With a population of over 75 million, Millennials are a target market that cannot be ignored. In fact, current trends show they are the fasting growing segment of new car buyers, already accounting for 29% of the market. However, the way they make purchasing decisions differs a lot from Generation X and Baby Boomers, and marketing to them requires a different way of thinking. Here are a few tips to improve your marketing to milennials and engage with this younger generation.
Build Business with Inbound Marketing
A recent study shows that Millennials purchasing vehicles do 61% of their research and buying online, with only 12% working through local dealerships. Effective marketing to millennials should focus more on online content and less on traditional forms of marketing, such as television spots or typical outbound advertising. According to a study by the McCarthy Group in 2014, 84% of Millennials say they do not trust traditional marketing, finding it inauthentic and pushy. This generation likes to research a product or service they're interested in, typically by reading blogs or participating in forums, so you need to provide an opportunity for them to do that with informative online content.
Harness the Power of Social Media
Interact regularly with people on your blog or social media account. Make sure to include content that is casual and interactive instead of relying solely on commercial content, and respond to comments frequently. These are ways to show that you are interested in building a relationship with them rather than simply viewing them as consumers--and this is key to building loyalty to your brand. Once you've won their interest, they are more likely to share information about your product on their own social media accounts, bringing in additional interest from their online friends.
Keep It Real
Millennials respond well to companies that provide informative content and share their expertise rather than simply plugging their products. How-to videos, blog posts, and short articles related to your products are the type of content that influences their decision-making. Marketing to Millennials through organic means shows that you're taking their needs and interests to heart as opposed to only selling them a product.
Focus on Experience
A significant portion of this younger generation values access to products or services more than ownership. The popularity of services such as Netflix and Spotify shows that Millennials are willing to pay on an ongoing basis for convenience and easy access to something they enjoy. Many are choosing to lease cars rather than buy, preferring more luxurious, high-tech options that provide a fun experience even if that experience is fairly short-lived. According to Edmunds, 32% of Millennials who bought a vehicle in 2016 chose to lease rather than buy.
Photos and short videos are a great way to communicate information to this tech-savvy population and get them to pass that information along to others. Digital media is easy to share with the tap of a button, and Millennials enjoy showing their friends fun or informative videos, infographics, and other types of popular digital content. While they might be happy to read a longer article before making major purchasing decisions, they have to be drawn in first, and a good way to do that is with short, factual bits of information in a visually appealing form.
Listen to Them
It bears repeating--Millennials do not want to be thought of solely as a potential money source. Provide a way for them to tell you what they'd like to see and give you feedback on your products--it makes them feel like they, and not just their wallets, are important to you. Posting short surveys and online questionnaires to your blog is a great way to elicit feedback in a way that most young people do not find intrusive or bothersome and that they actually enjoy participating in. The benefits of this are twofold--they provide a way to engage with the public, and they provide valuable information that can help you improve your products.
For more information about millennial car buying trends, please take a look at our Millennial eBook.
Contact ePush for Help Marketing to Milennials
For more advice and assistance with marketing to Millennials as well as developing effective targeted campaigns, contact ePush!