First, let’s provide a definition of Millennials. They’re also known as Generation Y and are the demographic that directly follows Generation X. Though sources differ, they’re likely born between 1980 and 2000.
Millennials grew up in an electronics-filled, online, and socially defined world, and have a very different commitment and connection to products, services, and brands. And no company or dental practice can ignore their purchasing power. Over the next 10 years, they’ll steadily be taking over from the retiring baby boomers. This group of 17-34 year-olds makes up 25% of the US population and will be spending $200 billion annually in 2017.
So what makes this generation so different and what does this mean for your practice?
When marketing to Millennials, the first thing to remember is this demographic is different. Unlike other generations, who generally responded consistently to various marketing channels, millennials are very diverse, so you may have to dig a bit deeper to find the right strategy that appeals to this demographic.
Here are some key items to remember:
Millennials value authenticity: This connected generation will listen to fellow consumers over a hard sell. So build your story and determine how to share it effectively.
They don’t stand still: Millennials are connected wherever they are, partly because of the use of mobile. You may not always connect with them in their homes, so use multiple channels to find them.
They define themselves by the social media they use: Your office will have to be on social media, but not every social channel may be right for you. Find out where your millennial patients hang out online.
Work on Loyalty: There’s a perception that Millennials are disloyal, when in fact they may become your most loyal patients. For solo practices, this will work in your favor, since most do not favor big name brands, and are looking for the unique experience that you offer.
Dental practices need to adapt to Millennials as they begin to make up more of your patient mix. You need to learn what they respond to and adjust your services to a generation that wants to share unique content. At Patient News, we’re constantly exploring how to best access different markets, and will continue to share data and offer services that allow your practice to Stand Out today and into the future.