Millennial consumers might look like an ever-moving target to marketers—hard to keep due to their thrifty proclivities. Indeed, they’re price-conscious consumers. Sixty percent of them reported in a 2014 Ibotta poll that they like to alter the products they purchase each month to take advantage of different money rebates.
However, marketers should not let this detail drive their marketing strategies to millennials. Though these customers are price-sensitive, there are a number of approaches to gain their loyalty now so that they continue to convert in the future.
Take a second to think about what life was like for a 30-year-old some 40 years back. There were standards back then. By 30, American adults were married, having children, and living in their own houses. Now let’s bring it back to 2018. While some 30-year-olds are choosing to start families, most are deciding that is not the ideal path for them. Rather than putting money toward a mortgage, tons of millennials live at home with their parents. People are choosing all sorts of different life paths for themselves, and they’re increasingly diverging in the pattern which once existed.
Marketers should keep this in mind when attempting to reach out to the Millennial market. Tailoring content so that it compels relevancy is the route to go. If you are marketing to get a disinfectant wipe company, for instance, you should recognize that not everyone is wiping up mud after the children come in from playing outdoors. It might be just as powerful to depict an image of a young bachelor cleaning up after his pet or even a party at the home.
There’s nothing like watching a friend experience something amazing to make you need it for yourself. Whether that is unboxing an Apple Watch or dining at the trendiest restaurant in the city, social media provides us a window into everybody’s lives and instantly incites FOMO (the fear of missing out).
What exactly does this mean for marketers? They should be seizing this chance to market more than just products to their millennial consumers; they ought to be marketing full-fledged experiences. Take, for example, Herschel Supply Co., makers of bags, luggage, wallets, and the such. For them, it isn’t sufficient to depict a stock picture of a blue backpack. Instead, they show customers that purchasing one of the backpacks signifies going on an infinite adventure. Millennial consumers have reacted really well to this particular strategy, and many take photos of their “limitless” experiences to discuss with the brand on social media.
That brings us to our next stage. Seeing a friend’s article does more than simply spark interest from others; it pushes purchases. A 2014 Webby Awards poll conducted by Harris Interactive found that 68 percent of millennials were at least somewhat likely to make a purchase based on a friend’s social media post.
Encouraging fans to post photos of products, in-store displays, and more is a fantastic way to boost online traffic and online engagement. Sigma Beauty reports that their customers are five times more likely to purchase an item when they see another user posting about it vs. when they come across a normal branded photo or stock picture of the item in hand.
Tapping into user-generated content is an effective way to spark interest among millennial customers.
Start Taking Action
Don’t be discouraged by the belief that millennials are too price-conscious to become loyal. Reaching them in authentic and related ways will eventually cause these customers to convert. As Accenture predicts that by 2020 millennial spending in the U.S. will rise to $1.4 trillion annually, it’s more critical than ever to gain the loyalty of this demographic now.