The Magic of Marijuana Marketing for Millennials
Recently, an article from Bloomberg unveiled the average marijuana consumer spends roughly $647 a year on cannabis. If a cannabis brand has a loyal and devout following of customers, that number can make a significant impact on any budget. If that statistic wasn’t enough to spark the conversation around the marketing potential in this industry, let us share an even more interesting statistic – just over 50 percent of recreational marijuana consumers are aged 21-34.
So how can your cannabis brand authentically cater to the millennial market? First, know some of the basics of the generation. According to the Pew Research Center, Millennials were born between 1981-1997 and currently, fall between the ages of 18-34 (as of 2015). They are the largest living generation numbering 75.4 million people according to the U.S. Census Bureau.
The Millennial market isn’t just a huge number of people; they also have the largest buying power of any generation. Globally, Millennials have the spending power of $2.45 trillion. Yes, TRILLION. In the U.S., their spending power is $200 Billion a year. A billion dollar spending generation is purchasing a majority of legal cannabis in this country. Needless to say, this generation has a lot of impact on your cannabis sales. So how do you effectively market to millennials? Participate and engage in the ways we love.
Any brand looking to engage with millennials must understand that we use social media and our smartphones for literally everything. We are always connected through apps, social media and often search for answers online. We are so dependent on these mediums that one study found that “80% of millennials report to using two or more internet-connected devices while watching TV.” Another study said just over 43% of millennials use social media to talk about their favorite brands. Below is an infographic from Luth Research showing which social channels Millennials spend the most time on to engage them.
If that wasn’t enough emphasis on the importance of social media, Forbes says “62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer. Millennials expect brands to not only be on and available on social networks but to engage with them individually.” To win over the millennial market, your cannabis company must establish a credible social media presence to gain our trust and loyalty. As we’ve mentioned previously, one of the most efficient ways to build trust as a cannabis brand is to have consistently branded social media profiles that are legitimate channels of information for your customers.
Speaking of brand loyalty, as Millennials we are extremely brand loyal. It may come as a surprise, as our generation has so many options and information that it can be perceived as an overload, but that overload actually reaffirms our passion for your brand. One of the old idioms “Out of sight, out of mind” comes into play with millennials. In fact, two separate studies showed that more than 50% of Millennials said they were extremely loyal or quite loyal to their favorite brands (in another study, 60% were brand loyal).
However, Millennials don’t just want any brand—we want a company to get our attention. Traditional advertising doesn’t work on us, and we want to spend our money on brands that are where we are, have gained our trust, and are authentic. In one study, 43% of millennials said they favor brands who have an authentic voice when consuming news. We want authentic content from brands we recognize and trust. Don’t think catering to this generation once will pay off. You need to be consistent and share data and information that is relevant to our lifestyle. If you can gain our attention regularly, we’ll reward you handsomely. So, how do you know you’re authentic?
Brands can be authentic by engaging on social media using a real voice and not a script, interacting with customers, providing valuable content worth sharing, and by incorporating a blog into your marketing plan. All of these suggestions provide a medium to showcase your brand’s authentic voice and contribute to your credibility.
Remember, it takes some time to build a genuine following with Millennials, but once we trust you, you’ll have a customer for life. So, engage with us, and allow us to feel needed as a customer. If you provide us with useful information (through social media and on your blog) your brand will build a better, stronger customer-focused business that will pay dividends.
What brands are doing an excellent job of catering to the Millennial generation? Have any cannabis companies won your loyalty? If so, we want to know. While cannabis brands may initially struggle to gain a foothold on social media, Refined Bud’s social media coaching can have any brand succeeding in a few short weeks. Don’t depend on tired tactics to reach a new audience. Allow Refined Bud to cater to your target audience. Have questions? Get in touch with us today.