Consumer stereotypes would have you believe that millennials are cheap, fickle customers who only make purchases online. Focus on producing high-quality video. Video is no longer optional for marketers, as evidenced by an Animoto study that found 80 percent of surveyed Millennials use videos to conduct research before making a purchase. Still, that doesn’t mean video needs to be present in every step of your marketing strategy. According to a study from the Center for Marketing Research at the University of Massachusetts Dartmouth, millennials have filtered out advertising on social media and turned to other reference points. Segment your millennial markets. Instead, segmenting different campaigns for the customers most likely to respond to them will go a long way toward making your message resonate. Support a worthy cause with your business. If your marketing strategy involves generalizing an entire generation of people, you’re going to want to get a little more specific. General practices such as supporting a cause and using creative advertising methods will certainly help, but you’ll also need to segment your audience and then create high-quality messaging in the mediums that most resonate with those segments.
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Consumer stereotypes would have you believe that millennials are cheap, fickle customers who only make purchases online. If your goal is to market to them, you’re better off not buying into these myths.
Pew Research Center considers millennials the generation born between 1981 and 1996. They’re highly educated — almost 50 percent have either attended or are currently attending a higher-education institution. Millennials are also an extremely tech-savvy generation, having grown up during the advent of household computers and the internet.
The reality is that millennials are willing to spend money, and in areas such as eating out, they outspend other generations by a fair margin. However, because of the sheer number of products available to them, they tend to do research before buying; Goldman Sachs reports that 57 percent of millennials will compare prices in store before making a purchase.
Marketers looking to sell to this generation will need to find ways to stand out from the competition. These are some of the best practices for attracting the attention of skeptical Millennials.
1. Focus on producing high-quality video.
Video is no longer optional for marketers, as evidenced by an Animoto study that found 80 percent of surveyed Millennials use videos to conduct research before making a purchase. Still, that doesn’t mean video needs to be present in every step of your marketing strategy. It’s more about producing high-quality content than churning out as many videos as you can.
Well-crafted video appeals to potential customers on an emotional level, and it helps you separate yourself from the rest of the crowd. That differentiation can also help increase your conversion rate and encourage repeat customers. The key is in the execution, so focus on making a few great videos instead of scads of videos that nobody wants to watch.
2. Get creative with your advertising.