3 ways to market to Millennials in 2023
It’s 2023 and we’re hearing a LOT about marketing to GenZ. We’re going to dig into that next week, but today, I wanted to focus on marketing to Millennials (AKA GenY). We’ve talked about this before, but it’s important to remember to refresh your strategies as your consumer behaviour and needs change. And if you’re launching your business, just because marketing to GenZ is the hot new trending topic doesn’t mean they are going to be your target audience!
So let’s talk about Millennials – still one of the most lucrative consumer groups – and three ways you can market to them more effectively.
Who are Millennials?
I often joke that Millennials are like the middle child of generational cohorts. (Funny enough, in this Stats Can report the first section after the Introduction is about Baby Boomers… go figure…). It’s also worth noting that there are a lot of blogs out there posting stats about Millennials, but they are incredibly out of date. Data from 2015 really doesn’t give you a great picture of Millennials in 2023.
Born between 1981 and 1996 (approximately), Millennials are often further divided into “older Millennials” and “younger Millennials.” Generally older Millennials were on the cusp of technology and experienced the best of both worlds while younger Millennials are more technology-driven as they have grown up with it. That being said, Millennials tend to be under-employed, over-educated, and constantly seeking a work-life balance. Additionally, Millennials tend to care quite a bit about social issues and feel responsible for driving change.
The fastest growing generational cohort, in Canada, Millennials make up just over 33% of the working population and tend to make up one third of the downtown population in major cities. What can I say, I guess we like living closer to work?
How to market to Millennials?
Let’s get digital… digital…
If you haven’t fully incorporated digital tactics into your strategy, better late than never. There are a few different aspects to consider:
Accessibility: Millennials often prefer to shop online and via mobile. It’s all about convenience and helping to “add time into the day” by not having to spend time going to a store. Also remember that most Millennials live in a multi-screen world. This means they will be streaming their favourite programs on one screen while scrolling social media – and doing other online activities like shopping – at the same time. In fact, Millennials are the generational cohort most likely to shop via mobile! Make your content easy to scan and understand and consider the user experience on your digital platforms.
Social media: It doesn’t matter how many platforms you are on, but you should be where your audience hangs out. Millennials spend a lot of time on Instagram with Facebook and YouTube as a close second and third. Interestingly, during the pandemic there was also a Millennial boom on TikTok, but there is still only about a third of Millennials on the platform! It’s worth noting that 50% of Millennials have discovered new products while scrolling through social media.
Seamless customer experience: Millennials tend to do a lot of research online before making a purchase – whether in person or online. Your brand needs to be consistent across platforms and across mediums so they can have the same experience online as they would in person.
Understand their values
Given the added focus on social issues and feeling the weight of the world, Millennials want to know that the brands they buy from align with their values. Businesses need to build their overall strategy with that in mind. Internal business values need to align with those of the target audience. Even more, messaging, visuals, and any marketing campaigns should highlight not only the features and benefits of the product, but also how the brand’s values align with the audience’s. A great way to showcase the work being done is to partner with charitable causes.
It's also worth noting that this generation can tell if you’re faking it – and they will call you out. They are looking for a more authentic and genuine brand experience. If you are considering NOT showcasing your values, this could affect your reputation negatively. The important thing is to act thoughtfully.
People over brands
Following the overall consumer trend, Millennials trust online reviews and referrals from friends and family more than they do information from the brand itself. Campaigns focusing on User Generated Content (UGC) can be very successful. Not only does it help to deepen the relationship with the brand itself, it also adds credibility and strengthens trust. Transparency is key throughout these interactions as well.
A great way to get started in this area is to work with content creators and influencers on various platforms. Collaborating with the right people will amplify your message and help you grow your community of followers. However, recent transparency issues with a few influencers have added a certain cynicism to the industry. So, choose wisely. Not everyone will be a good fit for you regardless of how many followers they have.
If you’re considering marketing to Millennials and you’re not sure where to start, book a free consultation with me and we’ll figure it out together!