes and restaurants all the time, as those are their most favorite hangout spots. They spend close to $163 a month on restaurants. 27% of millennials alone are spending more on coffee. According to the survey report, 49% of millennials are spending more on restaurant foods rather than saving for the future.
- Limited-time offers: Offers induce excitement in the mind of the buyers. Anyone without an idea of making a purchase would consider buying a product if it has an exciting offer. Likewise, 50% of millennials respond well to limited-period offers, flash sales, coupons, etc., as these offers arouse a sense of urgency in millennials to purchase a product.
- Advertise your brand wisely: Advertising is a significant aspect of marketing a brand. 79% of millennials also feel that ads are way more essential for a business. Which basically means ads influence millennial’s shopping. However, when it comes to online ads, 33% of millennials use an ad blocker, which makes it hard to reach that 33% of the consumers.
Millennial spending is going to reach around $1.4 trillion in 2020 in the USA alone. Businesses can gain enormous profits by targeting the millennial population.