Wednesday, May 4, 2016

To say mobile technology is beloved by millennials is hardly shocking. Whether a smartphone, tablet, smartwatch, or any other device with the word “smart” attached, it’s favored by millennials. Businesses should pay close attention to millennials’ buying habits and create campaigns that cater to this group’s ongoing love affair with everything mobile.

Who Are Millennials, Exactly?

So who are millennials? They’re defined as Americans born between 1982 and 2000, and make up about 25 percent of the country’s population. Millennials outnumber baby boomers at 83.1 million to 75.4 million, respectively, and the former’s buying power has become quite formidable. Only 21 percent of millennials are married, while one in five same-sex couples “features” a millennial.

Some 23 percent of this population segment have a Bachelor’s degree or higher. This number makes millennials the best-educated generation in history. Millennials are also the most diverse generation, as 19 percent are Hispanic, 14 percent are African-American, and 5 percent are Asian.

Connected To Their Smartphones

The average millennial is tethered to his or her smartphone for most of the day, according to a recent study by Zogby. About 87 percent of millennials say their smartphones are with them constantly, with 80 percent noting their devices are the first thing they look at in the morning. Additionally, 78 percent of millennials devote two or more hours to their devices every day.

What It Means for Businesses

The above numbers mean good things for businesses interested in harnessing the power of mobile technology. There’s even more good news for businesses looking to create a solid millennial customer base, as 58 percent of smartphone users rely on their phones to sign up for new services. At least 47 percent claim to visit business websites at least once per day with their devices, while a whopping 71 percent consider companies without mobile capabilities, such as apps and mobile versions of their websites, lacking.

The Attraction

Any business looking to revamp its marketing strategy to include mobile technology options has probably wondered what it is about smartphones and similar devices that make them so attractive to millennials. Many experts believe the root cause is “fear of missing out (FOMO).” This might seem like a somewhat pathetic reason for continuing to check mobile messaging services and look at smartphones on a near-constant basis. However, it’s challenging for many millennials to separate themselves from their devices when they know their friends are posting new images to Instagram or creating private events on Facebook.

Millennials might never say out loud that FOMO is their main device motivation, but it’s something businesses should take into due consideration.

A Few Tips

Businesses looking to capitalize on millennials’ love affair with tech should keep the following tips in mind:

  • Send Texts: Send millennials text messages rather than calling them. It’s much less invasive...and much less annoying.
  • Create Trust: Foster trust with millennial customers by ensuring you provide opt-in and opt-out choices among other ethically commendable practices.
  • Customize: Go the personalized route whenever possible, as millennials are used to enjoying customized options.

Millennials: a business gold mine if you know how to cater to them.