Seven ways to tap into millennial spending.

As an entrepreneur, you of course want to market your products and services to everyone and anyone. However, there are compelling reasons to target your efforts on millennials, the cohort of consumers born in the 1980s and 1990s.

Why millennials are important.

There are several good reasons for maximizing your engagement with this generation.

• Millennials represent the highest potential. Even now when they have not yet reached the apex of their buying power, millennials have a lot of money to spend. Making up more than a quarter of the population, they have over $1 trillion at their disposal.
• They are not as loyal to one particular brand as older customers. This makes them easier to market to.
• They are used to technology. Many have been acquainted with the internet for their whole lives, making them comfortable with ecommerce. Additionally, they are extremely familiar with mobile devices and are open to browsing from anywhere using their devices.

In light of these facts, doesn’t it make sense to focus on how to target millennials? Here are some of the top ways to make that happen.

1. Employ all types of content to engage millennial customers.

Now more than ever, this generation is tapping into the internet in general and social media specifically to learn about the full range of products and services that are available to them. If you want to wow them with your product offerings, you need to harness social media sites that not only show them textual and visual information about what you have on display but also let them participate in spreading the word. This back-and-forth arrangement inspires confidence in your brand and helps to cement your dynamic relationship with millennial buyers.

2. Employ customer-driven marketing.

Selling techniques of the past, such as radio and television spots, as well as newspaper ads, could fail to reach your younger customers. Instead focus on spreading the word about your products and services via blogs, forums, and content-rich social media pages. Do more than just describe your offerings in words or pictures. Catch millennials’ eyes with engaging how-to videos and demos that bring potential buyers in close and keep them there.

3. Personalize your content.

Millennials want to feel like you have curated the buying experience exclusively for them. To that end, take the time to learn who your customers are and what they want by taking full advantage of your purchase data analytics. Then offer content that focuses on what people are demanding, and solicit feedback from buyers on what is working, as well as what changes they would like to see.

4. Solicit the help of your millennial customers.

One of the best ways to provide a personalized buying experience is to make people feel important. What better way to show that someone’s opinion matters than to get their thoughts on future merchandise and services? Transforming millennials into co-creators can make them customers for life because they become invested in your brand.

5. Participate in the “sharing” economy.

Millennials are far more likely to want to rent, lease, or share products than to buy them outright. This model lets consumers test out items they might not be able to afford to buy. The sharing economy serves as a great long-term way to engage your younger customers.

6. Make customers’ browsing experience enjoyable and memorable.

Millennial customers want more than basic transaction options when they shop online. They are seeking entertainment, as evidenced by the popularity of sites like Pinterest that allow them to create wish lists that they can share with friends and augment over time. If you can create a shopping experience that is fun and allows your customers to express themselves, they are more likely to reward you by purchasing your merchandise.

7. Offer maximum choice and flexibility.

Millennial customers don’t want to be forced to complete their purchase using an undesirable payment method. Today’s point of sale systems and even your credit card payment app allow you to offer several choices including: credit and debit cards, bank transfers, recurring payments, and alternative currencies for international shoppers. Providing various payment options to your customers lets them know that you want to meet their individual needs to make their shopping experience as comfortable as possible.

With every passing year, millennials will become a more powerful segment of the buying force. If you want to take your business to the next level, right now is the time to start wooing these valuable shoppers. Although maintaining their loyalty is an ongoing challenge, you can create lasting brand trust by providing authentic merchandise and making your customers an integral part of future product creation.