In case you are unaware of how relevant and powerful Millennials and Gen-Z are to the economy and business marketing, let’s start with a few eye-opening facts. Millennials and Gen-Z compose over 72 million people and over $140 billion in spending power. These young men and women are innovative entrepreneurs who own real estate, have become successful investors, and are avid consumers. So, if you’re missing this audience in your business marketing – you’re missing out on a HUGE window of opportunity! Regardless of your industry of business, there’s an avenue to attract the Millennial and Gen-Z dollar to increase your revenue and deliver the products or services they’re actively seeking.
This article will highlight the top 3 ways to appeal to the Millennial and Gen-Z audience and eliminate any missed opportunities for brand awareness and revenue.
According to SmartAsset the average annual spending for Millennials is $52,000. If your business isn’t currently attracting these spending dollars you will soon understand how to tap into this revenue. First and foremost, with 91% of Millennials and Gen-Z preferring to shop online – making your products and services easily accessible through social media and shoppable links is where you should start to access this audience. Next, focus on appearance, transparency, recommendations, and rewards. Let’s take a deeper dive into each of these items to see how to pivot your business into to appealing to Millennials and Gen-Z.
Did you know that 92% of Millennials use the appearance of an app to determine if they are comfortable sharing their personal information with them? This may sound a little shallow, but there is very valid reasoning behind this.
From the consumer perspective, would YOU want to enter your credit card information on a website that looked outdated, was not user-friendly, or didn’t keep you engaged? Of course not! Neither do Millennials and GenZers. They are concerned about the security of websites they patronize and they want to be actively engaged in all that your website has to offer. Therefore, if you’re questioning if your current website or landing page is up to speed, get a professional evaluation and be open to change.
Transparency in your brand values, mission, and goals is essential when catering to the Millennial and GenZ audience. These consumers are smart, passionate, and actively support brands that reflect their beliefs. 60% of Millennials prefer generic brands, however, these brands must also resonate with them and display integrity to gain their business.
This is the key to success for startups, small businesses, and home-based businesses because once you’ve accurately outlined what your brand stands for you can “attract your tribe”. In the same way, mid-sized businesses can increase customer loyalty and expand brand awareness by accurately conveying their mission and values.
3. Recommendations and Rewards
If someone you look up to recommends a product or service, would you try it? This is the basis for focusing on recommendations to attract the Millennial and GenZ audience. 54% of Millennials use products recommended by social media influencers. This places huge value on incorporating micro-influencers and macro-influencers into your marketing strategy. The smaller but powerful audiences associated with influencers who have between 4,000 – 50,000 followers can make a significant difference in brand awareness and your conversion rate.
Even more, 96% of Millennials feel brands should find better ways to reward them. This means once you have the Millennial and GenZ business, you should consistently implement creative ways to reward them for their support and loyalty. The best way to promote your rewards programs and loyalty benefits is through social media. Millennials and GenZers are visual consumers – humorous ads, aesthetically pleasing digital flyers, interactive promotional material, and videos will be key.
The great news is that you can take steps today to improve your brand awareness, marketing strategy, and audience appeal by receiving a consultation from an experienced digital marketing strategist and copywriter (who also happens to be a Millennial). Take advantage of your resources and watch your business reach new heights!