Millennials have taken their place as the group marketers, nonprofits and other organizations need to focus on when planning their strategies, budgets and advertising spend. As baby boomers get older and their dollars become leaner, keep an eye on the younger generation and how they spend and give. By adding modern giving options like donation apps, you can appeal to the younger generations and prepare them for a lifetime of giving.
Millennials on the Rise
The following data from Social Media Today demonstrates why the Millennial generation is so important:
Millennials now make up the largest demographic in the United States, with around 80 million people.
With Baby Boomers reaching retirement age, there are now more Millennials in the workforce than any other generation.
By 2020, Millennials are expected to have $1.4 trillion in disposable income.
These young people are poised to replace your most loyal donors from the Baby Boomer generation as they continue to age and earn higher incomes. To stay successful in the long term, your nonprofit organization must find ways to appeal to Millennials.
How Are Millennials Different?
In order to draw Millennials into your pool of potential donors, you first need to understand how they differ from the generations that came before.
Millennials are more socially conscious and care about things like the environment, sustainable living, helping others, eating healthy, and making the world a better place. This means they are likely to donate to causes that make a difference, which is good news for your charity.
They also are very tech savvy and depend on apps and mobile devices to get their business and purchases done. Because they grew up with technology, they rely on it throughout their daily lives.
Why Use Donation Apps?
What one object do Millennials carry with them at all times? Their smartphones. They use these devices for everything from mobile banking to shopping to transferring funds between friends. Donation apps enable this tech savvy generation to give to your organization in a way that makes sense for them.
Getting Millennials on board while Baby Boomers are still the main focus gives forward-thinking companies an edge when it comes to planning and attracting this audience. If you start catering to the needs of the younger generation now, they will be more prone to give when they do become the largest percentage of your donors.
Now’s the time to get ahead of the curve and address what Millennials want. Are you ready?