What is a Millennial? Millennials, also known as Generation Y, are a demographic cohort born between the early 1980s and the mid-1990s to early 2000s.”

Millennials are a hot topic right now –  and with good reason. Millennials are reported to represent 1.8bn people which equates to a quarter of the world’s population. As more and more millennials enter the workforce and climb hierarchy within their workplace, they present a significant amount of buying power. 

If millennials are your target audience or at least amongst them, it’s essential to understand what factors play a role in their purchasing decisions and shopping habits. As just like any other generation, millennials think and buy differently. As a millennial myself, I’m going to discuss what matters most when it comes to parting with our hard-earned cash!

Millennials like to receive confirmation from peers.

With so much competition out there, you must connect with millennials on an emotional level; using real customers and stories to represent your product or brand and build trust with the customer. 

For instance, if I’m looking to buy a new beauty product, I’m likely to read online product reviews to confirm how other people are also finding the product, or I’ll make a quick search on Instagram to see how they’re using it. Build trust with millennials by utilising customer reviews and incorporating user-generated content (UGC) into your website using tools such as Yotpo

Glossier customer reviews via Yotpo 

Influencer marketing is also a massive pull for millennials as millennials put trust into recommendations from their favourite influencers. Develop sincere relationships with thought leaders within your industry who can become advocates of your brand, but be sure to choose the right partnerships. Look for influencers who share your brand values and will maintain an appropriate tone to avoid losing credibility. 

 

Millennials want to save money.

Who doesn’t like to save money where possible? Millennials are no exception. With emerging banks such as Monzo helping them manage their finances, millennials are aware of exactly where they’re spending their money and how they can make savings. For retailers, this means that they need to see a real value in your product to justify the price tag.

Monzo Budget feature 

It’s also important to note that millennials are surrounded by enticing discounts, especially in the world of fast-fashion where prices are regularly slashed by up to 70%. With this in mind, you may want to entice web-savvy and frugal millennials with promo codes or incentives such as 10% off if they subscribe to your email marketing list. If cost-saving options are not presented to them, you run the risk of them abandoning their cart and looking elsewhere to make their purchase.

If you’re not able to offer a tempting discount, what about considering introducing alternative payments such as Klarna? Although customers are not saving money as such, they are being given the option to space out their payments which can help rationalise spending. 

 

Millennials care about their environment.

Newsflash, millennials care about the planet and the impact they’re having on it – they also take an interest in brands that care too. They are more likely to spend money with conscious brands and are often even willing to pay a lot more to know that what they’re spending money on is good for the earth and the people in it – whether that’s when purchasing their morning coffee or a new coat. 

To convey your compassion and authenticity, you’ll want to draw attention to any environmental positives about your service or product. I.e. if your products are recyclable or cruelty-free, or if your brand donates a percentage of its profits to charitable causes. 

Patagonia Black Friday campaign 

 

Millennials crave more profound connections with brands.

From the moment they wake up until the moment they go to sleep, millennials are connected with thousands of brands through their mobile phone. As they’re scrolling through their Instagram feed, they’re craving relevant and engaging click-worthy content. 

Invest in understanding your millennial audience first, tap into their culture and think outside of the box when it comes to content marketing. Where are millennials spending their time, what are they eating, listening to, or watching on TV? Incorporate these interests into your content, across your website, blog and social media.

We also recommend interacting with customers on social media. Be responsive to comments and conversations, promote giveaways and encourage shares. Not only will this inspire millennials to shop with your brand but will also increase their brand loyalty.

Inthestyle Instagram campaign 

Millennials are mobile-first. 

Millennials use smartphones more than any other generation. They appreciate the convenience of online shopping and discovery, and they love to multi-task – which is all made possible with their smartphones. The good news is there are endless ways you can optimise your customer journey for mobile.

Firstly, ensure your site design is mobile-first and your web content is optimised for mobile devices. Then look at other ways you can make it easier for them to interact, browse and make a purchase on mobile. Perhaps you could introduce payment methods such as ApplePay or Paypal to make your checkout process quick and easy, or utilise Instagram Shopping so customers can shop in-app? The options are endless.

 

Ultimately millennials have immense spending power and are more likely to engage with your brand if it resonates with them or fits with their busy lifestyle. By tuning into what matters most to millennials and adopting some of the above key strategies and tools to connect with them, we hope you can start your journey marketing to the most advanced generation yet.

Want to resonate with your target audience and enhance customer loyalty? Our Performance Marketing team can review your current strategy and offer strategic recommendations to drive deeper connections.

Author

Jessica Truscott

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