Millennial spending in the U.S. is on track to skyrocket from $600 billion annually to more than $1.4 trillion per year by 2020. For franchises to thrive, they must learn how to engage this demographic on multiple platforms.
High expectations make millennials a challenging yet rewarding group to pursue. According to Gallup, millennials are less likely than previous generations to be engaged – emotionally and psychologically attached – with brands. But when millennials do engage, they are more loyal than other customers and spend more money.
This generation values relationships, transparency and consistency. To meet those expectations, franchise brands must understand their audience and present a unified front on all channels.
Millennials do not engage with brands the way their parents do; they crave authentic relationships with companies that share their values.
Concepts such as work-life balance and sustainable sourcing pique millennials’ interests more than a clever commercial can. For the generation that grew up dodging pop-ups and spam emails, identifying a sales pitch is as easy as posting to Instagram. The key to reaching this group is to start genuine conversations.
Follow these three strategies to show millennials why your brand deserves their loyalty:
Not every millennial is the same. Like any other group, millennials can include first-time homebuyers, renters, married parents and child-free singles.
Identify specific personas that fit your target demographic and tailor your messaging for each specific audience. Focus on at least five millennial subgroups to strike a balance between quantity and quality of engagement. By breaking down the larger group into smaller sections, you can create stronger messaging and provide millennials the authentic connection they desire.
Align Messages and Media
Different types of information require different platforms. Millennials don’t take one platform as gospel, as their grandparents may have done, so they expect to see content presented on multiple channels.
Choose your platform based on the type of message. For customer service messages, 80 percent of millennials prefer text messages to phone calls. Texts can cover a wide range of topics, from appointment and payment reminders to security checks.
Brand personalities are not established via text, though. Millennials look to social media to evaluate brands’ values and trustworthiness. Online reviews, comments and posts all factor into whether millennials see your brand as authentic, so curate your content and stay active on all of your platforms to keep conversations positive.
Support a Good Cause
Millennials are drawn to socially conscious companies. They believe strongly in equal rights and sustainable living. As a matter of fact, 77 percent of millennials say companies have a moral obligation to improve the world.
This generation practices what they preach, with 77 percent participating in charity and social work. Partner with a nonprofit that aligns with your core values to demonstrate to millennials that your company cares about its community. On social media, stay positive and inclusive.
Multichannel marketing to millennials is a delicate task, but when done correctly, your efforts will lead to their loyalty and substantial purchasing power. Use these tips to start more authentic conversations and show millennials that your brand is worth their attention.