The Secrets of Marketing to Millennials
Marketing to Millennials is vital to many businesses. Millennials are defined by when they were born. Millennials would have been born between 1984 and 2000. So, currently they are aged between 18 and 35years.
For Graham and Kevin, they have children in this age bracket. They are all Millennials.
The Arrowsmith Millennials
Luke (30), Sophie (27) and Nathan (23) are all Millennials.
It’s Not Just Marketing to Millennials
Clare Taylor makes the point that Marketing to Millennials is not just about Marketing to Millennials. It is about marketing to the generations around them – like their downtrodden parents! There will be things that parents of Millennials will do now, that have been affected by the buying behaviour of Millennials. Our behaviour will have been changed by the different ways that our children behave (i.e. using WhatsApp for one in our family).
Although Marketing to Millennials is important, it is also about marketing to all generations that have been changed because of how the Millennials buy.
About Clare Taylor
She’s not a Millennial! Nor did she come down with yesterday’s rain!
She has been in marketing for over 20 years. Clare started her business life working for Hotpoint. There, she focused on brands and marketing communications. Clare also did a stint at Mamas and Papas, a manufacturer and retailer, heading retail marketing in up to 50 stores. This experience allowed Clare to understand retail marketing. She has worked for ForgetMeNot Children’s Hospice, a charity in Yorkshire. Then she joined Gary King (a previous podcast guest) and Mike Hall at Think Smart Marketing. In 2018, she was awarded Fellow of the Chartered Institute of Marketing. A really important moment for Clare.
Marketing to Millennials – By 2020
By 2020, Millennials will represent 50% of the workforce. if you want your business to succeed, you need to market to Millennials. Their current market size is £1.2 Trillion. A huge market potential. But they impact all generations. That is why it is important to understand them.
Kevin pointed out that many Millennials have left University with large student debts, so is it really true that they have huge spending power?
What Matters to Millennials?
Millennials grew up during the recession. They have lived through that period And will know something about the restrictions that placed on many families. They do have student loans. The generation just before didn’t have university fees.
So some Millennials are struggling to get on the housing ladder. Therefore, VALUE is really important to them. They are really careful and considered in their purchases. They buy into brands that deliver them that value they are seeking.
That is when recommendations and reviews and trials are all really important before they buy into a brand.
They are the first generation that truly engaged social media. 62% are really engaged on social media. Its all about talking, engaging and sharing. Sharing views, blogs, thoughts. This is important about buying behaviour. They have to believe what they told. 32% of Millennials are influenced by recommendations, blogs and reviews. Only 3% are influenced by advertising.
Advertising to them is not authentic. They are interested in their peer’s views. They won’t be wooed by TV advertising.
Older people weren’t able to form these views. We had magazines, but not these websites that enabled you to share. It was magazines that shaped influence. Now there are a plethora of sites that allow reviews.
More Things that Matter
Only 1% of Millennials click on sponsored links. They’d rather go and seek out your product. They like personal experience. Know their likes and dislikes, to be able to personalise the experience. They like to feel that you value them, their likes and dislikes and personal experiences. Know your data to personalise the experience.
ETHICS. They are more ethical. They don’t want to buy with guilt. 75% are bothered about their personal impact on the world. Clare highlights TOMS Shoes – www.toms.co.uk
For every shoe they sell they give a pair of shoes to children in the developing world. That’s their story. Millennials are buying into brands that give back. Everything is hooked into your STORY.
Millennials are keen on hearing your story. Your passion. What you are standing for. This has influenced other generations. A narrative costs nothing but it is really important.
TECH. 87% of Millennials have 2 tech products. 30% have wearables. Is your message going to present well on wearables. Do you shop through your watch? No, nor do I.
Kevin mentioned CEEFAX. A technology emerging when he went on a school trip to Pebble Mill Studios!
The main thing about Marketing to Millennials is that they want things now. They can have it now. You can sit in your lounge and order something that is delivered same day. The advances in Amazon and other delivery networks has made this possible. Millennials have no patience for waiting.
Retail versus online. Like Meadowhall in Sheffield. They are changing their business model. Now that people are shopping online. Meadowhall and other shopping centres are re-positioning to be about experiences. Like eating, bowling, other leisure amenities. This will change the retail environment. They will become indoor leisure venues. Note the EAT, CINEMA was on the website…
Will Millennials Ditch the High Street?
Millennials tend to support High Streets. Their authenticity, value, personal touch means the High Street has a great chance of making themselves relevant for Millennials. Clare talks about the resurgent Farm Shops.
Craft beer is another example of a product that Millennials favour. Small breweries growing. It is about a culture and supporting communities. Millennials are into supporting communities.
They buy into local brands as national brands are faceless, they don’t personalise or tailor their services to Millennials wants and needs. This should be good news for the local High Street.
The founder of Gymshark started as a Vlog. It was a diary. He has 3 million highly engaged social media followers. The brand now sells in 131 countries. All since 2012. It is about TALK. Engage and share your story.
Another example of a rapidly growing, relevant company is The Hand Dyed Shoe Company. A truly unique brand.
You can completed design your own shoe. ALL unique to you. His spend on marketing has been small. He has posted videos. He has spent time on LinkedIn. There people are looking for something different and they have money. He sells 10 pairs of shoes a month. All through sharing his story.
THE POWER OF STORY.
Pick up your smart phone and record your story. This is really value for SMEs. Talk about what you are doing and WHY you are doing it.
Ian Denny, in episode #114 talked about how to make a LinkedIn post travel. Join the dots!
Simon Bourne, the founder of The Hand Dyed Shoes Co, has created a great story. Simon is exceeding our expectations.
How To Market to Millennials
Get your story clear.
Know your customer. Get under their skin.
Be brave. It can be daunting. Overcome your reservations and meet them half way. Get onto social media. Market to Millennials with things they are interested in.
Instagram – a Place Where Millennial Hang Out?
Be on Instagram. Capture moments. Do short videos. Instagram is about stories. Take photos and tell a story.
Even on Facebook Business, they have YOUR STORY.
It’s an important tool.
How to Contact Clare?
Facebook: The Business Squad.
A really good free resource.
Clare discussed Facebook Live.
Make sure your Facebook Live goes over 5 minutes. Then it travels through your friends. They produce 30 minute videos. Then they edit down to one minute bursts on Instagram. Then Clare creates blogs from it. From one piece of Facebook Live, they re-purpose the content for other media.
The Next 100 Days Podcast is brought to you by Graham Arrowsmith and Kevin Appleby