Should you have a different marketing plan for millennial

Should you have a different marketing plan for millennial

They Are Not Different

Your Business Should Have a Separate Marketing Plan for Millennials Is there a difference between millennials and your other potential customers? Yes and no.

For some reason, millennials are always treated by businesses as they are specific species and they need to be treated in a specific manner. Research shows there is a not a whole lot of difference between your millennial and non-millennial customers.  There is one big difference, however, which the majority of business owners don’t pay as much attention to; your millennial potential clients are in the phase of learning about the businesses which they will stick to for the rest of their lives.

Think Optimal Stopping

In mathematics, the theory of optimal stopping or early stopping is concerned with the problem of choosing a time to take a particular action, in order to maximize an expected reward or minimize an expected cost. It does sound boring but here is why this simple principle becomes vital for your business. In computer science, Optimal Stopping tells us that an online user only processes 37% of its options before it stops really analyzing its options.

Say you and your friend decide to pick a place for lunch. You go back and forth and decide to grab Mexican food. You search for Mexican food on your Yelp app and now you have to choose. The click-through starts; you look at food photos, prices, read reviews, check the ambiance and move on to the next restaurant. You are presented with 10 options. Optimal Stopping tells us that it is useless to go past your fourth and fifth option. Your brain will not process them. And you probably can remember being so confused and lost in determining the place to eat and all of a sudden one of you said: “what was the second place we read about”? And that is optimal stopping.

The Big Lesson

This simply shows the importance of paid advertising, SEO and online advertising and why it is so important to be ranked on top but there is a bigger lesson here. People are essentially the same way in life; once they go through different businesses, they find themselves in their “comfort zone” and they will stay there for a long time. Imagine a business with a lot of return customers for years without a high marketing cost. A dream come true!

Having a specific marketing plan targetting your millennial prospects, even if it is costly and it seems you are losing money engaging them, could have a significant long-term return for your business.

Specific Marketing Strategies for Millennials

Using different advertising platforms such as Facebook, Instagram and Snapchat you can target your millennials and limit your offers from others. Again, it may seem you are losing money on some unbelievable offers to convince the potential customers who haven’t reached and processed 37% of their option but you may be able to keep them for a long time.  Depending on your business type, your offer might be different. If you are a restaurant owner, you can dedicate certain nights and offer a favorite item for a very low price and if you are an attorney, you can set up an event and invite people for free information. Applying Optimal Stopping to different businesses will have different meanings but this is something you have to develop sooner than later.