In today’s market, gaining insight into the millennial generation is crucial for businesses that want to stay ahead of the competition. After all, millennials are estimated to make up a quarter of the global population and will account for 30% of global consumer spending by 2020. Knowing what millennials are interested in and how they make decisions can be key to creating a successful product or service that meets their needs.
That’s why understanding what whales are betting on when targeting millennials is so important. Here, we’ll take a look at what whales are targeting millennials for and how they’re doing it. We’ll also provide key tips on leveraging this trend to increase your company’s success.
What Are “Whales”?
Before diving into what “whales” are betting on when targeting millennials, let’s start by defining what whales are.
Whales are high-net-worth individuals who have exceptional spending power. According to Business Insider, whales are “influential people who can make or break a company.”
Essentially, these individuals—which range from angel investors to venture capitalists—have the ability to invest large amounts of money into companies, products, or services. Furthermore, their decisions on where to invest their wealth can have a huge impact on what attracts the attention of the millennial generation.
What Are Whales Investing In?
So, what exactly are whales investing in when targeting millennials? Here’s a look at the most popular trends:
- Technology-Driven Businesses
The millennial generation is highly connected to technology, making it no surprise that whale investors are looking towards businesses that are tapping into this trend. From on-demand food or taxi delivery services to virtual reality startups, there is a lot of opportunity in technological business models to attract millennials.
- Social Media-Driven Businesses
Social media is a key way to capture the attention of the millennial generation, which makes it another big focus of whales. Whether they’re investing in the latest social media app, or the company behind it, this type of technology can be a great way for businesses to capture millennial attention.
- Sustainable Businesses
Millennials are increasingly looking to invest in businesses and products that are sustainable, meaning that they’re environmentally-friendly, socially-conscious and economically viable. This is why whales are turning to businesses that are seeking to make a positive impact in all three areas.
- Experience-Driven Businesses
Millennials are seeking experiences, not just products. Therefore, whales are investing in businesses that are focused on providing a great experience to their customers. This could be everything from experiential retail outlets to immersive travel or hospitality services.
- Online Learning Companies
With the emergence of platforms like YouTube and Udemy, supply of online learning services has grown exponentially in recent years. The millennial generation views these as great outlets of knowledge and skill, making it a highly attractive target for whales.
The Benefits of Leveraging These Trends
While whales may be investing in these trends to attract the millennial generation, there are also great benefits for businesses looking to target millennials by leveraging these trends. Here’s a look at a few of them.
- Increased Relevance
By utilizing the trends that are popular among the millennial generation, you can create products and services that are highly relevant to their needs and interests. This can be crucial to grabbing their attention and ensuring success with this generation.
- Open Doors to New Markets
By investing in the right areas, and tapping into the millennial’s preferred methods of consuming, you can open yourself up to new markets. For example, through the use of social media, you can engage with millennials who may not be within your existing networks.
- Improved Brand Image and Awareness
By investing in trends that millennials care about, such as sustainability and social consciousness, you can improve your brand’s image among the millennial generation. This can drastically increase your brand awareness and customer base.
- Increased Productivity and Efficiency
With the help of technology, you can use data and analytics to optimize your operations and streamline processes. This can be hugely beneficial for increasing productivity and efficiency, helping you to gain maximum benefit from your investments.
The Right Strategies for Reaching Millennials
Now that you understand where whales are investing when targeting millennials, how can you apply the same strategies to gaining success with this generation? Here are a few tips on leveraging the latest trends to engage with millennials.
- Utilize Social Media
Social media is a great tool to build brand awareness with the millennial generation. By focusing on platforms like Instagram and Snapchat, you can reach out to young demographic to showcase your product or service. Additionally, you should consider influencer marketing, which can be a great way to get your content in front of the right audience.
- Create Experiential Events
Experience-driven businesses that provide unique, interactive experiences can be highly attractive to the millennial generation. Whether it’s hosting a hands-on seminar or inviting people to a turnkey festival, you can use experiential events to build brand loyalty and increase engagement.
- Offer Subscription-Based Services
In the age of streaming and subscription services, millennials are increasingly looking for on-demand services that are paid for monthly. By offering products or services that fit this model, you can gain success with the millennial generation.
- Streamline Payment Processes
Millennials are fans of digital payment methods that simplify purchase processes. Therefore, be sure to offer payment options such as digital wallets, Apple Pay or Google Pay when selling to millennials.
Millennials are a key target for businesses who want to maximize their success and increase their relevance in the market. By understanding what whales are betting on when targeting millennials, you can gain insight into the trends that are popular among this generation. By leveraging these trends to create products and services that are tailored to the millennial generation, you can greatly increase your chance of success.
