The most used word in the last year has un-arguably been ‘millennials.’ And not only the word has seen popularity, but the workforce has also seen a rush of energy in the market. If the latest gen people are not the target market for industries, then it is high time people start using them in your strategies. Most industries including the forefront in entertainment, FMCG, service, tourism and even IT have added ‘Millennial Marketing’ to their research and development plan.
With a unique set of characteristics and a growing purchasing power, this is what each industry is studying and using to their full potential. This works especially in the crowdfunding sector because the millennials have grown up in the mobile technology era and a time where tech has been at the forefront of their lives. With 60% of users on the internet being the youth within the age group of 15-25, users reacting to emotions, being actively part of the online environment and triggering to the different sources of information. If not until now, it is necessary for crowdfunding to incorporate them into their Marketing approach.
Here are a few traits that are unique to the millennials and can help you understand this segment better:
- They are not the same as the other generation. This is because the millennials are trendy. They are updated with what’s viral and do not fall to misplaced content.
- They share and are active the most on social media.
- They value authentic content and user-generated content that is relatable to their lives.
- They prefer interaction over anything else and have fun when their transaction process is interactive.
Now that we have understood the traits millennials carry, let’s take a look at why they should be your ideal target market for crowdfunding.
The timing of crowdfunding to boom
With the traditional options of financing like a loan or insurance being unable to pay for your business, medical treatment or social cause. And instead of putting you in the burden of having to pay back the high-interest rates and the bills. Crowdfunding in India entered with the idea of you being able to pay for your medical treatment by sharing your story with the genuine platforms online. Crowdfunding only provides a formal space and support as a social enterprise, uplifting the people to be able to pay for their medical treatment. Since their establishment, companies like Impact Guru have been able to raise 150+ crores from 100+ countries, hence being able to impact 1,00,000+ lives for good. This has been possible by just starting a fundraiser in India.
Communicating your story across matters:
When you believe in your situation and get your cause across through crowdfunding, your story gets recognized. Your emotional appeal, a well-crafted story, authentic documents, setting a goal amount and promotion using social media, your loved one’s life can be saved by generous donors from across the world. With crowdfunding becoming a more commonly heard term amidst the youth, they are the ones who can actually motivate their grandparents or elderly ones to become able to fund their treatment.
The youth believes in the power of social media
Once a fundraiser is launched, social media becomes a crucial tool for the success of your story. Thousands of people have used it efficiently enough with platforms such as WhatsApp, Facebook, and Instagram being highly influential in spreading the message. This ensures the legitimacy of your project and builds networks for you.The youth knows exactly how to optimize sharing and reaching a larger audience. Or can get this going with a little motivation of saving a life.
The study makes it evident that healthcare causes take a major percentage by crowdfunding. With the growing need for alternate financing, rising popularity among more and more millennials to the simplicity of using this option. It would be right to say that crowdfunding in India is finding its place amidst the mainstream culture today.