Millennials may be criticized for being entitled, self-focused, and spending $7 a day on expensive coffee, but they are also invaluable to your business—no matter what the industry. For all the flack they receive from older and more experienced generations, they have the power to make or break many brands.
Whether you offer a product or a service, are a large corporation or a small startup, here are three reasons your company should be focused on marketing to millennials:
- They represent the largest demographic
Millennials are projected to overtake Baby Boomers as the largest living generation this year, according to The Pew Research Center. Although there is some variation in the definition of the millennial generation, it is generally understood to be adults in their early twenties to late thirties. As young immigrants join this demographic, the population is expected to rise to a peak of 76.2 million by 2036.
- They have enormous spending potential
The average millennial earns about $56,000 before taxes each year and will likely spend upwards of $10 trillion within his or her lifetime. Collectively, this generation has upwards of $1.4 trillion in spending potential, making it the most powerful consumer demographic.
- They can market your product and help build credibility
If your company appeals to millennials in the right way, you can not only win their business but can also take advantage of word-of-mouth marketing and referrals. Social media channels are a common platform for millennials to share reviews and advocate for their favorite brands. A Boston Consulting Group Study found that 39 percent of millennials post product reviews, 35 percent share product links on LinkedIn, and 32 percent follow brands on Twitter. Winning over a single millennial customer could also mean winning over a group of their peers.
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