You might have seen or come across many articles lamenting the death of certain industries due to changing consumer demands. Despite all these publications, some industries such as Vienna Cash for Car Junks continue to hold firm despite changes in consumer habits. Today, boomers hold around 75 percent of the wealth in the US and are at their peak of spending power. As millennials enter their 30s and 40s, they might not yet have reached their full buying power as compared to Gen X and Boomers.
However, here are a couple of reasons you need to pay attention to this generation.
They are a lucrative market
Millennials are the most lucrative market. Even though they have not reached their full buying power yet, their buying power can’t be underestimated. They make up 25 percent of their population and their estimated annual buying power exceeded one trillion dollars. This explains the reason why they are a very lucrative market. Their buying power and trends are influenced by what is happening on social media.
Millennials switch brands
Before this generation makes any purchasing decision, they are influenced by trends and what is happening over social media. The research on the internet on the most attractive brand and switch brands easily. This explains the reason why brands must do more to attract and keep millennials since they are always on the move.
If you are looking forward to market to this type of generation, here are a couple of tips on how to go about it.
Create authentic content
This type of generation spends an average of 242 minutes online using various apps. They are always craving content-driven media. They are always scouring websites, blogs, and other social media sites because they feel empowered by all the important and remarkable content they are discovering. They are always sharing, liking, and tweeting content among their friends. They will decide on the brand to stick to, based on the authenticity of the information being shared.
It is always a good habit to add value to what you are sharing among your prospects. Millennials support businesses that commit to improving customer lives through informative content. Rather than just product and service listings, this generation wants content in form of e-books, blog posts, videos, and other forms of media. They appreciate leadership and expertise and always make Google their friend. They are always consuming video content to guide them on the next purchase decision to make.
Be open and collaborative
Today, millennials are interested in having a say and becoming part of the product and services being created. They are interested in helping companies develop that suit all their needs. This means for businesses to succeed marketing to millennials, they should be open to accepting feedback and being more collaborative. They want to be involved in how a product gets created so it’s upon companies to enable them to be part of the product development process. Marketers should put a lot of focus on building relationships with consumers and appreciating collaboration.