The rise of the Millennial generation represents the greatest opportunity for marketers, ever. But, before we go any further, let’s learn a few important facts about this generation, born between 1980 and 2000.
1) There are lots of them.
They are currently the largest generation in American history, with nearly 92 million people. Yes, they are even larger than the Baby Boomers, who come in at around 77 million people. (Source: Goldman Sachs)
2) They’ve got money.
Millennials will be the richest generation ever by 2018. Topping the Boomer generation once again, Millenials are expected to control over $3.4 trillion in total wealth within the next 3 years. (Source: The World Economic Forum)
3) They are addicted to their mobile devices.
Over 85% own a smartphone and they touch their phones 45 times a day, on average. (Source: Nielson)
4) They rely on their social networks.
Nearly 95% rank their friends as the most credible source of product or service information, highlighting the importance of social media, their most used source of connecting with those friends. (Source: SocialChorus)
Speaking of social media, over 50% of Millenials polled by Linkedin stated that they would use social media as a part of their decision-making process for big financial decisions.
5) They are entrepreneurial.
Unlike their parents, only 13% expect to climb the corporate ladder, while 67% have a goal to start a business. (Source: Bentley University)
6) They are highly educated…and highly leveraged.
By leverage, I mean they are in a lot of debt. While there have been more bachelor’s degrees earned by this generation than any generation prior, they are weighted down with an average debt of nearly $30,000. (Source: The Institute of College and Success)
So, how does one begin to market to a generation of 90 million educated, motivated, and indebted individuals, who spent nearly one trillion dollars last year? Well, let’s get two things down first. Pay attention, because these points are important.
- If they don’t trust you, they will NEVER do business with you.
- If you don’t convey a sense of trust and competence online, they will NEVER trust you.
To inspire that trust, you must do a few things.
Mobile is proving to be the most notable trend in terms of social media and content marketing. In fact, among Millenials, 1-in-5 access the internet, exclusively using a smartphone. That’s almost 20 million people! Make sure your content, be that your website, blog, or other, are designed with a mobile-first mentality.
Give as much value as you can.
They quite literally created the information age as we know it. They are geared to find answers using the technology at their fingertips. Engage in conversation via Twitter, Facebook, and LinkedIn. Respond to and ask questions. Create content regularly via a company or personal blog. And don’t be stingy with your content. If you have expertise to give, share it freely.
The worst myth about Millennials is that they are lazy and entitled. Marketing to Millennials is about showing that you understand their value and that you respect their ability to make sound business decisions. Trust them first, and they will trust you back.
If you do these things, and do them well, you’ll be rewarded with the trust and loyalty of potentially millions of tech-savvy, well-connected millennials who can use the same tools to spread your message even further.