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Millennial Marketing : How to prepare for your next revenue source
Traditional marketing will no longer cut it in an age where information is shared with the tap of a finger. The millennial generation is well adapted at filtering out everything, except what they want to see. Millennials are some of the most educated shoppers out there, they are capable of making a purchasing decision from blogs, pictures, reviews and videos shared by their friends and followers. In order to reach them, you will need to have a multi-channel marketing strategy. If you don't know what to budget for marketing or what amount to start with, consider this: the millennial generation's spending habits alone exceed $600 billion dollars a year. Making it, without a doubt, a good investment.
The old rules of thumb are that the amount you spend on marketing per year should range anywhere from 1 to 10 percent of sales, or possibly more, depending on several factors, including:
How established is your business? (New companies 1 to 3 years old need to spend much more.)
What industry are you in? (Is your service affordable and have a huge market? or is it a niche Market?)
What are your competitors doing? (Where are they advertising? Do you see them year-round or is their strategy seasonal?)
How much can you really afford? (Figure out your customer acquisition.)
Where to start?
As it is said, a picture is worth a thousand words. To millennials, a picture can state the worth of your product or service. Start with Instagram and Pinterest. Notice that I didn't say "or", you need both. It is a simple way to capture a local market by posting and sharing current news and trends in your local community. It is also an affordable way to scale nationally as well, especially if you can make your photos portray a larger operation. Check out companies or corporations and see how they use photos. It doesn't hurt to piggyback off the corporate giants that can afford an entire floor of marketing professionals.
This may come as a surprise, but millennials don’t use Facebook solely as a social networking platform. They post less frequently than adults, using it only to broadcast announcements to friends, share photos/videos or look up a show or event in their community. However, this doesn't mean having a great following and active posts and engagement won't benefit your company in the millennial decision-making process. Depending on your ideal client or customer, Facebook might be a great social media platform to push promotional offers or flash sales to drive revenue on slow days.
Twitter gives corporations a voice and the opportunity to communicate at the consumers level. This allows Millennials to communicate directly to brands to voice their opinions for everyone to see. Replying to a tweet, even if it was not written towards the brand, allows businesses to prove to the public that they care about their customers’ opinions and are willing to communicate with them. This goes a long way with Millennials in building brand loyalty and allowing your interactions to essentially catch fire and expand your product or service base.
Use these and other related strategies, to set a solid foundation for your SEM. Apply your google, yahoo, and bing in targeted niche areas of the internet, but don’t forget to stay on top of new ideas and technologies with regards to what your market is doing.
In addition, according to my research and a study done by www.millennialmarketing.com, millennials want deals. Not discounts. They are against a sale and more inclined to buy if it is a deal. They look at purchases as smart buys and will look for justification in the product or service and will see it as an investment. You can use this knowledge to structure your advertising and content to capture your millennials minds and money.
What does this all mean? Millennials are the most engaged and often the greatest influencers among their peers as they have a strong voice and are passionate about sharing content. When a brand creates compelling meaningful content that is shareable, Millennials connect with it on a personal level, sharing it is a meaningful personal identification. This type of loyalty is what brands really need to be truly impactful on all social media and marketing platforms and ultimately be successful for generations to come.