It seems like everywhere you look these days there are plenty of ads and promotions aimed at millennials. So why are so many companies choosing to target millennials as their primary target group? As millennials we have grown up in a media saturated environment. I don’t care where you come from in the world, you have seen some form of advertising and marketing. Remember that marketing is not just advertising. It is so much more than that. It involves intricate planning and strategy. In today’s world there are hundreds of different avenues you can take with your marketing. From traditional TV ads to digital marketing such as blogging and social media, even experiential campaigns that immerse people into a unique experience, as millennials we have seen a fair share of it all. But why exactly are millennials such a hot target right now? Maybe it has something to do with our age.
Millennials are the largest age group in the work force today. Many have moved back into their parents’ homes because of the bad economy and inability to find adequate work. Did I mention the age? People who are in their 20’s to mid-30’s usually live a social lifestyle and go out with friends more than any other age group. This probably also has to do with the fact that many are still unmarried with no kids. This also means that millennials probably have enough disposable income to spend on whatever it is that you are trying to market to them. Growing up with brands and the technological boom, millennials are no strangers to the latest fads and technology. If this doesn’t sound like a dream target to go after then you are probably not a marketer… yet!
Marketers use the process of “Segmentation” to segment or divide their customers into clusters with similar characteristics. This is done with databases and through analysis. Then marketers can pick a particular segment or group of people and aim their latest marketing efforts at them. That does not mean they ignore everyone else. They just focus more closely on the group that they know they can satisfy the best and the group that can offer them the highest potential ROI (Return on Investment) aka. Profit! That makes sense right? Instead of running around trying to satisfy everybody marketers can choose to focus on a certain group and do something really really well for them. So that is why many companies are choosing to target millennials. They offer a huge financial opportunity.
Here are some great examples of marketing towards millennials done right:
The colourful silhouettes of people dancing around with their iPod really appeal to the fun and youthful spirit of millennials. Apple’s marketing is more non-traditional with some traditional aspects. Click here to learn more about traditional and non-traditional marketing. Non-traditional marketing really resonates with millennials who enjoy clever, new and unique marketing instead of the old, boring and traditional. Millennials are also more likely to use non-traditional channels to view media such as online and mobile. Apple capitalizes on its innovation and “cool” factor. For these reasons it is popular among millennials despite the high prices. An iPhone is the most popular phone today and is seen as a status symbol among millennials.
Almost everyone I know has a Netflix account and if they don’t I am sure they soon will. Majority of these people are millennials who have abandoned cable Television altogether in exchange for a $10/month Netflix account. Sounds affordable right? That’s because it is and it offers us millennials oh so many entertainment options. We don’t even have to go out to the movies anymore because our Netflix account offers us so many great options. The technology is very seamless. All smart TV’s today have a Netflix option. It is just so convenient to get! No wonder millennials everywhere love their Netflix account and it shows in the site’s performance.
Beats by Dre
This headphone company started by Dr. Dre, the rapper, has swept the nation. It used to be that if you had your white iPhone or iPod headphones you were considered cool and on trend but nowadays if you are young and a trendsetter you better be rocking Beats by Dre or no head phones at all! It is easy to see why the company is successful. They have the look and the technology down. Stylish designs and superior audio performance is contributing to Beats’ success among the millennial group despite the high price. Beats are seen as a status symbol and a fashion accessory. Millennials sure can’t get enough. Are you suddenly itching to browse through some headphones? Click here to get your very own pair of Beats by Dre and intimidate your friends with your look.
Do you need to get somewhere but don’t have a car and only $20 bucks on you for the whole night? No problem! Here comes Uber. This company quickly gained popularity among millennials for that exact reason. The service (exactly like a taxi) gets you from point A to point B for half or even less money than you would have spent taking a cab. The service is quick and easy to use and comes with an easy to navigate app. For a millennial? Say no more. You had us at app.
Companies who want to target millennials:
The car giant is preparing to roll out its new campaign and cars aimed at millennials. These will be in the low price range of about $20,000 with financing of $250/month available because many millennials do not have a lot of money. The cars will be sleeker with sports packages available. The design and low price appeal to the millennials crowd. This is a good positioning for Nissan as it will allow it to compete better with its competitors such as Toyota, Honda and Mazda.
Tredgold, Gordon. 29 Surprising Facts That Explain Why Millennials See the World Differently. 2 May 2016. 5 April 2017. <http://www.inc.com/gordon-tredgold/29-surprising-facts-about-millennials-and-what-motivates-them.html>.
Weinstein, Mindy. A Trillion-Dollar Demographic: 10 Brands That Got Millennial Marketing Right. 23 July 2015. 5 April 2017. <https://www.searchenginejournal.com/trillion-dollar-demographic-10-brands-got-millennial-marketing-right/135969/>.