Millennials represent a unique yet powerful part of the market. Born between the years 1981 and 1996, they’re the first generation who grew up with technology at their fingertips. Significant challenges in their lives, like the rising cost of a college education and increasing loan debt, have a great influence on their spending habits as well as how they save, spend, and invest their money.
Brands may find marketing to millennials more difficult in comparison to previous generations. Because of their unique spending habits, millennials have a huge impact on the future of brand consumption and what customers can expect from the brands they interact with. We’ve compiled three tips on how to market to millennials based on their spending habits.
1. Focus on being an eco-friendly brand
According to Deloitte, 47% of millennials research the environmental impact of the brands they consume. This makes it even more important to prioritize making your brand sustainable from the inside out. Whether that means easily recyclable packaging or compostable products, this is one excellent way to market to millennials and conserve the planet for future generations.
2. Invest in Multi-Channel Marketing
Gone are the days of single-channel marketing. It’s time to take advantage of all the social platforms and media formats available to companies. While 29% of millennials purchase from brands they’ve seen advertised to them on social media, 58% of them learn about new brands through video-based social media at least once per month (think TikTok or Instagram Reels). Prioritizing advertising on as many platforms as you can will maximize your reach when marketing to millennials in your potential customer base.
3. Do the Right Thing
In recent years, social responsibility among brands has become more important than ever. In fact, 83% of millennials want the brands they consume to align with their beliefs and values, while 60% of them will purchase from big brands as long as they take care of their workers and society. This highlights the importance of corporate social responsibility and why it will ultimately benefit your company in the long run.
These are a few of the many tactics you can use to appeal to millennials and level up your brand strategy. Millennials have a myriad of brands, products, and services to choose from, but a tailored brand strategy for millennials will lead to brand loyalty and an eventual return on investment.
Jessica is a Content Marketing Specialist developing high-quality content for diverse industries including tech, finance, travel, and lifestyle. Her work can be seen featured on sites like Better Homes and Gardens and wikiHow. Read more of her posts on Possible Finance.