- by Net Pro Referral
- 14 Aug 2017
Have Millennials Changed Referral Marketing?
Millennials have certainly impacted the world of marketing specially referral marketing in a very big way. But have they totally changed it? The answer is quite an obvious one to see.
Although each new generation changes the world on their own terms the impact of millennials on the world is perhaps the most diverse and heavier than their predecessors. So, what are the ways the arrival of millennials has changed the world of referral marketing? And what does it mean to you as a business or a marketer? Let’s find out!
The Referral Effect
To understand the impacts of millennials on referral marketing it is first essential to know what referral effect is. In the most basic sense referral effect is the effect of a referral on a particular person. Not everyone reacts in the same manner to referrals. Referral effect is the main factor in determining whether the referral will turn into a conversion or not.
There are various factors at work that influence the referral effect. However, research has found out that age is the most crucial factor. Different age groups react to referral differently and millennials are the group that shows the most positive referral effect. That means referrals work most effectively within the millennials. And when the age groups are older the referral effect starts to fade.
This single fact alone has changed the referral marketing by increasing the importance of it a lot. If any business wants a share of that $ 200bn then they have to have a stellar referral marketing campaign targeting the millennials. You can read more on this in one of our previous blogs here.
Targeting in Referral Marketing
So, at least one aspect of referrals marketing that the millennials have certainly changed is the targeting in case of referral marketing. Now marketers have no other way but to change their targeting methods to target millennials. The same thing applies to you also. If you want to make your referral marketing successful you have to target the millennials with your referral marketing campaigns.
A Challenging Task
However, getting and retaining millennial customers have turned out to be a very challenging task. For which businesses and marketers should adopt some specific strategies and approaches.
Firstly, your marketing team has to keep up with the changes that are driving through the millennial demographic. They must adopt the latest trends and marketing channels that are most effective with the millennial audience.
Secondly, you should get synced with the vibes, tones and attitudes that attract the millennials within your marketing language. Publish contents that are likely to go well with them.
Thirdly, you have to be tech savvy and be available on all the online channels for the millennials. You should provide a 360-degree online support to your millennial customers.
Fourthly, you have to keep your service quality always up to the mark. Millennials are the most dynamic age groups. They do not hesitate to switch brands the moment they feel dissatisfied with your products or services.
So, in conclusion, we can certainly say the millennials really have changed a lot of aspects of referral marketing. And in this vein, NetProReferral can be of immense help while dealing with referral marketing for millennials.