What to consider when marketing to millennials
Age really does matter when it comes to retail marketing, as the approach you take to appeal to your audience will vary depending on what generations you're hoping to attract. For many retailers, the millennial generation of those born between the early 1980s and early 2000s, represents a major portion of their revenue, whether they sell clothing, accessories, technological devices or home decor. It is important to take the right steps toward engaging this group of consumers, and People StyleWatch recently conducted a study to determine the best marketing strategies for this demographic.
Millennials see shopping differently
The research, which will be presented at the fourth annual Share.Like.Buy. Marketing + Millennials conference June 17 in New York City, focused on the shopping behavior of millennials, from how they decide to make a purchase to the way they interact with and respond to brands. According to AdWeek, this demographic represents approximately one-quarter of the American population, and collectively spends between $200 billion and $1.3 trillion annually. Technological advances have helped shape the way millennials approach shopping, so there is no doubt that multi-channel strategies and intuitive ecommerce software will be important.
"Because their lives have been shaped by 9/11, two wars and the Great Recession of 2008, Millennials are more pragmatic than their parents about retail purchases," Jeff Fromm, author of "Marketing to Millennials" and founder of Share.Like.Buy., said in a release. "They have the tools at their fingertips to find the best deal with ease, and they use them, whether shopping from home or in store."
What millennials want
While the study won't be released until the conference, Fromm provided some insight into millennial shopping behavior. For instance, this generation typically wants to know more about the brands and products they're buying. Fromm suggested focusing on the origins of a product, from where and how it was made to the qualities that set it apart. It's also important to focus on your brand's image and reputation, as a strong brand will attract millennial consumers, who are likely to share their fondness for certain brands with their peers and on social media networks.
It can also be smart to emphasize savings, as this generation typically earns less than their older counterparts, due in part to unfavorable economic climates. Offering loyalty or reward programs for repeat customers can be useful. The best approach to this is to keep things simple and straightforward, according to Fromm.
