There are many different theories about millennials, the age group that the Pew Research Center says was born between 1981 and 1996. One undeniable fact, however, is that they are a large consumer base and are on track to outnumber baby boomers in 2019, according to the U.S. Census Bureau.
The oldest millennials are in their late 30s and are beginning to buy homes and have families. According to The Wall Street Journal, the homeownership rate for millennials saw the largest increase of any other age group in 2017.
With the growth of the millennial generation overall and their entry into homeownership, there is an opportunity for independent home improvement retailers to capture this age group. But getting their attention isn’t as simple as running an ad in a circular or posting a few times a week on Facebook. Read through the following four tips for marketing to millennials from Entrepreneur to be sure you are first on their list when they come looking for tools and home improvement tips.
- Get into video. Young people are the most digitally connected generation ever, and according to a study by media company Animoto, 80 percent of millennials surveyed say they use videos for product research. Invest in a digital camera or a smartphone with a good camera and start filming. Highlight your staff behind the scenes, show off new products in action and take viewers through the action at in-store events.
- Think outside the advertising box. According to research conducted by the Center for Marketing Research at the University of Massachusetts Dartmouth, millennials have opted out of social media marketing and instead rely on the opinions of influencers and their peers for recommendations. Find opportunities to connect with high-profile young people in your community—workers on job sites or new homeowners who you helped with a project—to spread the word about your business within their own digital networks.
- Recognize the differences within the generation. While many older millennials are buying homes and starting families, a good segment are choosing to remain renters, especially depending on the housing market in their area. Pay attention to who you are directing your marketing to in order to ensure you don’t alienate or prioritize one segment over another.
- Give back and let them know. Share when you host a community benefit or sponsor a local organization to bring in millennial customers who care about where they live. Also, be sure to tell them how shopping at your store boosts the local economy more than if they choose to shop at big boxes or online.