In our experience talking to companies about our services, we have come across one very common concern when it comes to putting your money into online marketing and it sounds a little like this: “Our business is currently doing fine and our target market isn’t young people.”
Trust us when we say that we are very respectful of your success. In fact, we praise it. We are incredibly happy to hear that your business is booming and that your target market are actively purchasing your products and using your services. Unfortunately, we have some news that may pop your bubble.
The Millennial generation make up more than just young people like they are commonly perceived. They encompass a huge age range from their late teens to their mid thirties. Not only that, but they are the largest group of consumers in the world right now at 28.7%. To top it all off, these young people between 18-34 are some of the most racially diverse people in US history.
We hate to be morbid, but your current “target market” is slowly decaying every single day. Making the effort to reach out to this huge generation now can make a difference in your company’s future. While you may be thinking that these young adults will eventually wean their way into whatever marketing is working for your target market, we can tell you with great ease that it’s simply not that easy.
This group of consumers operates under an entirely different set of rules. For example, 89% of millennials expressed that they were more likely to buy from companies who supported solutions to certain social issues. In the past, it may have been smarter to avoid taking any stances, however, this is not the case anymore. Many young people in this group love products that are environmentally conscious or cruelty free in light of trending topics such as veganism and being healthy.
Millennials have grown and transformed with technology. Because of this, if you are not in sync with their fast paced scrolling, you can say goodbye to their business. They use ad blockers. They don’t watch TV. They use Spotify for music and they don’t have time for your newspaper ads. Unless you are on the media they are consuming, they will not be consuming you.
This is generation that cares about values and who you are as a company. They want to know what you represent and what you believe in before they invest their dollars into you. With Facebook, Instagram, and other social medias, you are able to showcase the true lifestyle of your brand without blatantly advertising to your customers. Millennials know what advertisements look like because they grew up around them in a completely new media format. They are very in touch with authenticity and know when they are being sold to. Any type of misinformed way to win them over can cause an internet backlash that no one will ever forget.
The point is, though your target market seems secure now, in five or so years you will have an entirely new group of potential customers who simply do not know who you are, what you want, or why they should buy from you. They will have already solidified their buying habits and you will become irrelevant. With the investment now, it can ensure your companies survival in the coming years. Don’t wait.