Millennials are in their prime spending years. They’re making big purchases on homes, weddings, children, and pets. This generation has immense buying power- millennials were projected to spend over a trillion dollars in 2020, giving them more spending power than any other age group.
Because of their big buying potential, they present an excellent market opportunity for retailers.
If you haven’t already captured your Millennial audience, it’s time to devise a plan now.
Understanding Millennial Audiences
Millennials have undeniable buying power, but they’re not an easy sell. They notoriously hold brands to incredibly high standards and actively show disdain for traditional advertising techniques.
To attract this generation, retailers first need to have a thorough understanding of Millennial values.
- Sustainability. Millennials care about green initiatives, and they want to feel like you do, too. They want to know that you’re informed about the effects of your business on the environment and that you’re making every effort to be part of the solution.
- Diversity. The Millennial and Gen Z generations are the most diverse group of Americans. They want to see themselves reflected in the brands they choose to support.
- Proof. Millennials don’t trust you. And that’s mostly because we’re the “stranger danger” generation; we were taught that our neighbors would snatch us up from the playground and old, scary men would try to chat with us on AOL Instant Messenger. It’s no surprise that as adults we’re more skeptical than other generations.
Because we don’t necessarily trust people, businesses, or advertisers, we need proof to verify just about everything. Before I buy anything or go anywhere, I read reviews. If I can’t find the information I’m seeking or if I doubt what I’m being told, I’m much less likely to buy.
- Savings. It’s true that Millennials are currently amidst some of our greatest spending years. We’re willing to shell out money on the big things. But that means our bank accounts are depleted when it comes to the little things. To help make the smaller purchases, Millennials value loyalty programs and incentives.
- Speed & Simplicity. In this day and age of ecommerce, Millennials expect websites to function flawlessly. Transactions should be quick and easy.
Millennial Marketing Strategies
Once you understand what Millennials value, you’ll be in a better position to implement marketing strategies that pinpoint your Millennial audience.
The best way to reach Millennials is with targeted brand messaging that appeals to them. You aren’t going to reach them with jingles or shock and awe. Those tactics may have worked for boomers, but that won’t cut it these days. And simply creating an Instagram page or using Millennial pink like makeup brand Glossier isn’t enough to convert. You need a full out strategy.
Consider implementing these marketing strategies that Millennials have been proven to respond to.
- Connect with Millennials on a deeper level by identifying and prioritizing their values. So you’ve pinpointed that Millennials value sustainability. Consider developing initiatives that showcase your brand as environmentally conscious, like Patagonia Action Works. Or you could transition to sustainably made products like clothing brand Reformation. But if those strategies are too extreme, start small by changing to recycled packaging, like Allbirds.
Another Millennial brand value that’s easy to incorporate into your marketing strategy is diversity. Simply featuring photos of various races and ethnicities on your webpage is a great way to start. For more inspiration, check out makeup brand Morphe’s wide range of foundation colors or clothing retailer Universal Standard’s inclusive size range.
- Find innovative ways to show quality. The pandemic has pushed Millennials to continue making purchases online. While it’s a convenient way to shop for consumers, it’s harder for brands to communicate quality. Appeal to skeptical Millennials’ desire for proof by giving them more than just customer reviews. Feature videos on your site to show product quality and increase interaction.
- Capture your audience where they are. Attract more Millennial consumers with savings and loyalty programs. And once you bring them in, capitalize on the impulse buyers with seamless, one-click payment options.
- Simplify visuals. If you haven’t already, it’s time to Marie Kondo the crap out of your web platform. Cluttered, busy websites are off-putting to Millennials. They’re looking for streamlined, minimal websites with just enough information.
Millennials are valuable consumers with money to spend. Make sure you’re capturing their attention.
Ready to employ these strategies? Contact Sophelle today for support.