Making It Millennial: Unlocking the Major Market

Making It Millennial: Unlocking the Major Market

Business Development

UnionBank Publication

UnionBank Publication

25 Sep 2018, 11:30 — 3 min read

It is common to hear the phrase “I want to cater to the millennial market” from entrepreneurs starting their business in this age. On some level, they understand the purchasing power of this particular group of people, and how this market’s opinion can ultimately make or break a business. Contrary to popular belief, the millennial market is not as difficult as it is perceived to be. They may be different than what entrepreneurs are used to dealing with, but they also have things that make them tick.

 

Tips on Understanding the Millennial Market

Here are a few tips that can help you solve the puzzle that is the millennial market.

 

  • Work Smart

Millennials know that you want to sell your product to them. It is almost second nature to them to research on the products that they want to purchase. If you want their brand loyalty, earn it by working hard for it. Millennials do not blindly give their support to a brand. They appreciate brands that give them a constant positive customer experience, so quality goods and services will never fail. Most millennials are digital natives, meaning they grew up with easy access to the internet. Never underestimate their savviness.

 

  • Challenge Their Creativity

Millennials are often faulted for their short attention span, but the truth is they are constantly assailed by information and by content. This makes it all the more vital to get their attention, and to translate that initial interest into eventual brand loyalty. There are several ways to get the attention of the millennial market: by inventive advertising strategies, and also by creating stories that would truly interest them. Millennials like feeling that they are involved in the brand’s story, so create an avenue for them to contribute to your brand’s positive narrative.

 

  • Stay True

In this digital world, it is easy to be lost in the noise of other brands and other people. Now, more than ever, it is important to be authentic, and to be consistent in that authenticity. Find your cause, a purpose that you want your brand to represent.  Millennials are often more reluctant to spend their money and want to know what businesses they are supporting. It is important to let them know that their money is put to good use.

  

Check out the UnionBank GlobalLinker site at https://unionbank.globallinker.com/ and learn more about working with your target audience.

 

Download the UnionBank GlobalLinker App, available in both Android and iOS.

 

Sources:
https://www.entrepreneur.com/article/302433

https://www.forbes.com/sites/forbescoachescouncil/2017/08/28/eight-marketing-strategies-to-attract-modern-millennials/#3baa977150f3

https://appliedpsychologydegree.usc.edu/resources/infographics/psychology-of-successfully-marketing-to-millennials/

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