Repeat after me: ‘Millennial’ is NOT a dirty word. ‘Millennial’ is NOT a dirty word. Very good! In fact, Millennials might just be paving your path to financial and commercial success.
For whatever reason, there is a specific and somewhat nasty twisting of the mouth that happens when someone says – and even thinks – Millennials. Born between 1982 and 2000, this demographic stands poised to take over the world – if not your local economy – very soon. (That first bullet point below is going to blow you away – but don’t look yet!)
The birth of the 24-hour news cycle, the concept (and practice) of instantly gratifying oneself by ordering toilet paper with your phone from the comfort of your sofa, the explosion of weaponizing the Internet for everything under the sun, and more…have all been great advancements for many people in society. But those same things are also examples of why Millennials tend to get a bad rap.
Because the SMART money is on Millennials [as prospects to help your business grow], you should be taking them seriously, and you should also seriously consider how best to market to them. Direct Mail remains a constant and effective option for doing just that.
- They have extreme buying power – Lexingtonlaw.com tells us that, “Millennials are expected to accrue more wealth by the year 2020 where they are trended to spend $1.4 trillion.” 19-37 year-olds are lining up to spend money for all kinds of products and services. If you’re selling what they want, getting in front of them easily and cost-effectively is Direct Mail’s bread & butter.
- Online reviews are often their first stop – Remember how we highly suggest a combination of marketing media? Millennials are the perfect case study to tout that effectiveness. By making it easy on your Direct Mail postcard to direct them to a place they can digitally ‘touch and feel’ your product and service online, AND give them a place to read reviews of existing clients, you can amp up your win percentage!
- Millennials carry debt – This might seem to run counter to them having buying power, but wait. Because, on average, about 63% of them are carrying about $10,000 in student debt, and around 48% say they live from paycheck to paycheck. Because of that, they tend to put thought into spending money. Use Direct Mail to make a concise, budget-conscious, and easy-to-understand pitch they’ll appreciate.
- Online advertising doesn’t always motivate them – Two bullets up, you read that online reviews can stimulate their purchasing habits. But it turns out that online advertising isn’t necessarily the best bait. A Gallup poll indicates that 95% of people between 18 and 29, “feel positively about receiving personal mail.” Start with a great postcard and entice them toward some kind of action online they feel familiar with (e.g., scan a QR Code for special access to your website).
- 4% is higher than .12% – That’s the difference noted in response rates when comparing traditional Direct Mail to an email advertising campaign. No-brainer, right? With the appropriate targeted approach, 4 in 100 people should respond to your postcard!
Listen, there are tons of demographic categories out there. And there are a ton of different places where you can mine the data you need to create a great Direct Mail campaign. Give Opportunity Knocks a call at 1 (866) 319-7019 and let’s put a plan together to follow the rainbow and target Millennials the smart, effective way.