Millennials are now one of the largest consumer groups in the world. Understanding their behaviors, preferences, and values is essential for any business that wants to appeal to this generation. From digital consumption to sustainability expectations and brand relationships, these eight strategies will help you attract and retain this influential audience.
1. Overrated Ownership.
The Sharing Economy
Nice people share their toys. So do business leaders. The sharing economy is booming, but is still in its infancy by market standards. This opens the doors wide for new business ventures and a generation that prioritizes access over ownership.
Millennials Prefer Borrowing
While some purchases have increased out of necessity (e.g., 98% of millennials own a smartphone), the rental-streaming-sharing trend is here to stay. Don’t think this is limited to homes and cars either. Just because your money is yours doesn’t mean your product has to be. Remember: millennials want to borrow. Don’t burden them.
2. Hmm, Where’s Your App?
Mobile Is Essential
Your business is online. Great! Like everyone else’s. People are no longer impressed because they can click. They want to tap. They want to use their mobile devices. With 9 out of 10 millennials connecting to the internet via their smartphones, mobile devices have undeniably become essential. If you have the goal but not the means, what’s the point?
Apps Are a Necessity
Five years ago, apps could give you a competitive advantage. Today, they are almost necessities. But if you are one of the few exceptions who don’t have one or if you’re short on cash, make sure what you already have works. Google’s Test My Site website offers a free analysis of your site’s performance on PC and mobile with specific corrections. Simply enter your URL there.
Business Network: The Keys to Effective Engagement. Download our guide
3. Check on Amazon.
E-commerce and Price Awareness
“Brick-and-mortar retail is dead.” False. Online commerce is thriving. There’s a difference. “Millennials think they’re entitled to everything.” Also false. They have less disposable income, fewer job prospects, and more student debt than their parents. In other words, the perfect recipe for disaster for a generation of price-conscious consumers.
Focus on Value Over Discounts
Well-equipped with Amazon, Google, and devices to access them from anywhere, they know a bad deal when they see one. Retailers cannot rely on price ignorance. Instead, consider higher-value discounts rather than instant rebates, options like “buy online, pick up in-store,” and loyalty programs optimized to attract consumers. Draw inspiration from Amazon’s innovations to fuel your own.
4. Sorry, What Were You Saying?
Attention Span Challenges
If you feel like you’ve heard that question more often in recent years, you’re probably right. The human attention span barely floats above that of a goldfish in the Netflix era. The speed of this decline is even more telling: -50% since 2000. Businesses struggle to adapt to millennials’ fierce consumption of modern entertainment.
Speak, Don’t Sell
That next big ad campaign you’re planning? Millennials couldn’t care less about it. They’ve installed ad blockers, dealt the fatal blow to cable with streaming, and 99% of them say that even the best advertising doesn’t make them trust you. Despite all their optimism, they are a generation of skeptics. Don’t sell to them – talk to them. Be human, be fast.
5. Go Green.
Sustainability Is Expected
If the rest of the population were a soft lemon shade, millennials would be hunter green. You don’t need to convince them about sustainability. You need to show them yours. Your sales and marketing teams can’t bear this burden alone either. Achieve product/market fit (PMF) so they can sell something tangible rather than a slogan.
Show Quality, Not Slogans
In line with their “show, don’t tell” philosophy, millennials value a product’s intrinsic durability more than sustainable manufacturing or corporate social responsibility. They want to perceive quality, not just hear about it. Communicate with them at the most fundamental level: the quality of your product.
6. Eating Your Peas Is… Pretty Cool.
A Holistic View of Health
Millennials are broadening the definition of good health. It’s no longer about weight or avoiding the flu. They believe in healthy food, regular exercise, and abstaining from drinking and smoking for a more holistic view than previous generations.
Investing in Well-being
Generation Y puts its money where its mouth is. They spend their money massively on high-tech products, sportswear, and organic foods. From Apple smartwatches to Nike sneakers to reusable grocery bags, wellness is an investment. Find your health angle and show it.
7. @entreprisetendance #hashtag #hashtag
Social Media Dominance
Media is king, and millennials pay homage to it 18 hours a day. Newspapers and TV may be in decline, but social media is booming. Consumers are glued to their Facebook, LinkedIn, and Snapchat feeds, on the lookout for the latest breaking news, networking, and cat memes.
Publish Where They Are
If your online accounts generate a handful of leads, likes, and shares rather than in droves, something is wrong. Most businesses adopt social media without truly engaging with it. Be the exception that proves the rule and develop a comprehensive online strategy as you would for any pillar of your business. Don’t post where you read. Post where your consumers do.
8. A Brand? What Brand?
Loyalty and Discernment
Your brand. Believe it or not, millennials are the most brand-loyal people in the world. They are also the most discerning. Apply some of the previous strategies to convince them. Continue to amaze them beyond the point of sale, and they will go from consumers to advocates.
Authenticity Above All
Engage, connect, and above all, be authentic. This is what differentiates today’s brands from tomorrow’s. Industry giants, your name won’t save you. Startups, your product won’t make your name. You can complain about the generational gap or you can guide it.
We’ve provided you with eight ways to attract millennials. Let’s conclude with one way to lose them. Treat them like their parents. Good luck.