How to target millennial consumers

The first ever Millennial 20/20 Summit was recently held in London. Attended by more than 3,000 start-ups, retailers and brands, this two-day event featured sessions advising business on attracting millennial consumers, those aged 18-35, who globally have a combined buying power of $200 billion. kinex outlines the key considerations when targeting millennial consumers.

Contextualise email marketing

According to Start-ups, the Summit included a session on giving email marketing a “millennial makeover.” Movable Ink’s Craig Clayton and Shop Direct email marketing lead Melissa Woodall argued that it is key that your email strategy caters to millennials, as every $1 spent on email marketing has a $40 return rate.

Elaborating, Woodall suggested that increasingly, millennials are expecting contextualised emails, with the open rates for these messages almost double those for standard emails. If you can relate an email newsletter to a specific celebration or event, for example, or utilise geo-targeted content such as location and weather, you could provide the contextualisation which has been proven to make marketing emails more effective with millennials.

Tell 21st Century stories

With the vast amount of information now available online, you have to stand out with tech-capable millennials. To catch the attention of this lucrative consumer base, “tell 21st Century stories.” In a talk on this subject, experts suggested that by “removing your voice and giving them the voice” you can incentivise millennials to engage with your brand. Say you create a post about your company. It was advised that you share it across multiple mediums and allow consumers to comment on said post as news unfolds, to provide millennials with the voice they need to engage with your marketing strategy.

Embrace video

The Guardian writes that video will account for 69% of consumer internet traffic by 2017. The Content Marketing Association has also released research which found that 71% of senior level marketers believed that brands are not investing enough on video marketing. In a talk on the “hipster dollar,” Maker Studios pointed out that video consumption is “through the roof with millennials,” at an average of 22 hours of YouTube videos viewed by these consumers per week.

In other words, you “can’t afford to ignore the power of video content” when it comes to marketing to millennials. Explaining how smaller business’ can embrace video marketing, Buzzfeed Marketing Director Faye Thomas suggested that you should make video a part of your wider content marketing strategy. Elaborating, Thomas said that you should take a “new media approach” to videos whereby you “constantly create something, adapt it, and create it again” in order to appeal to millennials.

Build a trusted brand

One of the summit’s key themes was how you can create a brand which resonates with millennials. Tackling this topic, Food Tube director Richard Herd argued that “transparency is key.” Going on, Herd said that “[You need] to get through to your audience as millennials are so savvy.” Discussing how his brand has gained trust with millennials, Cru Kafe Co-Founder Colin Pyle said that promoting “transparency, openness, communication and dialogue” is essential to building a brand which resonates with this consumer base.

Engage on social media

During the Summit, Movable Ink’s Clayton noted that 62% of millennials are more likely to become a loyal customer if your brand engages with them via social media. In other words, you should ensure that your company is active across a range of social media platforms, not just Facebook and Twitter, to capture the attention of digitally-savvy millennials. Providing advice on this issue, Nespresso’s Global Content and Social Media Group Manager, Sophie Dufouleur, said:

“It can be hard to keep pace with new formats and channels, [it seems like] there’s one new format launching every week! You have to test a lot of different formats and you have to think about what’s the most relevant for each platform. Having the right format is hard… You need to capitalise on all these different formats but keep a cheap production cost.” Conduct extensive market research, to determine which social media sites are most popular with your desired millennials consumer base, allowing you to produce a targeted marketing strategy.

During the Millennial 20/20 summit, various experts argued that it is vital that your business connects with digitally-savvy millennials online to capture the attention of this lucrative consumer base. Therefore, you should ensure your company has the internet infrastructure necessary to promote robust online marketing initiatives. With kinex’s business broadband services, you can utilise first-rate internet technologies to capitalise on millennial consumer spending.

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