Milking the Millennial Marketplace
Milking the Millennial Marketplace
Because their experience has been drastically different from any of the previous generations, millennials collectively hold different mindsets pertaining to life. Many of them followed the advice of their Baby-Booming parents and took out loans and went to school only to have no job placement upon graduation. Because the lack of money holds such a trickle-down effect, almost 50% of millennials aren’t married. 50% do not have any children or own a home either. These were major line items on the Baby Boomer’s life checklist. However, most millennials have experienced a completely different reality and therefore, they have completely different ideals.
Many millennials are now freelancers, entrepreneurs or work a full-time job and a side job to provide for themselves, their families and their future. The days of clocking into one job for the next 40 years and collecting a gold watch upon retirement are long gone. Millennials are looking for work-life balance, larger returns on investments and streamlined simplicity.
There are a few industries that have struggled to properly cater to the changing needs of the millennial mindset. These industries include insurance, banking and homeowners. Industries like insurance and banking can be difficult because many millennials are very skeptical of their purposes. There are always unknown hidden fees and charges. When it is time to get customer service or help, what is expected isn’t always delivered. Unless they see it as a worthwhile investment, millennials are least likely to sit down with a glass of lemonade and a pen to compare car insurance prices.
All hope isn’t lost though. Consider these three ways to increase sales and engagement with one of the largest populations on the planet with a lot of buying power.
1. Integrity & Positive Work Cultures Practices
Millennials want to know their dollars are going to a place where ethics are considered. They want to know that employers are treating the employees well and that the work experience is a positive one. There are also a lot of companies that diligently implement the fair trade practices. The concept of fair trade is very important to this population. This is why many of them love Amazon and tolerate Wal-Mart. Wal-Mart’s low pay and cheap products are just not worth a second thought to many of them. So, take a closer look at the employees and how they are treated in a company. Improve their experience and the millennials might take a second look.
2. Brand Evangelists
Within the last ten years, the mass takeover of smartphones and social media has been more than overwhelming. HBR notes how much this generation loves words like “free wifi” and feel free to add “unlimited data” to that list. Thousands join Instagram, Twitter and Facebook every single day. Many in this generation make a living off their following on social media. These specialists are considered brand evangelists. They may have a loyal following because of some extraordinary talent, expertise or special flare that makes them stand out from a crowd. When they have a large following, they often link up with a brand that matches their lifestyle or practices. Once a match is made, the brand pays the person to promote their product or service through their page. For example, a model who travels the world and wears lots of fashionable clothes will attract a certain type of following. A car insurance company might want to consider sponsorships and collaborations with this type of brand evangelist in exchange for promotion on their channel. She could creatively work in brand information to encourage her followers to compare car insurance quotes and drive cross-country for the summer with friends!
3. Highlight Important Values: Passion, Purpose, Happiness, Freedom
Speaking of driving cross-country, summer and friendship, millennials hold certain values that drive a lot of their buying decisions. They thrive on having purpose to everything they spend time doing (jobs, volunteerism, etc.) and they need for their passion to coincide with a purpose. If one is missing, it is a failure. Millenials also desire a lot of freedom to do as they please without too much routine. And at the core, they want to be happy. That’s easy to relate to. After all, if each person looks deep down, these are values they want for themselves too.