Millennials make up an unprecedentedly large purchasing generation. And if you can’t influence them, you’re going to have trouble staying relevant.
87 million individuals in the United States comprise the Millennial Generation. They’re far larger and more diverse than the Baby Boomers before them and their purchasing power is subsequently unmatched. Your company must engage millennials if you want a chance at long-term economic viability. So, how do you make that happen?
The short-answer is passion. But, the way that passion is communicated could vary from market to market. This post will focus on how businesses with an online presence can communicate passion online.
The Friends and Family Discount
One of the ways passion for a product is communicated is through referrals from friends and family. Buzz, popularity, having the “it” factor; whatever you want to call it, generating a flurry of mentions by your target market’s personal influencers(friends, family and the people they interact with on a regular basis) can mean major rewards.
The strongest way to get the message across that your product or service is amazing involves getting it in the hands of those in your target demo. If influencers have your product, those that follow them will begin to feel the social pressure to follow suit.
Free product giveaways are one way to get the ball moving on this, but the millennial generation will only keep using your product or service if it’s dramatically better than the currently hip alternative. So, based on my experience, I think you’ll find better traction with a social media referral program.