Millennials will make up 50 percent of the workforce in just five years. Although many are still in school, ComScore estimated in 2012 that they already account for $170 billion in buying power.
The millennials, also known as Generation Y, is the name given to those born from the early 1980’s to 2000. 79 million strong, they are the largest generation ever.
Here are some things you should take into account as your craft your marketing messages for the future.
1. They don’t even see your online ads
Millennials are the first generation to grow up with the internet. They spend a lot of time online. But that doesn’t mean online ads are the best way to reach them. According to a 2013 study by SocialChorus, the opposite is true. Just 6% of those surveyed stated they trust online ads. In fact, many reported that ads have become completely invisible to them.
This doesn’t necessarily mean you completely abandon online advertising. But you may want to rethink how you’re doing it and what percentage of your budget is committed to it.
2. You can’t market to them
You need to market with them. There’s no denying the millennials’ need for engagement. They grew up with social media. They need to be in constant contact with their family and friends.
Successful marketing plans will include a strong social media plan. Remodelers that generate entertaining content that feeds their urge to share with their peers will have the upper hand.
3. Millennials value transparency
Consider the events that have shaped their lives: the Dot Com bubble burst, Y2K scare, Enron bankruptcy, 9/11, the housing/credit bubble burst, bank bailouts, Wall Street vs. Main Street, unemployment.
Millennials are a suspicious generation. They want to trust you, but you need to earn that trust. They are looking for openness and will pay a premium to feel safe.
4. Peace and Love
Millennials feel we all have a social responsibility to improve the world. Hurricane Katrina, school shootings, public smoking bans, same-sex marriage, BP oil spill, immigration; as millennials have come of age, their experiences have made them a socially conscious generation.
They look for companies that share their values. All other things being equal; philanthropic remodeling companies will come out ahead.
I mentioned these are 4 tips you should “take into account.” That’s not to say your target market should be a generation! Use these tendencies as a very general guide to crafting your message. As always, you should focus on the needs and desires of your ideal client. Not on the generation they may represent!