Businesses are always evolving and so does the way their customers view them. It’s important…
I know, I know. Generation Y, better known as Millennials, get a terrible rap. BUT, we are tech-savvy, multi-taskers who are connected all the time, making Millennials a great target for marketers and advertisers. To give you some background about Millennials:
- Millennials were born between 1980-2000
- Biggest generation in history with roughly 92 million
- Large percentage live at home due to increased living costs and high education costs
- Median marriage age is 30 y/o
- Largest generation to shop online
- First generation of digital natives
One of the most important factors that plays into not only why marketers market to Millennials but also how they should market is the last bullet point: Millennials are the first generation of digital natives. We know all about technology, we are “plugged in” at all times, and we are not completely annoyed by ads. Because of this, many marketers have made Millennials their main target. Here is why you should advertise to Millennials:
- Millennials spend roughly 11 hours per week consuming media. Smart phones have changed the way media is consumed. Though much media is consumed on smart phones, laptops and TV also provide a way for marketers to reach Millennials.
- If branded content is relevant to them, they are likely to be interested. That’s right, Generation Y is actually open to many ads if they find that it is relevant to them. Past generations have been more likely to ignore ads, but due to increasingly advanced technology, marketers are now more aware of what consumers are interested in. Because marketers are more aware of what consumers are looking for, they are able to tailor ads specific to certain target markets.
- Millennials love social media. Not only is this a great place for the consumer to connect with their friends, but it is also a great place for the marketer to connect with the consumer. Social media ads that are tailored to the consumer may seem invasive at first, but if the ad is relevant to the consumer, the consumer is more likely to click.
So using this information you now know about Millennials and why they are an appealing group to advertise to, here is how you should advertise:
- Be transparent. Millennials want to be advertised to by companies that have a plethora of information of their company available online. Generation Y cares deeply about the brands they support and how ethical their products are sourced, etc. So when advertising to Millennials, it’s best to be transparent.
- Use social media. Bloggers and “professional Instagrammers” play a huge role for brands. The transparency that comes with a “real human” rather than a brand advertisement is attractive to Generation Y in that it seems more like a testimony to the brand than anything else, and that’s what Millennial consumers want.
- Go mobile. Because that’s where most of us are.
- Showcase your philanthropy. Though giving back is important to all generations, giving back especially resonates with Millennials. According to the Millennial Impact Report by research group Achieve, which surveyed more than 2,500 millennial employees and managers, A whopping 84 percent of millennials made a charitable donation in 2014, and 70 percent spent at least an hour volunteering. Millennials love to help others as whole, so helping others while helping themselves is important to hone in on.
In conclusion, Millennials might “think we know everything” or “lack patience,” but you’ll miss out if you don’t advertise to us.