Many CMOs, marketing directors, and business owners ask, “Should I be marketing to millennials? I hear a lot about them in the news, but I’m not sure how or why they fit into my marketing plan.” It’s a great question that must be answered with real facts and statistics so that marketing professionals can decide for themselves how they will conduct their millennial marketing.
Who are Millennials?
We classify anyone born between the years 1980 – 2000 as millennials. With an age in 2017 between 17 – 37 years old, this group has already created radical shifts in our society and economy.
Why Millennial Marketing?
1. There are 92 million millennials, which makes it the largest generation in U.S. history
Even bigger than the Baby Boomers, Millennials top the charts at an estimated population of 92 million. This generation wields serious power and influence, as evidenced by their creation of the “sharing economy” which was formed by mass adoption of services such as Uber and Airbnb.
2. It’s projected that by 2020, Millennial’s spending will grow to $1.4 trillion annually
Every company should be paying attention to the massive spending power of Millennials. One economic trend that demonstrates the power of millennial spending is the struggling retail industry. Traditional brick-and-mortar stores have struggled mightily in the last decade as millennials have demanded nearly exclusive online shopping opportunities. More than 90% of millennials purchased something online in the past year, a figure that will only continue to rise.
3. Millennials now make up more than half of the workforce and will account for an estimated 75% of it by 2025
Anyone in marketing and sales should be aware of this statistic. Millennials are now a dominant force in the workplace, with many reaching managerial and director positions. What this means is that you will be dealing directly with the millennial when trying to market and sell your product or service in the B2B setting.
4. Millennials now account for 35% of all home buyers, making it the largest active generation in the real estate market
Those who say millennials are not participating in the housing market are being proven wrong by the data. Many millennials are already making the biggest purchases of their lives, and a keen real estate marketing professional knows what it takes to cash in on these buyers.
Marketing to Millennials for the Win
Allocating time and resources in your marketing plan to engage in millennial marketing is one of the best decisions a CMO or marketing director can make in 2017. Regardless if you’re B2B or B2C, there is opportunity abound with the millennial generation.
What are some of the ways you’re marketing to millennials? We would love to hear from you! Drop us a comment below, and don’t be afraid to share this with coworkers and friends on social media!