Marketing strategy for Millennial consumers(18-35 age group)
Marketing strategy for the millennial is a complex topic, as they are finding themselves difficult to position with the gen-z consumers.
Millennial is Born between 1980 and 2000, they are both the 20th century’s last generation and its first truly digital one. This old century/new technology dichotomy gives pause to marketers attempting to understand and connect with this key demographic.
Millennial customers are new modern consumers with different needs and requirements than their boomers. They are exposed to the internet yet they are still connected to their roots. They enjoy online shopping but still, they prefer to shop locally. While shopping online they love to share, get involved with the product with their selfie craving for shares, comments, and likes. They are social and still, they may be introverts.
Millennials make up a major consumer group with more than 65% shoppers with great spending power. According to stats by Accenture, there are 80 million millennials in the USA alone and they account for $600 billion in sales alone. But, it's very important to understand how you attract them to buy more.
Millennials are considered the most intelligent consumer's group since they have witnessed the emergence of digital life as well as the pre-digital life. We consider them modern and yet somewhere they are positioned as conservative by nature. Our research found some extraordinary similarities between baby boomers(born from 1946 to 1964) and Generation X (1965 to 1979) as well as they stand with Gen-Z consumers.
- More than half (55 percent) of the survey respondents, in all three demographics, said that they seek out “the cheapest return option.”
- 41% of all three groups said they love to visit a nearby retail store and then shopping for it online to find the lowest price—more often than they did a year ago. This shift is due, in part, to the current high penetration levels of smartphones, which can enable customers to search for an item easily, even while in a store.
- 36% of those surveyed from all three generations said they will go online to buy from a retailer’s website if they want a product when the company’s stores are closed.
- On average, 89 percent said having access to real-time product availability information would influence their shopping choices in terms of which stores they would frequent.
Apart from similarities, based on our surveys we found some of the key shopping patterns which can help marketers to reformulate their strategy
Millennial's shopping pattern
You can't influence them through Advertisements - As only 1% said that a compelling advertisement would make them trust a brand more. Millennials believe that advertising is all spin and not authentic.
They seek positive reviews before buying- 33% of millennials rely mostly on blog reviews before they make a purchase, compared to fewer than 3% for TV news, magazines, and books. Gen x and baby boomers rely more on traditional media, whereas millennials look to social media for an authentic look at what's going on in the world, especially content written by their peers whom they trust.
Social Engagement is a must on social media - 62% of millennials respondents say that if a brand engages with them on social networks, they are more likely to become loyal customers. They expect brands to not only be on social networks. They love news, events, and promotions from social media.
We at F-trend understand the consumers that are why we are different than others. Our trend forecast is unique for each consumer group based on your targeted market age group, place, and economic condition.
Highly Engaged millennials
Millennials are not content with being passive observers while they have embraced social media platforms as vehicles to share their views with the people around them. They are actively contributing online, and do so regularly, with many also engaging in online conversations. Furthermore, millennials are not only engaged socially with friends and friends but are also following the brand and product news and trends
- 72% Share Content Online At Least Once A Week
- 55% Engage, Like & Comment On Other People’s Posts
- 35% Stay Up-To-Date With Brands, Products & Latest Trends.
- 51% Stay Connected With Friends & Family
Millennials have a strong desire to remain informed about brands and build closer relationships with them. Social media platforms have managed to bridge the gap between brands and consumers, making it easier for millennials to interact and stay updated with news about brands.
Through social media, millennials are getting in touch with their favorite brands, mostly to stay up to date with new products, promotions, and trends, as well as reading recommendations and reviews about the products and services they are interested in.