With Millennials projected to have an annual net income of more than $8 trillion by 2025, it's no wonder brands are increasing their marketing efforts to better engage them.
That goes beyond a traditional advertising experience and means communicating via mobile devices and similar channels. It also means creating meaningful content that emphasizes value, trustworthiness and authenticity.
A recent PricewaterhouseCoopers study found that 59% of Millennials consider themselves price-conscious compared to 73% of older shoppers. Also called GenY, Millennials were born between roughly 1980 and 2000.
This generation is the first to grow up with personal technology. It is more tech-savvy and mobile-friendly than others. The same study found that nearly a quarter of Millennials use their mobile devices for purchases compared to 15% of shoppers aged 35-44 and just 10% of shoppers over 44. Additionally, the report shows that all consumers define brand leaders as trustworthy, authentic, reliable and visionary.
Brands hoping to engage with millennials need to focus on creating and maintaining a rich brand experience with mobile top of mind. Here are three that excel in this regard. Consider what they are doing below.
Nike has long been known for its impressive branding and is making headlines again. It landed the No. 2 spot on Business Insider's November 2015 list of top 100 brands for Millennials. Nike is formidable when it comes to Millennial marketing. At the core of its success has been its ability to create a massive digital community of fans who truly believe they are living a certain lifestyle by interacting with the brand. Nike grows and fosters this community through content specifically tailored for this market. A recent example of this is its video series Margot vs Lily targeting Millennial women. The series is an offshoot of Nike's Better For It campaign that started in April 2015. To capitalize on the buzz from this initiative, Nike built a hub in its digital storefront for viewers to shop outfits that are in the series. The campaign offers a great example of how Nike has driven brand loyalty and attracted new customers.