You may think you know everything about millennials at this point. But the thing about marketing to different generations is that things are constantly shifting. What worked a couple of years ago might not be doing so well today! On the other hand, something you would never consider doing in the past might be just what you need to reach your customers today.
In June, we highlighted the reality of how generations periodically evolve and change when discussing what to know about Gen Z in 2020. If you’re looking to target the increasingly relevant Generation Z, I suggest giving it a read.
Anyway, once you’ve gone through that, let’s fit in a quick refresher on what you may want to know about millennials in 2020. Read ahead for more.
Millennials are, at last, the largest generation. To start off, here’s a big one for you to think about. There are now more millennials than any of the other generations. According to the Pew Research Center, this finally happened about a year ago in July 2019. As their spending power continues to grow so do their numbers, largely thanks to immigration. They’re projected to remain at the top until 2033.
They’re still looking to save. If you want to succeed with millennials, you need to understand that many of them are well informed, and are constantly looking for different ways to save. Even when it means purchasing from a different brand. Case in point, according to Millennial Marketing, 60% of them actually prefer to purchase generic brands instead of name brands. If there’s a better deal on something they need, millennials will spring for it.
They want to give you feedback. A common problem many businesses face is that they simply don’t understand their customers. They’re not getting the feedback that they need in order to deliver the best possible experience. Well, when it comes to millennials, rest assured that they want to give it to you. According to research from Edelman, 67% believe they’re responsible for sharing feedback with brands about their experiences.
My recommendation? If you really want to understand millennials and earn their loyalty, use your loyalty program to learn more about them. Issue surveys in exchange for loyalty points. It’s a great way to engage!
Millennials are mobile. Here’s some more interesting data out of the Pew Research Center. So, get this. Nearly 100% of all millennials say they use the Internet. Okay, that’s probably not very surprising. But what is interesting is that nearly one out of every five millennials (19%) use the Internet purely from their smartphone.
Many millennials simply prefer mobile. Whether they’re browsing social media, checking email, shopping, you get the drift. A large reason why is because they lead such busy lies. Consider that, according to CodeBreaker, when it comes to loyalty programs, 75% of millennials are more likely to join if their information can be easily accessed on a smartphone. There’s no time to open up a laptop or turn on a desktop. They want that information where they live. And it’s on mobile.
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What marketing techniques have you employed to engage millennials? Sound off in the comments.
