Rieva Lesonsky is CEO of GrowBiz Media, a media company specializing in serving small businesses and entrepreneurship. Lesonsky has been covering America’s entrepreneurs for nearly 30 years. Before co-founding GrowBiz Media in 2008, she was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky received the “Champion of Small Business” award by the Association of Small Business Development Centers and was named one of the nation’s top 100 Small Business Influencers in 2011. Read more from Rieva at http://www.smallbizdaily.com/.
Is your business doing enough to market to Millennials? These young consumers numbered 79 million last year and are projected to far outnumber Baby Boomers, 78 million to 56 million, by 2030. Millennials already spend or influence the spending of hundreds of billions of dollars annually—an amount that will only increase as they mature. A new survey of 4,000 Millennials (ages 16 to 34) by The Boston Consulting Group, Barkley and Service Management Group has some useful insights on how to market to these key (and increasingly influential) consumers.
How They Shop
- Millennials are always in a hurry, so convenience and ease are crucial in all their transactions.
- They are more likely than older consumers to choose products that support or contribute to a cause.
- When it comes to making purchases, Millennials are far more likely to favor brands that have Facebook® pages and mobile websites (33 percent versus 17 percent of older consumers).
- Millennials are much more likely than non-Millennials to explore brands on social networks (53 percent versus 37 percent).
Who’s the Expert?
- Millennials rely much more on recommendations from peers or friends than from “experts.”
- Millennials consider themselves experts too, and are more likely than older consumers to use the Internet to share their thoughts and experiences and to contribute user-generated content.
- They are far more likely to rate products and services (60 percent versus 46 percent of non-Millennials), or upload videos, photos and blog posts online (60 percent versus 29 percent).
They’re Tech Titans
- Millennials are far more likely than non-Millennials to be the very first or among the first to try a new technology. They usually own multiple devices such as smartphones, tablets and gaming systems.
- More U.S. Millennials than non-Millennials use smartphones (59 percent versus 33 percent), while more non-Millennials use desktop computers at home (80 percent versus 63 percent) and basic cellphones (66 percent versus 46 percent).
- Millennials are much more likely than older consumers to multitask while online. They’re constantly switching platforms among mobile, social, PC and gaming.
- They’re also more likely to read reviews or research products on a mobile device while shopping (50 percent versus 21 percent of older consumers).
What does it mean to you? Clearly, if you’re targeting Millennials, your business needs to be social, mobile and local. Tap into what they’re saying about your brand; harness the power of their reviews and recommendations to grow your customer base; and make sure they can contact, buy from or learn about your business whenever—and wherever—they want. Keep in step with the Millennials, and you’ll be rewarded with their dollars and loyalty as they grow.
The above information is provided by a third party and may not reflect the views, opinions, or policies of AT&T. AT&T makes no representations or warranties regarding this information.