The Buying Power of Millennials
The First Digital Natives
Millennials are defined as people born between 1980 and 2000, and at 92 million, they are the biggest generation in history. The Enthusiast Networkdescribes them as “mobile-first” and “social-obsessed,” but it’s these behaviors that have given them such unique experiences and sets them apart from previous generations. They have been shown to put off huge commitments like marriage, children and buying a house, but studies show that millennials have less money to spend than Generation X and Baby Boomers. Lower employment levels, smaller incomes and student loan debt are contributing factors, according to Goldman Sachs’ infographic on millennials. However, these huge financial commitments won’t be put off forever, and as millennials move into their prime spending years, they will have a significant impact on the economy. Is your marketing ready for them?
Conquering the Digital Frontier
Growing up in the Digital Age has greatly influenced buying behaviors for millennials, and consequently, has reshaped how brands sell its products/services. Millennials are used to instant access to information, reviews and prices, so a smart business should make their website a priority. In 2013, we explained the benefits of responsive websites, and after Google’s announcement this year, they have become even more important. On April 21st, Google announced they will be ranking responsive websites higher. Your website’s search engine ranking is also vital to staying in front of your customers, especially for mobile-centric customers like millennials. SEO (search engine optimization) and SEM (search engine marketing) are two marketing tools at your disposal to ensure you are staying top-of-mind during online searches.
After searching online, 38 percent of millennials use social media to talk about a service, product, or brand, according to a survey cited by Goldman Sachs. This behavior is why it’s important that your business has a presence on social media, especially Facebook. Instagram and Snapchat round out the top three platforms used by millennials. Many major social media platforms offer advertising opportunities, with Instagram joining the ranks this past summer. Your business can visually convey its message through images and videos tailored to millennials. The word-of-mouth nature of social media can help spread your message.