AdviCoach Franchise Reviews 3 Tips for Marketing Your Small Business to Millennials

AdviCoach Franchise Reviews 3 Tips for Marketing Your Small Business to Millennials

Millennials – individuals born roughly between 1980 and 2000 – are taking America by storm. As of 2013, Millennials made up more than 1/3 of America’s population – officially surpassing Baby Boomers as the largest generation in America, according to a recent report by the U.S. Council of Economic Advisors. In fact, there are currently more than 74.33 million Millennials living in the U.S.

Due to this rising power that the Millennial generation holds and will continue to hold for years to come, AdviCoach small business coaches are advising small business owners to begin working on a plan to leverage support from this key demographic and bring them on board as customers. In terms of the purchasing power of Millennials, this generation currently holds $170 billion worth of purchasing power, but by the year 2020, this figure will be up to a staggering $1.4 trillion, AdWeek reports. Because the Millennial generation holds this much purchasing power, it would be foolish for small business owners to miss out on this market opportunity to bring them in as loyal customers. One of the greatest mistakes a small business owner can commit is failing to engage the Millennial generation with relevant products, services or conversation.

3 Tips for Marketing to Millennials

Simply put, you can’t market to Millennials as if they are Baby Boomers or any other generation. Like all generations, Millennials tend to have distinct characteristics attributed to the time period that they were brought up in, so shifting a small business’ tactics and strategy is required. It’s advisable for a small business owner to complete initial research about this generation and their habits and unique views before developing a marketing strategy.

Today, AdviCoach franchise reviews three tips for small business owners to consider when devising a plan to market their small business to Millennials.

  1. Be on social media

According to the U.S. Council of Economic Advisor’s recent report about Millennials, this generation is more connected to technology than preceding generations. An enormous 89 percent of Millennials use social media sites. This generation doesn’t just spend time connecting with their friends on social media sites like Facebook, Twitter and Instagram, but they also have an interest in connecting with brands and small businesses. In fact, the top way that Millennials advocate for brands that they love is on Facebook – more so even than in-person advocacy.

Building a strong presence for your small business on social media is crucial for small businesses that want their customers buzzing about them. Millennials spend, on average, 5.4 hours a day on social media sites. So doesn’t it make sense for small businesses to try and infiltrate the space where they spend almost one quarter of their day? Depending on what sector your small business falls into, some social media sites may be more attractive than others. For example, retail stores should use more visual social media sites like Instagram and Tumblr to help bring people into stores after blasting photos of items on these sites. No matter what type of small business you have, building a strong social media presence on at least one social media website is key for businesses looking to target Millennials.

  1. Take your social responsibility seriously

The Millennial generation oftentimes gets a bad reputation for being self-centered and entitled, but when it comes to the small businesses they purchase from, this generation tends to value socially conscious and philanthropic brands. Millennials want to know that the brands they’re buying from share their values. In fact, a recent study by Cone Communications found that “Millennials are hyperaware of, and have high expectations for, corporate social responsibility efforts to make the world a better place — for themselves and broader society.” This desire to associate with socially responsible businesses can lead Millennials to switch from a brand that doesn’t value social consciousness to a small business that publicly shares their values. Brands can drive customers into their locations by adopting a socially responsible attitude and value system.

If your small business isn’t already socially responsible or philanthropic, then it’s time to turn that around. Find a cause that aligns with your small business and let your customers know about it. If you own a restaurant, consider donating your leftover food at the end of the night to a homeless shelter. If you’re a retail store, consider donating last season’s products to organizations that are looking for clothing donations. When a small business informs their customer base about how they’re helping the community, they are building brand identification and satisfaction with customers.

  1. Think Out-Of-the-Box

American Millennials have grown up in a fast-moving, ever-evolving society, so a brand’s ability to think of innovative and out-of-the-box marketing tactics can make the difference between Millennials choosing their small business or a more creative competitor. Millennials love new experiences – whether it’s an in-person experience or a technological one via an app or website. Small businesses need to get creative in coming up with ideas for how to bring these Millennials into their stores. Whether it’s holding a fun, unique event at their business’ location or creating an app that complements the small business, there are many untapped ways to dig into this generation – you just have to take some time to put your creative hat on.

If your mind doesn’t think like a Millennial, try polling some of your Millennial customers to gauge why they are a customer, what they like about your small business and what would make your small business more attractive. Taking these insights from your target demographic can aid you in coming up with an out-of-the-box, yet effective marketing campaign to drive Millennials to your small business.

For more information about how you can market your business to the Millennial generation, contact an AdviCoach today to help you get started brainstorming ideas to transform your customer base.

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