Millennials (who you might better know by their previous label ‘Gen Y’) have become the Holy Grail for marketers. They make up an increasingly large segment of the buying population. In fact, Macquarie equity analysts predict they will make up 54% of the Australian population by 2030, which equals a lot of purchasing power. So how can you make sure they are purchasing from you?
The main point to remember is that this generation (which is made up of people born from the late 70s through to the year 2000) is very different from the ones that came before in how they consume information and make buying decisions. Traditional, old school marketing techniques just won’t cut it, so here are our top eight tips on how to get millennials to connect with you.
1) Forget about the traditional hard sell
Tried and tested methods such as magazine ads, DM campaigns and TV commercials just don’t resonate with millennials. They see them as impersonal and intrusive, and focused on the company, not the consumer. Focus instead on telling a story within videos on social channels your target audience most frequents.
2) Be authentic
If they don’t trust you, who do they trust? The answer is real product users they can relate to. Give your customers the chance to spread the word about your brand, whether that’s via social media or user generated content on your website. If a millennial hears a recommendation from a friend or colleague, they are much more likely to buy your product from shared content rather than if they saw an ad in the newspaper.
3) Use influencers
If there’s anyone millennials trust more than their peers, it’s influencers. Having a key social media influencer advocating for your brand is a much more powerful marketing tool than a hard sell.
4) Create educational, shareable content
Millennials appreciate thought leadership and are looking for expertise. If you can create content that offers this, be it video, eBooks or blog posts, they are more likely to share it. A foodie is much more likely to share your video showing how to make a beautiful dish with your product than they are to show someone an ad explaining how great your product is. Producing educational content, with your customers’ interests in mind, can go a long way to building a brand-customer relationship.
5) Let them be the star of this content
This is the Instagram generation, and many of them like to be in the media they consume. Have a brand hashtag that your customers can use, and incentivise them to share video and images of themselves using the hashtag and your product.
6) Be connected on social
Having a social presence is vital, but it’s not just about the content you share through Facebook, Twitter, Instagram, Snapchat etc. You have to be available to engage with your customers through these channels, because that’s where many millennials will ask questions, and they will expect a quick response. It’s worth the effort though, with a survey from Elite Daily finding 62% of millennials are more likely to become a loyal customer, if a brand engages with them on social networks.
7) Be a good global citizen
The same research from Elite Daily also revealed that 75% of millennials think it’s either fairly or very important that a company gives back to society rather than just making a profit, and would rather purchase from a brand that supports local communities. So, to get an edge and win brand recognition, you need to find a purpose, and lead with it.
8) Reward loyalty
Millennials, whilst somewhat picky in the brands they choose, brands can also easily earn their loyalty through providing good quality products, a good customer experience and brand’s support for society. So, reward their loyalty – acquiring new customers is anywhere from five to 25 times more expensive than retaining loyal customers. And with the stats showing that customer loyalty = increased profits, it’s a no brainer!
What else is a no brainer? Choosing eWAY as your preferred credit card payments provider for your eCommerce, online store or start-up company. We’re recognised within the payments industry as a market leader in providing technical innovation, a robust infrastructure and best-in-class customer support. To get started today with Australia and New Zealand’s leading credit card payment solution, call us on 1800 10 65 65, enquire online or get started in AU or NZ today.