Who are Millennials and Gen Z?
Millennials and Gen Z are the generations of people born between the early 1980s and early 1990s.
According to the Merriam-Webster Dictionary:
They are a very diversified group and have different characteristics and choices.
With the rise of social media the Millennials and Gen Z have become very much aware of the things taking place in their surroundings and have become outspoken about the things which they don’t like and due to this marketing to Millennials and Gen Z has become more effective.
How do we market to such a diverse and large group?
Well, it’s pretty hard to market a product to this group because they tend to switch brands a lot, which indicates that brands must do more to attract them and recognize their evolving lifestyle and change with them.
Therefore you need to invest both time and money into understanding how millennial work and how to market to Millennials and Gen Z.
You can learn more about Millennial marketing by clicking on this link.
Brands often outsource this work to various marketing agencies who understand this Target group properly.
Best ways to market to Millennials and Gen Z?
- CAUSE MARKETING
This marketing is done by for-profit organisations that pursue to both increase profits as well as raise awareness about a social cause.
According to the latest research, millennials are more willing to purchase if your company supports some type of cause.
The best example of Cause Marketing is Tata Tea’s “JAGO RE” campaign.
This campaign was for the country’s citizenry to vote as well as elect their leaders who would be accountable to them in the process of governance.
- SOCIAL MEDIA
Millennials and social media addiction, still a better love story than twilight. A brand can use this addiction to attract millennials through social media.
We know social media marketing to millennials and Gen Z is not an easy task
Millennials and Gen Z use smartphones day and night, it is no surprise they are the people who have the most social media accounts than any other age group
According to a research, the top application used by millennial and Gen z on a smartphone is Facebook, followed by Instagram.
It has been observed that the brands which use social media find it easier to interact with millennials; this also helps the brand to gain popularity among them.
It is also seen that millennials and Gen Z are more likely to become a customer of a brand that interacts with them on social media.
According to a study, social media impacts the decision-making process of millennials because it raises their awareness about the current trends.
In our society, companies usually create products and hope that their target market will consume them.
That’s not the case with Millennials and Gen Z.
We are sure you would be asking these questions to yourself: How to engage customers for co-creation?
The answer to this question is social recognition and financial rewards.
Who doesn’t want social recognition, right?
Firms should take advantage of this and use customers to contribute to novel ideas.
The best example one can get is of LEGO.
Every one of us knows about LEGO, the company started a platform called “Lego ideas” which gave its customers the power to suggest the design of its next product.
Since then, the crowdsourcing platform has received suggestions from over 1 million people.
The idea which gets the maximum vote by the fans is then selected by the company itself.
In return, the creator of the winning idea is given the power to approve the end product and their name is recognized on all the packages. Even they earn a percentage of product sales as an incentive.
In a nutshell, it would safe to say that if the companies have to make a significant impact to their bottom lines then they just can’t ignore the Millennials and Gen Z.
And to be ahead of the pack the communication strategy of the brands needs to evolve so that advertisements don’t look like advertisements, they should be disguised as some value adders to those who are targeted because Millennials and Gen Z are smart.
Vicky Kumar Sen
Vicky Kumar Sen is currently a senior digital marketing intern at Marketing Lake and pursuing PGDM from Dr D Y Patil B-School, Pune. He is very enthusiastic to become a professional digital marketer.
Ayush Verma is currently a digital marketing intern at Marketing Lake and pursuing his undergraduate degree from Dr D Y Patil Global Business School And Research Centre, Pune. He is highly motivated to improve his skills and grow professionally.