Keep Millennials on Your B2B Marketing Radar
Any business hoping to be successful for today and the long-term can't afford to ignore the Millennials. This group of consumers is an important demographic for businesses in all industries. Whether they are buying for themselves, their kids or their parents, they have a hand in most of the purchasing decisions being made.
A Growing Group
Also known as Generation Y, Millennials represent a large market. They were born in the 1980s and 1990s and are the grandchildren of the baby boomers. Statistics show that by 2030, they will be a bigger group than their grandparents who were the next largest generation of buyers.
Not only is this a large target audience, their spending power is increasing. They have moved on from entry-level salaries to higher positions and promotions at work, giving them more money to spend. And they are well-researched, well-informed buyers who know how they want to spend their money and where.
A Different Group
While the Millennials might have been raised by the baby boomers, there are major differences in their personalities. Knowing and understanding these differences is the key to winning this market. You can't advertise to this generation the same as you would the baby boomers. If you try to keep your marketing the same, you'll lose your audience.
Millennials are savvy shoppers, often spending time online to find the information they need to make an informed decision. Businesses can't make bold statements about their products unless they are able to back it up with hard facts.
At the same time, this group won't make decisions based solely on facts. They are the type of group who is willing to express their thoughts and feelings and they want to be included in the process. They believe their opinions matter, and businesses should take them seriously. They are one of the major advocates for change and the growth of social media and interaction between companies and customers.
Convenience and Caring
Two attributes that define the Millennials is busyness and concern. This group is active, on the go and always with a full schedule. They want items that are convenient and simplify their lives. One reason companies have gone mobile is to keep up with this busy crowd who spends more time on their smartphones and tablets than on their computers.
As busy as they may be, Millennials still take out time to care about others. One thing that drives them to choose a company is how that business shows its support for the causes they believe in. They want environmentally-responsible, inclusive businesses to support, companies that show they aren't just about making the next dollar but also making the world a better place.
As the article, B2B Marketing to Millennials: Reaching Today's Young Generation of Business Owners, says, Millennials also share some traits with their parents and grandparents. They are focused on working their way up the ladder and being recognized for what they achieve.
Any business that wants to succeed cannot afford to ignore this segment of the market. Owners, managers and marketers must know who the Millennials are and how to reach them.