Millennials, or the generation born between 1980-2000, have inherited a reputation of being “entitled,” “enigmatic,” and even “slackers.” Unfortunately, it is not only the millennials as a whole who are underestimated and underrepresented, it is the women within the 16-34 age group who are the most misunderstood, despite their huge buying power. Small businesses seeking the attention of women 25-54 have to learn some things about the millennial female. While we may not be able unlock the secret to understanding women, here are tips that will lead to your marketing success:
- There are a lot of millennials, and they are extremely diverse. Some women are business executives, some women are housewives, and some women are both of those things. It is important to recognize which of these subgroups are the most appealing to your company. Once your niche is determined, you can target each group or focus on one group depending on their different interest. Their likes and dislikes are as diverse as they are.
- Millennials are horrible at saving money. According to TDBank, nearly one quarter of millennials says they are under severe financial stress, and 55% say they are managing their money but are not financially satisfied. They have lived in and out of a recessions for the last ten years, so millennials understand the value of a dollar and work hard to appreciate the finer things in life.
- But they love spending it. Ever heard of the term recessionista? It’s the budgeted version of a fashionista, which means millennials won’t stop spending money, they just won’t spend as much. A young woman may browse through shoes online daily, wanting what she can’t have, but if a Nordstrom’s ad for those boots she’s been marveling at all week follows her to the next 10 websites she visits, the urge to have them now drastically increases.
- Women don’t make as much money as they should. It is no secret that there is a wage gap between men’s and women’s salaries. Women earn only 84% of a male’s salary. However, as more high-powered baby-boomer businessmen reach retirement age, younger career-driven women are filling their expensive shoes.
- Young women are ever-present and all-knowing. Whether online or in-person, she is social. Most millennial women rarely go a day without talking to their close-knit group of family and friends. Despite always carrying purses or bags, you can typically find a smartphone glued to her hands. Women are more likely to share social media content, whether it be a witty article, a negative experience at a restaurant or a new purchase we can’t wait to rave about. Since she likes to be seen and heard, our digital “friends” or “followers” are more likely to be influenced by the content she posts.
- FOMO. It’s real. Fear of missing out. This means young women are more likely to check Facebook multiple times a day because she likes to stay involved in others’ business. Knowing what others are doing helps fuel her need to stay connected and knowledgeable. If you’ve managed to earn her approval- congrats! It’s yours for the keeping. This is particularly true with brand loyalty. According to Forbes, Millennials like to feel engaged with the creative process of your products. It is important for businesses to view this group as collaborators or brand spokespeople as opposed to merely customers.
