Marketing to Millennials: Make it Customized & Personal
In 2015, 80% of all email traffic was spam. The average person sees around 1,700 banner ads each month. Your audience is bombarded daily by companies trying to sell their products. In an oversaturated market, it’s common for consumers to get annoyed and end up ignoring all advertisements. But what if their online experience was different? What if it was completely tailored to their interests, and their peers? Feeling connected makes the difference. It creates a sense of community yet individuality all at the same time. Personalization in marketing works.
Millennials: Young adults who are currently between ages 18 and 32 wield $1.3 trillion in annual buying power. That’s certainly enough to make any marketer sit up and take notice.
Focussing on India and The United States, the millennial generation is not only the largest population cohort it’s also the most racially diverse and highly educated generation in Indian and American history, both. In the last United States census, 18 to 32 year olds outnumbered even baby boomers. As the buying power of millennials increases, entrepreneurs seeking their business must understand that members of this generation expect to be treated as individuals. Over and above that, representatives of this tech-savvy, media-connected generation tend to be independent politically, a trait that carries over into their personal lives. Millennials in India and the U.S. are postponing marriage, and a record number of them, compared with previous generations, say they have no religious affiliations. Although millennials tend not to be a trusting lot, they are optimistic about the future.
Here are some critical variables about millennials that can play a major role in an organizations marketing moves:
1. Millennials want to know a company is paying attention to their specific needs: Establishing a social media presence across a variety of channels such as Twitter, Tumblr and Facebook (not to mention on smartphone apps), is the way to reach millennials. But a company will not keep their attention long if the communication is not two-way. Beyond responding to tweets or “liking” a Facebook comment, a company's engaging with millennials means adding value to their experience of the brand through loyalty programs, recognition events and special access to sales and other promotional events. Even more, it means creating the impression that each consumer is special. The growing e-commerce portal, Myntra markets to millennials through its app, where shoppers can upload pictures of themselves wearing their apparel. Other shoppers can like/share the “looks” and the site also invites users to register for prizes and write about fashion and fashion trends. By appealing to millennials' highly developed sense of self and the narcissism inherent in the “selfie” culture, Myntra connects with Generation Ys by offering them, the opportunity to develop their own unique style profile and to share their fashion ideas and inspirations with others.
2. One size does not fit all: The look and feel of a customized product is important to members of this generation who are growing up in a society far more diverse and embracing of diversity than preceding generations. This affects their taste in consumer goods and how they are marketed to. Have you scanned a fashion magazine lately? Or browsed a fashion website? Not only will you see racial diversity, but also diverse body types, people with physical disabilities and nontraditional family groupings. In other words, millennials want assurance that they are dealing with a business whose face looks precisely like "me and my friends."
3. Earn millennials’ business by doing good: A study in 2014 by Cone Communications, a PR firm specializing in cause marketing, found that “millennials are hyperaware of, and have high expectations for, corporate social responsibility efforts to make the world a better place for themselves and broader society.” Indeed, millennials will switch from companies that do nothing in this area to ones that publically share their values. Successful entrepreneurs understand this. Any new business launching today should create such a socially aware site, provided that it is in support of a belief their company truly holds. Tell on the corporate website the story of why the company did something and why the entrepreneur believes in it. Empathize with customers about why the company's activism is important. Emphasize authenticity and transparency. Millennials respond positively to these characteristics, attracting both loyal consumers and brand ambassadors. Without a company expressing an entrepreneur's feelings and passion, even if what the firm has done is positive, millennials will see the effort as a business strategy.
This is a situation where the company is making a personal appeal to millennial consumers and establishing that the firm and the millennial consumer are part of the same community. Indian and American Millennials are a key consumer demographic for online marketers, thanks to their tech savviness and ability to consume web-based content. In addition, they are more likely to spend money purchasing goods and services compared to Gen X and baby boomers. Finally, they are more likely to use smartphones and tablets to make online purchases.