While often referred to as one group, the generation defined as millennials, is a complex and multifaceted demographic that has mystified marketers trying to reach them. They are unlike any other previous generation and as we have noted before are more diverse and social media and mobile savvy too.
But there are some similarities that have recently surfaced from several new reports on this population aged 15-to- 34 that marketers can leverage to appeal to them.
- Frugality – Millennials are often mired in student loan debt and likely earning lower salaries. But this hasn’t stopped them from shopping. Currently, they are the generation that shops the most. But they also like to save. A large percentage of millennials have admitted to using multiple to email addresses to receive extra email discounts. They are also more likely to purchase for quality over quantity and will invest in a more expensive product if it will last longer.
- Loyalty – Frequently characterized as being brand fickle, millennials are brand loyal under certain circumstances. First, they are more than willing to buy into a loyalty program if it offers free-shipping or other incentives. And because they use social media more, they rely on word of mouth marketing found on blogs to discover new products.
- Authenticity – What millennials purchase is also different from previous generations. Instead of buying products for status, they are more willing to pay extra for handmade goods or socially conscious products, often through online marketplaces, like Etsy. This makes them feel good about what they are buying and and where they are spending their money. It also makes them feel as if they are investing in experiences rather than disposable conveniences.
As a marketer how can you keep millennials engaged and loyal customers by providing an authentic mobile experience? We can help you tap into this market. Contact us!
