Since the 1960s, marketers have been focused on carving out a piece of the 76 million strong baby boomer spending pie. But a bigger pie is now ready for slicing. There are more than 80 million millennials today and their collective spending power is expected to top $10 trillion over their lifetimes.
Companies like Chipotle, Old Navy, Trader Joe’s, and Smirnoff have figured how to tap into this audience by combining authenticity, social engagement, and a healthy dose of humor. But what if millennials don’t need what you are selling today?
If you wait until they are ready to buy to apply these lessons you are likely to find that a competitor has already gobbled up your piece of pie before you even sit down at the table.
In a recent survey of 500 millennials by NewsCred, 62% noted that they respond more positively to brand messages that are useful and help them solve their unique everyday problems. And when they see and use good content, 62% say they feel more connected and loyal to the brand.
So let’s say you sell investment services, instead of trying to convince them to care now, serve them content about stretching a budget or paying off student loans. They’ll find it useful today and you’ll have a bigger piece of pie later.
Quote of the Week:
“The old way of looking at the [ marketing ] pie is wrong or at least out of date. The pie is not finite. Today’s pies are nearly infinite and multi-layered.” Gary Korisko
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