Richmond’s recent growth has resulted in a beloved community whose uniqueness and development has generally flown under the radar. However, a recent study suggests that the secret is out.
According to the Urban Land Institute , Richmond is now among the top 5 hottest cities in America for millennials.
In addition to music venues, local art, and the James River, a large chunk of Richmond’s appeal stems from its current economic climate. The average salary for the millennial age group is high and the unemployment rate is only 4%. Considering that millennials will account for 75% of the global workforce by 2025, it is understandable that young professionals are flocking to a city with job opportunities and a stable economy. Oh, and did we mention that even fresh-out-of-college folks can afford to live by themselves? Win!
With such a large – and growing – millennial population, companies need to know what marketing strategies are effective with this specific consumer community. These are the five things that local businesses need to keep in mind while appealing to the growing millennial market:
You know which ads don’t work on millennials? The ones that so desperately try to relate to them that they’re painfully out-of-touch. Instead, your brand should appeal to the millennial aesthetic by promoting real life; think barking dogs and camping trips. Try targeting your millennial audience’s values, and show how your product can enhance their lives, like this wildly popular Extra Gum commercial that shows realistic stages of a couple’s relationship, which began over a stick of gum.
2. Digital Interaction
9 out of 10 Millennials use social media, and if you think they’re just posting selfies, think again. 64% of Twitter users and 51% of Facebook users are more likely to make purchases from brands they follow. That means posting original content that demonstrates how your company can enhance a customer’s daily life will lead to profits.
3. Influencer Marketing
Ever wonder if lifestyle bloggers are actually effective brand ambassadors? Just check out LikeToKnow.It and how they’ve turned Instagram content into more than $1 billion in revenue for their 4,000 retail partners. When Millennials are in need of a product, they turn to online lifestyle gurus for recommendations. With 73% of companies investing in influencer marketing, it’s fair to say that bloggers are the new billboards.
4. Mobile Integration
LikeToKnow.It is another great example. Customers should be able to buy your products from their mobile devices or – better yet – through social media directly. In fact, 68% of millennials expect a seamless transition between shopping and scrolling. That’s right – they want you to integrate shopping into their daily routine for them.
5. Social Responsibility
Simply put, millennials care about their communities, and they want to invest in companies that do the same. A great example of this is the Benefit Corporation movement which is on the rise in Richmond. The entrepreneurial trend allows companies to make a social or environmental impact while still earning a profit. According to an article titled Why Be a B Corp? Ask a Millennial, “83 percent of Americans want more of the products, services and retailers they use to support causes.” So, while giving back isn’t about recognition, it clearly doesn’t hurt to broadcast your charitable acts.
There you have it: the Millennial market cares about authenticity, interaction, blogger influence, mobile integration, and social responsibility – and if your business wants to appeal to them, you should too.