Who Are Millennials?
Generally speaking, Millennials are those born anywhere from 1982 to present day. The term “Millennials” encompasses such a vast sea of unique beings that it’s difficult to apply any sweeping generalities or a broad definition to the entire group. They’re college graduates, college dropouts, entrepreneurs and world-changers – though many don’t like to assume any mold that can be described by a single title. Despite the diversity among the group, one characteristic is universal of Millennials – they hold quite a bit of decision-making power, making them vital to retail marketing agencies and their clients.
Why Do They Matter?
Not only are Millennials the future leaders, legislators and decision makers, they will soon hold the majority of purchasing power in the realm of consumers. It has been estimated that Millennials are reaching numbers over 80 million in the United States alone. By 2030, they will significantly outnumber the previously dominant Baby Boomers – by a whopping 22 million. For this reason, it is becoming increasingly important for individual brands and retail marketing agencies alike to reach the Millennials – and reach them appropriately on their terms.
What to Keep in Mind When Targeting Millennials:
They WILL do their research
As a retail marketing agency, it is important to remember the amount of research that many are now conducting before making any buying decisions, and the ease with which they can do so. Such easy access to search tools – and the web in general – at any given point means that these individuals will be fact-checking, reading product reviews and comparing their findings.
84% of Millennials report that user-generated content on company websites – reviews, comments, etc. – directly influences what they buy. They will use that information as a foundation on which to make their purchasing decisions. Millennials will be heavily relying on others’ previous experiences to basically make decisions for them. This reliance on third party input increases the importance of retail marketing agencies helping their clients leave lasting positive impressions with each and every customer.
Everything must be mobile friendly
One of the universal characteristics of Millennials is their attachment to their mobile devices. This means that everything – websites, emails and virtually anything that can be accessed online – needs to be mobile-friendly. For retail marketing agencies, when strategically planning a client’s website, imagine how it will appear on the small screen of a cell phone and design accordingly. Alternatively, you can create a mobile site, optimized for use on a smart phone or tablet, or even create an app to make the retail experience more customized and simple.
Brand loyalty is shifting
Millennials no longer place a strong emphasis on buying specific brands. Instead, Millennials value qualities such as location of origin and ethics – with an increasing shift toward American-made products and companies with ethical corporate culture.
Additionally, Millennials are bargain hunters. They would rather spend money on experiences – travel, food, etc., than things. For retail marketing agencies specifically, engaging Millennials is all about selling the experience – not an object. They tend to swim against the current of the consumer-driven society that we’ve all come to know, and instead value the experience the object of desire could create.
Segmentation should be lifestyle-specific, not age-specific.
Millennials tend to relate to each other according to lifestyle more than any other demographic – age, gender, etc. These lifestyle-specific bonds, as opposed to age-specific, gender-specific, etc., make it important to tailor the messages of your retail marketing agency’s clients not to certain age groups, but instead to groups that are linked by a common lifestyle.
Age means less than it did 25 years ago – when it was expected that you would be graduated from college and on the verge of owning a house, settling down and have everything perfectly mapped out by the age of 26. Many older Millennials are at the same place in life as younger Millennials, and vice-versa. Thus the focus for retail marketing agency’s clients’ messages needs to shift to targeting people at a specific place in life, people that share a mutual set of beliefs, etc.
If your company is in need of a retail marketing agency that brings unsurpassed expertise marketing to a variety of age groups – Millennials included – Holland Advertising: Interactive would love to help. We have decades of experience tailoring our marketing messages and campaigns to specific demographics – including lifestyle, age and generation. We bring creative solutions and experienced execution to the marketing realm, with an emphasis on results. For more information about how Holland can help your business better align with its audience, meet sales goals and see greater marketing ROI, contact Bryan Holland at 513.744.3001.