Will Marketing To Millennials Prove To Be A Major FAIL?Jan 02, 2016
This might challenge to what you have been told...this is probably not what the marketing genius' have been telling you at the last pharmacy seminar...and I am for damn sure a marketing exec on Madison Avenue would be outraged on what I am about to ask you...
Will marketing to millennials prove to be a major FAIL?
Of course you don't want to ignore an entire demographic, and yes, the millennials do show potential and value in the health and wellness market.
If you put all of your eggs in the "Marketing To Millennials Basket" you might find yourself licking some major business wounds later.
Let me share with you something I came across from The Chief Marketing in December, ad Bob Bly's take on the matter...which inspired me to write this post.
The obsession with marketing to millennials is idiotic. We boomers are who you should be selling to. Reason: As. HubSpot notes, millennials have no where near the buying power of baby boomers: 70% of the disposable income in the U.S. is controlled by boomers, and we own 80% of all the money in savings and loan associations. Half the U.S. market will be over age 50 by 2017. On top of that, we boomers will inherit $15 trillion in the next 20 years. HubSpot concludes: "You'd have to be an idiot to turn your back on this humongous market."
So what do you do?
If wellness, anti-aging, nutrition, and functional medicine is part of your program, then I encourage you to:
1) Do not put all your eggs in one demographics basket
2) Cast a wide net, and market to the values these groups hold dear to. My post on Marketing To Values should help clear things up.
3) Next...when targeting certain demographics, carve your message to the unique ways they like to communicate- what they want to hear, how they want to be spoken to, dial deeper into the demographics of age, income, etc. My posts on What You Can Learn From My Auto mechanic and The Differences Between Millennials and Boomers should help a lot here as well.