Millennials are the most important consumers for small businesses. There are about 80 million millennials in the U.S., and they spend 600 billion dollars every year.
Millennials have a lot of buying power. Missing out on their business could be devastating to your growth and success. If you don’t know how they think and what they value, it will be hard for you to attract their business.
Even if you aren’t part of the millennial generation yourself, there are ways that you can adjust your marketing strategy to better relate to this all-important group.
Below, we’re outlining some target marketing strategies for reaching millennial consumers. They like to get their information in specific ways, so it’s important that you adjust to their preferences.
Read on to learn more.
1. Improve Your Social Media Presence
As you begin thinking about target marketing strategies for reaching millennials, you should look for ways to improve your social media presence.
Millennials on social media sites like Facebook and Instagram trust the information they see there. These sites are no longer just a way for millennials to communicate with their friends. They have become a way for millennials to vet businesses.
Establishing a strong presence on social media is a way for millennials to get an authentic sense of your business’s values and personality. Use social media as a way to communicate directly with your current and potential customers.
Answer questions, respond to comments, and share valuable information on this site, and millennials will reward you for it with their business.
2. Evaluate your Business Model
Millennials drive innovation, and they’re attracted to businesses that are innovating in their industries as well.
A company like RealityShares, for example, is a good candidate for millennial dollars because of its unique business model, which allows investors to pool money together to purchase part of a real estate project.
A RealityShares review details this process in consumer-friendly language, which makes it likely to attract a millennial’s attention.
3. Have a Brand Personality
For a small business, establishing a specific brand personality can help you stand out from competitors. It can also help you reach millennial consumers.
Millennials look far beyond price when considering where to spend their money. They prioritize a business’s values, its mission, and its voice, along with how much something costs.
You want to represent your business as being authentic. Millennials want to know that they can trust your business to do what it says it does. Don’t be afraid to establish a distinct brand personality, as long as it holds true to what your business model is. Millennials give their business to brands they can trust.
Ready to Start Implementing These Target Marketing Strategies?
As a generation, millennials have had a significant impact in changing the way our society and our economy operates. They are a demographic that knows what they want. Implementing these strategies will help your small business reach them, and attract their business.
For more information on marketing your small business, please contact us or sign up for our newsletter.