3 Ways to Encourage Millennials to Shop with You

Millennial Consumer Scrabble Tiles
How to tailor your marketing strategy to target millennial consumers.

Digital advertising seemed easier when your focus was on advertising in print media. Those days are long gone as retailers are focusing on millennials that were born in the 1980s and 1990s. Most do not remember the world without internet in their homes. Therefore, retailers need to change their digital advertising techniques.

Recommendations From Friends Carry More Weight

Facebook, Instagram, Snapchat, Twitter and many other social media outlets make it very easy for millennials to see what their friends are thinking about any topic. Since people naturally trust what their friends are thinking more than what a retailer is telling them, retailers must create methods to encourage people to say great things about their companies.

The first step that retailers need to do is listen to their customers. One possible suggestion is to participate in secret shopping programs to see what type of experience a customer is truly receiving. Use Social Mention and other programs to see what your customers are saying about your business online is vital.

Once a company can be sure that customers are receiving outstanding service, then find ways to share that message. Create a page where customers can leave reviews. If your business is part of a review site, then allow Google to post those reviews right on the search engine result page. Create customer testimonial YouTube videos to allow others to see the results from real customers.

Nearly 44 percent of customers say that they are willing to promote products to their friends in exchange for a small gift which is far cheaper than hiring a celebrity to promote your product especially when you consider that 84 percent of millennials say that they trust these recommendations more than what others say.

Use Smartphone Advertising

The average millennial checks their smartphones more than 43 times a day. You must be competing in mobile advertising if you want to beat out your competitors.

Start with thinking mobile first when designing new websites as this forces you to think about what content and images are really the most important. Using this approach allows the designer to focus up rather than eliminate important elements. Choose typefaces, colors, and interface elements like buttons, menus, and input controls to make it easy for mobile users to navigate your site. Make sure that your site is responsive.

Use Cause Advertising

61 percent of millennials say that they are very concerned about leaving the world a better place than it is now. Therefore, cause advertising is very effective. When your company does something good to help the world, let others know through your advertising.

Successful retailers will change with the times by adapting these three methods. Make sure to always have a way for your customers to share with their friends, have a mobile site and do cause advertising.

Advertisers Spend the Most On Millennials

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As Millennials begin to shift the behavior of consumers, advertisers have started to invest the money to reach them. Turn, an advertising technology firm based in Silicon Valley has analyzed advertiser’s spending, and found they are now spending nearly 500% more to reach millennials. This spending breaks down to four times as much spending on display, four times as much on social media, four and a half times as much spending on mobile, and six times as much on video advertising targeted at millennials than all other age groups combined, as reported by Adweek. The industries most actively targeting millennials includes financial services, travel, autos, health, and electronics, amongst others.

According to Adweek, there are 75 million millennials in the U. S. Turn compiled their research based on buying habits and interests of millennials across various backgrounds including: income level, political affiliation, lifestyle interests, entertainment interests and homeownership. From their research, Turn was able to break the large millennial group into four different groups.

  1. The first group, the “Struggling Aspirationals,” emcompasses the majority of millennials, about 57%. The Struggling Aspirational millennial is “green, healthy, and fit,” according to the Turn. He or she seeks bargains and good deals, and is an excellent target for promotions and limited-time offers. Currently, the food industry and the auto industry is spending the most on Struggling Aspirationals.
  2. The second group is designated as the “Successful Homeowners,” and includes 18% of millennials. Those with the highest income among millennials, and individuals most likely to be homeowners, fall within this group. These millennials are the prime audience for “high-impact media,” and video advertising, since they are “ready to spend.” Companies within the financial services industry, as well as the telecom industry are spending the most trying to reach Successful Homeowners.
  3. The third group, the “Active Affluents” includes millennials who are have families, or are new parents. They are typically athletic foodies who enjoy leisure travel. This group is most accessible through mobile campaigns, and is the target for many electronics and financial services companies.
  4. The final and smallest group, the “Comfortable TV Watchers” love TV, no matter the genre. They are currently the target for many auto, food, and travel companies.

 

Millennials have become a valuable target for advertisers, and the research compiled by Turn reflects their importance in the digital advertising realm. The shift in their behavior is a call to advertisers to change their strategies and reach this indispensable group of influencers.

To read more about Turn’s findings, visit their site, here.

To read more on Adweek, click here.