Millennials (or Generation Y) are a force to be reckoned with in this digital age. With over 80 million Millennials in the United States, companies can’t afford to ignore this group of consumers who account for $200 billion in purchases annually. Many businesses are becoming aware of the need to attract these potential customers, who in their 20’s to late 30’s are looking for a wide range of things to spend their money on. The question becomes, “how do we attract this huge group of consumers to our business?”
Millennials definitely can’t be pursued in the same manner that businesses have become accustomed to with Generation X. They pay less attention to TV ads, and more focus is spent on researching companies through multiple social media and review outlets. This young generation is more equipped with the internet at the tips of their fingers at any given moment of the day than any generation before them, spending upward of 25 hours a week online.
Trying to pull in Millennials is causing many companies to step out of their comfort zone and pursue new ways of advertising and interacting with potential customers. Using Facebook to create relationships with customers is becoming more and more relevant – 62% of Millennials state that they are more likely to become a loyal customer of a brand that engages with them on social media.
These Millennials are looking for things to spend their money on. They are loyal, and expect a business and product that they can depend on and stand behind. Making your business relatable and desirable to this Generation Y can be a game changer; failing to do so could mean lost business to someone else putting in the effort.
Contact i3 today to see how we can help you reach out to Millennials and grow your business.