Millennials: 7 things you need to know
Article topics
- Who are the Millenials?
- Some interesting facts about millennials
- 7 things to consider when selling to millennials
- Are you set to market to millennials?
Millennials came of age when digital technology was finding its feet and are considered the first ‘digital natives’ – growing up with access to computers, smartphones, and social media.
Tech savvy, socially conscious, and motivated by purpose, this generation makes up approximately a fifth of the UK population.
In this article, we’ll uncover what makes millennials tick and how to increase the chances of them converting on your website.
Who are the Millenials?
Millennials (or Generation Y) is the collective term referring to all people born between 1981 and 1996. This means the oldest millennials are in their mid-forties, and the youngest are nearly thirty.
This generation succeeds Generation X and precedes Generation Z.
Generation Alpha is referred to as the ‘mini-millennial’ generation. This is because they are often the children of millennial parents, and the two generations have a lot in common, like a love of social media.
Find out more about the different generational cohorts.
Some interesting facts about millennials
- One in five millennials spend over 20 hours a week engaging with content online
- 80% of millennials live within 100 miles of their hometown
- 72% of female millennials are employed, more than any previous generation
- Three-quarters of millennials exercise at least once per week
7 things to consider when selling to millennials
Millennials are currently the largest generation in the UK, approximately 14.69 million people strong.
This means it’s highly likely that the people buying from your business are millennials. Not only this, but as millennials are well-established in their careers, they have a lot of buying power behind them.
Here are some things to bear in mind if you want to appeal to this generational cohort.
1. Promote your green and social change credentials
Millennials grew up with access to social media and video streaming. As a result, they were the first generation to be exposed to diverse new perspectives and global issues like climate change and human rights.
42% of millennials are willing to pay a premium for sustainable products, and 64% prefer to work at organisations with a clear corporate social responsibility strategy.
If you want to sell to millennials, it’s essential to showcase your sustainability and diversity strategies. Promote your policies on your website, back up your claims with evidence, and consider accreditation like Fairtrade or 1% for the Planet.
Of course, if you are going to do this, be honest, transparent and authentic. Two-thirds of millennials distrust the green claims companies make.
9 ways to become a sustainable eCommerce store.
2. Let millennials buy quickly
Millennials are surprisingly impatient when it comes to buying online. Nearly three-quarters of this generation admit to making frequent or occasional impulse purchases.
Why is this the case? Millennials are used to having all the information they need at their fingertips and expect the online shopping experience to be fast, efficient, and highly personalised.
(Interestingly, younger generations like Generation Z and Generation Alpha are more likely to pause and reflect on their purchasing habits!)
You can encourage millennials to buy quickly by offering a streamlined and simplified checkout – offering guest checkout can speed up the process.
Also use established trust signals and social proof to make it easy for your millennial customers to put their faith in your website. Reviews, ratings, and testimonials work particularly well.
3. Showcase subscription services
Millennials are the generation most likely to take advantage of subscriptions. The main reason they sign up is to make their life easier, as well as to save money and try things they typically wouldn’t buy.
In fact, while the average person has 4.5 subscriptions, millennials have between 6 and 11!
Offering a subscription deal can be a great way to get millennials to try your products. Be sure to highlight the benefits of your subscription deal, provide a free or reduced-price sample, and showcase limited-time deals to appeal to the millennial need for speed.
4. Use social media in your marketing efforts
Facebook, Twitter, even Myspace… Millennials grew up in a world where social media was taking off!
As a result, millennials are one of the strongest advocates of social media, with each millennial owning an average of 9.2 social media accounts.
Which social media platforms do millennials use? According to Statista, Facebook, Instagram, and YouTube are the platforms of choice. While millennials do dabble in TikTok, they’re not as into it as Generation Z.
By identifying the platforms your millennial customers use and creating engaging, entertaining, and informative content, you can build a community and drive traffic to your website. User-generated content is a great way to show that you’re an authentic and trustworthy choice.
Also consider social commerce – where customers can buy directly from your social media account. 61% of millennials have impulse-bought something they’ve seen on social media and are more likely to spend more money than their Generation Z and Generation X peers.
5. Offer a savvy deal
While millennials have a lot of spending power, they also have many outgoings. The rise in energy bills, childcare bills, and mortgage payments means they need to think carefully about what they spend their money on.
40% of millennials consider the cost of living to be a big concern. Three-quarters of millennials also admit to using ‘buy now pay later’ providers to spread the cost of high-ticket items.
This means it’s essential to show your value. Talk about the benefits of your products and services rather than the features. As the old saying goes, ‘sell the sizzle, not the steak.’
And if all else fails, offer a promotion or discount. 88% of millennials (and 93% of millennial parents) regularly use discount vouchers.
6. Offer experiences over products
Millennials prioritise personal growth, self-discovery, and making lasting memories. As a result, they’re more likely to place more value on experiences rather than material possessions.
Over three-quarters of millennials would rather spend money on experiences and events, with 72% advising they plan to increase how much they spend in the future.
Think outside the box and consider how you can offer not just products, but experiences to your customers.
For example, if you sell wine, host workshops where you talk about the best food to pair your wines with. If you sell clothes, host fashion events or invite personal stylists to share their top tips.
You can also use social media to your advantage, for example, by using influencer marketing and user-generated content to showcase experiences and share memorable moments.
7. Use video and audio marketing in your marketing
When it comes to choosing which marketing you use in your campaigns, video is a solid choice for millennial customers. 15% of millennials watch between 10 to 20 hours of online videos every week, with YouTube being the video marketing platform of choice for 35% of millennials.
Why do millennials like watching videos so much? They’re highly comfortable with video platforms, having grown up watching videos on YouTube, Vimeo, and Dailymotion, as well as social media. They’re also an easy way to consume information, ideal for the on-the-go millennial.
(Here’s an interesting fact: did you know that millennials are known for pausing at the start of the videos they create?)
Don’t forget about podcasts – one in five millennials listen to podcasts once a week. Appearing on podcasts or even hosting your own, can be a great way to draw a millennial audience.
Are you set to market to millenials?
Remember that while it’s helpful to have a general understanding of your millennial customers, it’s vital to research your target audience.
After all, millennials have different jobs, hobbies, and interests!
If you need help creating fantastic marketing campaigns that appeal to your millennial customers, we’re here to help. Get in touch today to find out more.
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