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Top 3 tips for building a better relationship with Millennials
According to recent data from Shoutlet and Social Chorus, the bulk of Millennials 'never click' on Facebook's Sponsored Stories; similar results are found with other ad types. Rather than clicking on traditional ads, this demographic is more apt to seek out friends opinions or online reviews. Still, it may be worth the effort to court this seemingly difficult-to-reach demo.
Kristina: What makes it worth the time and effort of targeting Millennials?
Aaron Everson, President & COO, Shoutlet: Yes, it is absolutely worth the time and effort for brands to target this highly coveted demographic, especially when it comes to their purchasing power. There are an estimated 79 million millennials in the US versus 48 million Gen Xers. This important demographic is expected to spend $10 trillion in their lifetimes.
Kristina: What can brands do to build strong relationships with Millennials?
• Understand them -- Millennials are old enough to have opinions and share them. But they are also young enough to not have a ton of purchasing power...for now. The first step in building a relationship with the millennial set is to understand who they are, how they interact with each other, and what their buying cycle looks like. In most cases, a millennial still has a heavy parental component to their purchases. It's not likely tweens have their own credit cards and unrestricted purchasing power. Smart brands will keep in mind that their relationships with millennials also entails being a brand their parents trust.
• Let them know they matter -- To continue efforts on giving users control, brands should actively pursue ways to let their audience know the content they upload and the opinions they offer are considered. Teens want to know that brands are listening to them, acknowledging their opinions, and acting on their advice.
• Incentivize the relationship -- In order to create a good relationship with millennials, you have to make it worth their while. These are the customers that are always on the hunt for a good (and better) deal so rewarding them with promotions, contests, and special access to products and services helps build loyalty and trust in a brand.
You can read part one of my chat with Aaron and Shoutlet, including the top tips for creating more engaging ads, here.
Image via Shutterstock
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