First off: who are Millennials? Millennials are those born from 1977 to 2000s during the Information Age. They make up 25% of the U.S. population. Millennials are know for starting trends and "destroying" businesses. With online shopping and smartphones in everyone's hands, companies are trying to find ways to target the generation that spends a lot of money. How do they do this? Whether you're a millennial hoping to evade the tactics or someone trying to market their product, here is the list of what to look for:
Millennials will feel better about their purchase and even spend more if they know their money is going to a good cause. Remember Toms? Those famous "buy a pair, we donate a pair" shoes? Those became the hottest shoes to have because not only were they comfortable, but they were a charitable statement. Amazon has an option called "Smile" where if you shop on AmazonSmile, proceeds from your products go to charity. Millennials might spend more because they know it's helping others and they can choose their charity of choice.
When it comes to purchasing decisions, Millennials are looking to get the most out of the product. They don't care so much for ownership as they are for its use. Since most Millennials with college education have debt, they spend frugally. If they purchase something, they want multiple uses out of it. Dresses that can alter easily into different styles, reversible clothes, multipurpose tools, etc. If you're marketing a product to this generation, making it something that can do a variety of things could sell it better.
More than half of Millennials will follow companies on social media in order to get coupons or discounts. By giving out discounts or opportunities to shave off costs, Millennials will follow. As previously mentioned, most Millennials are frugal due to debt and take any chance they can get to save money. Since most of their shopping is online, it's good to put the coupons and money-saving opportunities on social media or websites. This might even get them to sign up for emails which in turn could be used for more marketing towards them. Just make sure the deals are worth it.
As cultures mesh more and diversity is celebrated, Millennials desire travel and adventure. Going to scenic places without a care is a huge deal to them. They want to see different cultures and try new things. By adding an element of adventure or appealing to those who are always on the go, might catch the eye of Millennials. They're not all shut-ins with their technology as is the popular opinion. With Airbnb getting Millennials out of resorts and hotels and into the hearts of cities and the country, Millennials experience travel more intimately than before. Having the best Instagram photos doesn't hurt, either.
Millennials grew up with technology and aren't afraid to use it. From smartphones and apps to fit bits and smart watches, Millennials always have tech on hand. While this is great for those with ads, something as simple as making sure your website responds well to touch screens and smartphones could do a lot for your business. Most Millennials spend time browsing through their phones rather than on their computers, even though you shouldn't rule those out. It's also about time your company took to Twitter. Now, you don't have to be immensely creative or "hip" to get the Millennials attention, but to have a social media presence could help your business spread, especially through a review - most of which are done through social media.
With the aesthetically pleasing photo sharing app, most Millennials communicate purchases through Instagram and can reach hundreds of followers. Starbucks, with their Unicorn Frappuccino, started a trend of "Instagrammable" beverages. The taste doesn't matter as long as it looks good with the filters. Suave "tricked" beauty bloggers (huge influencers of Millennial purchasing) into trying their product by giving it a new name "evaus", a new minimalistic look, and adding a dash of Millennial Pink. Yes, you heard that right. Marketing businesses have named a color after them. By making products pleasing to look at by removing unnecessary clutter from the look, a company could sell much more products with Millennials.