Millennials are the demographic bunch born between the early 1980's and mid-1990's. There are approximately 83.1 million millennials in the United States. With a population of 323 million that means millennials make up 25 percent of the market. While millennials make up more than a quarter, there are only 75.4 million baby boomers. While the numbers show that millennials make up a big part of the US population there is still a stigma regarding marketing efforts toward the "lazy" generation. Say what you will, but there's no denying their generation knows how to spend money on what they want. Millennials spend $600 billion annually and are forecasted to make up 35 percent of all US spending by 2030. If you want to see your small business grow, then it's crucial that you begin marketing toward millennials.
Millennials love Small Businesses
You're probably bringing in millennials business by just existing. It's true, millennials seem to like local business more than corporations. They are leading the change in buying local and helping the community, and small businesses. If your business customizes in a specific genre, then you should get a millennials attention right away. Millennials love to personalize and customize their objects. While the early 2000's were full of statements of being the same to fit in, that isn't the case for today's youth. Millennials want to be unique when it comes to any of their products or services, and most of the time small businesses are the only ones who can fill that need.
Millennials are also very self-aware of the brands they choose to buy. With the internet age, it makes it easy for them to fully view what your business is about and if they stand behind it. What millennials love about small businesses is that the field is raw and original. They want to know the origin of the company, and the actual guy/girl who came up with it. A small business gives them that personal connection they're looking for. Lastly, millennials brought out the all and powerful hipsters. A hipster is a person who follows trends that are outside of the norm/mainstream culture. As a small business, you're already aligned with a hipster's definition of who they shop from.
How to Market Toward Millennials
We've made it clear that millennials love small businesses, but now it's time for your company to get their attention.
A study showed that 88 percent of millennials get their news from Facebook. Thus, if you're not getting their attention from social media then you're probably not getting it at all. Make sure to market your brand to social media for millennials to look into. Have fun with them, and comment back if they reply. The more engaged they feel you are with them, the more they'll buy into your small business.
For help with your social media post scheduling contact IgnitedLocal today!
News flash, millennials use coupons more than their parents. According to Business Insider, 90 percent of millennials said they used coupons to plan their shopping lists. Most millennials depend on the internet and social media to find coupons. An astounding 60 percent of millennials also revealed that they share and trade coupons on social network sites.
CAUTION: Millennials love deals, but they need the deal to be eye-catching in order to take a bite. Millennials prefer deals that are 25 to 32 percent better than what other generations are looking for when taking advantage of coupons. As the most educated, yet lowest paid generation, they make sure they're getting their money's worth.
If your small business does not have free WIFI then it's time to make a call to your provider. Whether you own a flower shop, tool store, or even a barbershop you must have WIFI in order to draw millennials in. Free WIFI from a business is no longer a luxury, it's an expectation from most millennials.