In Part 1 of our understanding Millennials, we shared some generational demographic info and how important it is to win their business. Part 2 was a discussion about what Millennials want and things to consider to better appeal to them. Part 3 we are going to look at developing a Marketing (Plan) Strategy and Tactics that in some form or flavor is a must if you have a prayer at getting Millennial’s attention.
Marketing Strategy Vs. Tactics
It is important that we define some terms before we go diving in. Your Strategy and Tactics make up your Marketing Plan!
Marketing Strategy: Strategy is the destination or the goal we are attempting to achieve. This is the stage of the plan we determine who we want to market to, how much we are willing to spend (Budget), define our objective and set out success tracking/goals/metrics/Key Performance Indicators.
Marketing Tactics: Tactics support the strategy. These are the detailed steps (battle plan) you are going to take (route) to get to the destination or goals as set out in the strategy. Common marketing tactics are things such as Social Media Ads, SEO, Google Adwords or content publications, such as blogging or eBooks.
Creating a Marketing Strategy
This is a massive topic and there is more content available than anyone could read in a lifetime. After scouring the ole internet, 2 articles jumped out as perfect and we thought it smart to point you there vs. reinvent the wheel. These articles share a number of similarities but say them slightly different.
Click Here to read Entreprenuer.com article – 5 Steps to Create a Marketing Plan.
Click Here to read Bizjournals.com article – 5 Steps to Creating a Successful Marketing Plan
Something we would like to add is, defining your Brand Identity/Company Unique Selling Proposition (USP). Meaning, create a one sentence statement to communicate the essence of your business and what you want people to associate with when they hear you name.
Here’s a few you might recognize: M&Ms – Chocolate that melts in your mouth, not in your hand. FedEx – When it absolutely, positively has to be there overnight. Debeers – A Diamond is forever. Allstate – You’re in good hands.
In your case it may sound something like: Preparing you for your financial future OR Fast, friendly and guaranteed to be right!
In business it is commonly said, “Cash is King”! Well, in Marketing, “content is king”. Determining the best tactics to use to get your content/message in front of your target audience can be overwhelming.
So, if you are limited on budget and experience please consider reading an earlier article we posted: 3 Easy Ways To Get Your Business Found On The Internet. If you haven’t done that, don’t pass go and don’t collect $200!
Let’s assume, 1. We have defined our Target Market (Millennials) 2. We have our messaging dialed and now we want to get our best bang for our buck!
So, what tactics do we use?
Whatever route you go, in order to make it work, you either have to go back to “school” or hire someone with the expertise (outsource). Finding a self professed “expert” isn’t a challenge, but finding an actual expert who can deliver results is! Be careful, make sure you have clearly communicated expectations and if you believe they aren’t worth the money, fire them quickly!
Types of Marketing Tactics
- Promotional/Community Events – Be seen and be active in your community.
- Social Media Platforms – Decide on the platform and invest in learning how to create ads and gain followers.
- Create how to Videos – At the office, we jokingly say if it’s not on YouTube, I don’t need to know it. Getting in front of the camera takes some getting used to but it is an effective media tool to get yourself noticed.
- Write a Blog – Blogging is highly educational and cathartic all at the same time. Like everything in Marketing, it is half art and half science. Make sure you have a clear call to action once you have their attention.
- Leverage Influencers – Hire/partner with influential people or businesses to promote/cross promote your products. Celebrities of all kinds are constantly being hired by companies to show up at events, post to their Social Media to help get the word out about some new or old product. Obviously, celebrities would break the budget, but if you are creative enough, you can get your customers to act as informal influencers.
- Knock and Talk – Hire people to pass out flyers and canvas nearby neighborhoods.
- Referral Incentives – Try to get your client base working for you with a reward for referrals.
This is not a complete list but hopefully gets the gears turning on a mix of tactics you could utilize.
Summary – We don’t claim to have all the answers with respect to marketing! We do know for certain, if tax offices don’t take action now they are going to be left behind. Your customer base is aging and the way we have done things in the past, simply are not as effective in getting the attention of the millennial generation.
Go Get’em Team!