I recently came across the following chart on consumer purchasing preferences, courtesy of MarketingSherpa, and was struck by the stark contrast in behavior between millennials (typically age 15-35) and boomers (typically age 51-69).
Yes, I know the way of the world is changing, especially when it comes to social media usage and online advertising. But what I found interesting was how important articles in print magazine/newspapers and offline advertising remained to millennial buyers who, by the way, represent 25 percent of the U.S. population and more than $200 billion in annual purchasing power.
Granted, the chart below discusses B2C buying behavior, but since we are all consumers in our daily life, the data below can be extrapolated to B2B buying as well. And knowing the B2B buying cycles involve multiple stakeholders, it is likely marketers will be selling to millennials soon, if they aren’t already.
Taking into account the channels – both print and online – that matter most to millennials, it will be important for B2B marketers to keep the following tips in mind when marketing to this generation of 80+ million.
- Social media is king, which means Facebook, Instagram and Tumblr are key channels for millennials. Texting is important too. But what’s probably not high on the list? Email and phone.
- Communication style for millennials is trending toward being informal and authentic, which is key for both communications over social media and customer reviews.
- When it comes to looking for information, millennials value brevity and real-time information. Plus they expect quick responses to posts and communications.
Tell us what you think marketers should consider when reaching out to millennials. Are you currently marketing to millennials? Have you created a buyer persona for a millennial yet? How do you plan to adjust your marketing to better reach this generation?