Millennials –They’re no longer the spoiled nerds who couldn’t be hauled away from their video games. They have matured into responsible adults who are decision-makers and innovators.
According to the Australian Bureau of Statistics, the Millennial generation in Australia is estimated to rise by 17% over the next ten years, from 7.2 million in 2016 to 8.3 million in 2026. Since this generation is causing a big shift in national income, strategically marketing to them would be a great idea.
This generation is also establishing their professional and personal lives. They are creating families, adopting pets, having children, or establishing a job. Millennials are also more mobile and digitally savvy than previous generations. Since they were raised in a world that’s constantly changing.
According to multiple studies, Millennials are the most open to new, innovative technologies and are avid social media users. In a 2020 article on millennials, Business Australia noted that they are considered digital junkies, who live and breathe technology, are always online as well as attracted to all kinds of trending gadgets and apps. They spend two to three hours each day on social networking sites such as Facebook, Twitter, LinkedIn, and Instagram.
It’s also useful to understand the characteristics of the millennial generation to market to them strategically. To give you an idea to what the Millennial group is, here are some key characteristics useful for your marketing strategy:
People these days have more opportunities to research and educate themselves on the items they are interested in now that information is more widely available. Before purchasing, millennials are also more likely to conduct research. Part of the reason why is because they grew up using technology.
Millennials, in general, don’t shop on the spur of the moment.
They want to know that the store and brand share their values, and they want to know that they are receiving the greatest price for an item, therefore they use a variety of channels to discover this information.
According to pewresearch.org (2019), “More than nine-in-ten Millennials own smartphones, compared with 68% of Baby Boomers.” Thanks to smartphones, computers, and other devices this generation is always connected.
This generation is ready to trade bigger income for smaller billable hours, more flexible work schedule, and a better work/life balance.
While this may be seen by earlier generations as a lack of dedication, responsibility, and ambition, millennials have a different view on professional standards. Millennials typically place a higher value on family than on employment.
When Millennials were asked what they consider to be the top indications of success, 55 percent said “being part of a loving family,” according to a 2015 article by viacomcbs.com, a global audience insights research organization.
Being wealthy, having a fulfilling career, performing well in school, having children, and even being famous were all placed lower than having a close family.
Millennials are confident, ambitious, and achievement-oriented because they were nurtured and spoiled by parents who did not want them to make the same mistakes as they did.
Millennials are devoted to having a complete life, according to another 2018 Forbes article by Ajit Nawalkha, and they’re not hesitant to let their enthusiasm dictate their actions.
Marketers may utilize this type of message to connect into Millennials’ core values.
Ajit Nawalkha said in the same article that for the first time in over a century, young people are putting passion before money.
Millennials are also becoming conscious and conscientious when it comes to their finances, according to another survey conducted by shopping and payment provider Klarna. Millennials earn 20% less than their parents did at the same age, despite their increased purchasing power (due to a mix of higher salaries and rising debt).
More millennials are concentrating on saving money and this shows that saving and spending sensibly is essential to them.
Health and Environmental Awareness
Since millennials enjoy doing research, they spend more time researching before purchasing and investigating the benefits of natural, organic goods as well as the environmental impact of production and transportation.
Over 90% of Australian consumers and companies are concerned about environmental sustainability, according to a 2018 survey conducted by HP Australia and Planet Ark. Today’s Millennial consumers, particularly those in Australia, have good intentions and seek that brand to support strategic positive changes in their daily lives to safeguard the environment.
Millennial Prefer Straightforward Messaging
Millennials have a low tolerance for complicated digital procedures when it comes to purchasing. Buying something online should be straightforward, quick, and painless.
Because that is what digital is all about, they anticipate a solution to any problem. At the same time, they require a compelling rationale other than the need to purchase a certain item.
Based on a 2015 interview conducted by Nora Ganim Barnes, Director of the Center for Marketing Research in University of Massachusetts, with eMarketer’s Lisa Barron, they concluded that Millennials are unaffected by traditional “push” marketing techniques since they were born and raised in the technology age. They appear to be quite excellent at filtering out commercial and advertising messages from all social media platforms.
They want to know the truth; therefore, they’ll look up everything mentioned in the past about you or your products.
Support Issues That Millennials Care About
While millennials are sometimes stereotyped as being preoccupied with technology, in continuous need of acceptance, and having a strong work ethic, we must have a deeper grasp of what this generation values.
According to a 2021 report by fpmagazine.com.au, Millennials support a wide range of causes, from climate change to plastic recycling, and that we are approaching the era of the aware consumer. Almost half of the millennials prefer to buy from a company if their purchase benefits a good cause.
Brands that support issues that millennials care about – not just appear to support them, but do so – are better positioned to communicate with them, particularly through social media.
Millennials place a premium on flexibility and connection, and they multitask while on the road.
A 2015 article by thinkwithgoogle.com shows that millennials use their cellphones throughout the purchasing process, primarily to help them make decisions. This mobile trend is also expected to increase.
So, if you haven’t already, start thinking mobile-first.
Check to see if your company’s mobile experience is up to par. Millennials make more significant use of digital technologies than earlier generations. Eighty-five percent of people possess smartphones, so if your material isn’t mobile-friendly, you’ve already lost them.
Make your landing pages mobile-friendly so they load quickly. A clear call-to-action should be seen even on a small phone screen. Make every effort to avoid downtime.
Use Reviews and User-Generated Content
Engagement is the keyword.
Previous generations absorbed material; millennials, on the other hand, want to participate in activities and interact with you.
You may take advantage of this. Encourage others to give you feedback. Find the best approach to include UGC like reviews, surveys, comments, and ratings. Make sure your website includes a lot of user-generated content (UGC) to aid Millennial decision-making.
According to a 2015 article by Thomas Lyngsfeldt from adnews.com.au—user generated content (UGC) from peers is on the increase and is the most trusted source of information across all categories in Australia.
They place considerably more trust and follow advice from other people – even strangers – than they do from companies.
Be Proactive and Show Some Personality
If you don’t stay current, you’ll be forgotten. Being proactive on social media sites when it comes to comments, questions, and concerns is important.
Based on a 2021 article by theconversation.com, since millennials were raised with social media heavily integrated into their adolescence and adulthood life, they have a greater rate of social media consumption.
This can lead to Millennials losing interest if their message is not handled quickly, and certain audiences may be lost as a result. Members of this generation prefer to speak with a live person rather than interacting with a bot. Make it a two-way dialogue by giving your brand a human face, being approachable and open.
Monitor customer feedback and respond promptly, making adjustments as needed, and then informing your consumers of your actions to generate additional positive feedback.
Keep Up with Millennials
Keeping up with the latest trends isn’t always enough to satisfy one’s desire for variety. You have to take a chance now and again and come up with something unique on your own. One way to do this is to use a current event that has a strong connection to your target audience as a springboard for your campaign.
There is also a need for high-quality – and possibly viral – content that has to persist. Vlogs and TikTok videos, as well as user-generated video reviews, and memes might have a significant impact. Memes are a form of communication for millennials.
According to a 2019 article on ypulse.com, more than half of young customers (millennial & gen z) send memes on a weekly basis, with 30% sending them daily. It shows how essential they are as a means of communication. It also implies that if you want to reach out to this generation, you must communicate in the same way – as long as you stay on brand.
Some major businesses have already begun to use “meme marketing” to encourage participation through interaction.
Market Better by Knowing Your Audience
It’s vital to remember that each generation is made up of individuals with distinct personalities, and not everyone will react in the same manner. Don’t toss away your other demographic segmentation and targeting strategies!
These marketing tactics can help you attract your target audience, but Full Steam can aid you even more!
Make an appointment with us now! https://www.fullsteam.com.au/schedule-a-consultation/