Marketing to Millennials
Millennials are going to change the world, but most likely, it won't be through social activism. The latest data from consumer research firm Scarborough indicates we're actually pretty savvy consumers who make purchase decisions based on more than pure image or price. It's no secret that many people under 30 don't have a lot of discretionary income - but many millennials are willing to spend more on brands that are environmentally friendly or donate to causes they care about.
If you plan to tailor content marketing to a young buyer persona or build a social media strategy to attract consumers under 30, check out this outstanding insight into the mind of a millennial:
1. 65% of Millennials like to compare prices across different sites before purchasing. Tweet
2. 34% say going online is one of their favorite things to do in their free time. Tweet
3. 51% of millennials agree being able to customize an item makes them more likely to purchase it. Tweet
4. 45% are willing to pay more for a product that’s consistent with the image they’re trying to convey. Tweet
Millennials have been accused of being everything from entitled to and defined by their gadgets, and now data indicates they may be single-handedly responsible for bringing down the concept of retail as we know it.
Turns out, unique matters more to young consumers than brand names, and social media and bloggers both play a significant role in purchase decisions. According to PR Consultant Ana Nennig, millennials are willing to put in the time online to find brands that have a social media voice and values they identify with.
5. Millennials are 32% more likely to agree they’re influenced by what’s hot and what’s not. Tweet
6. Millennials are 26% more likely than all US adults to consider themselves sophisticated. Tweet
And the award for the most brilliant marketing maneuver of 2012 goes to Grey Poupon. Yes, the Kraft-owned variety of spicy mustard. In mid-September the brand launched an exclusive Facebook community, known as the “Society of Good Taste.” Members are carefully screened based on their grammar and tastes in movies, books, and restaurants.
The campaign transformed the 235-year-old condiment into a status symbol. They generated some serious buzz, ticked off rejected applicants, and their social media mentions went through the roof. If you’re trying to to sell to millennials in 2013, it’s probably going to pay to think more like a sandwich spread.
7. 59% of millennials are savers, not spenders. Tweet
Chances are, cost is a major pain point for your millennial consumers, who prioritize saving even if it means they might have to wait to make a purchase. Analyst Wendy Liebmann, CEO of WSL Strategic Retail, believes it’s at least partially the product of an economic recession. Will millennial spending habits rise as the economy recovers and jobs grow? That remains to be seen.
8. 47% of millennials are willing to pay more for an environmentally safe product. Tweet
9. 65% of millennials use energy-efficient lightbulbs. 62% recycle. Tweet
Weirdly enough, research indicates that millennials don’t really choose to be green. They’re just born that way; reducing their carbon footprints and recycling is an ingrained behavior for most youth. Buying green products, even if it costs a bit more, is a natural choice for many of your younger prospects.
Is your company investing heavily in inbound marketing efforts? Not only are you likely to save 61% per lead, you could see even more ROI by being transparent about your paperless practices. Not only can your direct mail cost as much as $75.32 per lead, the industry is directly responsible for the demise of 100 million trees and 28 billion gallons of water annually.
Image Credit: freedigitalphotos.net/Ambro
What tactics have you found effective for marketing to millennials?