If we've heard it once, we've heard it a thousand times, "I don't want to target millennials." Many businesses have either tried and failed at reaching this key demographic or given up all together in lieu of an easier target market. We think that one of the biggest mistakes you could be making with your marketing is buying into myths surrounding the millennial audience. You're missing out on key demographic for the future of your business.
Millennial Marketing Myths
Myth #1: They don't have any money.
For that reason, the myth that Millennials don't have any money is just plain fallacy. They may not have accumulated the wealth that their parents and grandparents have...yet. But they will. They are living and working and consuming goods just like everyone else. The takeaway here is that they are more frugally-minded and strategic. They are graduating from school with advanced degrees, they are starting homes, planning weddings, and starting families. This demographic actually has the most reason to spend money of any...and they are willing to do so.
Myth #2: They aren't loyal customers.
Let's put this into perspective. Millennials aren't disloyal...they're selective. And they pay more attention to your brand than you give them credit for. They do expect, however, a higher level of customer service. They want easy accessibility and responsiveness to questions or problems. When they find this level of care, they'll stay. How they want this done, though, is different from older generations. When a 50+ demographic has a problem, they call or stop by. Millennials go online. They communicate through instant messaging and chatbots. If you aren't equipped to communicate in this way...or worse, if you have it available but your responsiveness is poor...make no mistake, they'll leave...and tell everyone about their bad experience.
Myth #3: They are too hard to reach.
This myth takes the fact that the younger demographic is significantly more technologically savvy than their older predecessors and decides they can't be reached. Nothing could be further from the truth. Reaching them requires more thought and strategy in marketing...it requires the embracing of new technology, of integrated marketing tactics, omni-channel marketing practices, and it requires commitment and follow-through. They embrace technology and do extensive research online before walking into a brick-and-mortar store. Instead of expecting them to modify their buying patterns to suit your business...go after them by modifying your marketing efforts to be where they are. It IS about relationship marketing...it's just that the relationship process, in most cases, for them starts online. That's where strategies like inbound marketing can position you to be there when they are actively shopping.
Let's take as a case study our own radio station, KTXY. For all those who generalize perceptions by saying that millennials don't have money, aren't loyal and are hard to get engaged...take a look at the actual results of audience engagement for Y107. Y107 is a #1 Hit music radio station in the heart of mid-Missouri. 66% of it's average 86,700 listeners are between the ages of 18-44.
Let's let results speak for themselves, but before we do...let me remind you that 2020 was the year of the pandemic.:
In 2020, Y107 helped raise over $240k for CMN.
When the pandemic hit, we went into action with a “Fill the Food Bank” drive and helped our partner stations distribute over $16k to local restaurants & bars with a Restaurant and Bar Boost.
KTXY also teamed up to create a free page of almost 100 job listings in Mid-Mo to help keep Mid-Mo working. Together with our partner stations, we celebrated stories of Mid-Mo’s helpers.
We helped raise over $11k for the Salvation Army Red Kettles.
KTXY air personalities emceed an event for “Welcome Home” raising $138k.
We emceed the Armani’s Angels “Pour For a Paw” Event.
Y107 partnered with the “Out Of The Darkness Walk” to raise awareness and funds for suicide prevention.
We gave away a $5000 scholarship to Merrell University for one listener.
We sent another listener to the Grammys in January.
KTXY produced videos raising awareness for pets up for adoption through Unchained Melodies.
We paid off over $2300 is listeners bills during the holiday season.
We gave away 5 Thanksgiving meals to deserving families through “Give Your Co-Worker The Bird.”
And for fun...we held a race of 107 Turkeys around the Y107 building.
Finally, perhaps our biggest thing, we not only got one couple married on Valentines Day, but we welcomed 2 babies to the world and gave another couple hope through our Annual Gift of Family promotion with Missouri Fertility.
Whew! Not bad for a bunch of young folks with no money, no loyalty and who are impossible to reach.
So we hear you...but we call your bluff.
If you're interested in reaching this young but incredibly powerful demographic...we consider ourselves experts. We can help you make it happen. Contact us for a free consultation...and yes, we have our own latte machine in-house.