The all-in-one shopping experience of major in-store retailers is becoming a thing of the past, as the ease and convenience of online shopping is putting more pressure on in-store retailers than ever. It can be far less preferable to go to a brick-and-mortar store when online purchases arrive within a few days and shipping is (often) free. Additionally, the sheer quantity of online vendors has afforded Millennials (and consumers in general) more retail options than ever before, thereby allowing Millennials to be more selective with their purchases.
Millennials actually prefer to browse for products over purchasing them, and only pull the trigger after a smile of satisfaction – a retailer’s ability to “make me smile” is 33 percent more important to Millennials than Baby Boomers. Online retailers interested in appealing to Millennial consumers need to provide them with a more shareable and social shopping experience. As the pioneers of social media, it is especially important for online retailers to offer products and advice to Millennials on social networks. Millennials want to share these things with 100, 1,000, or even 10,000 friends and followers (i.e. your potential customers). This dialog can be enhanced by a well-developed mobile strategy that engages the 50 percent of Millennials that are browsing and reviewing products via their mobile devices....
Elevate the "interest graph" for better segmentation
SUMMARY: The "interest graph" -- tracking what, not who, someone likes -- should replace the "social graph" as a demographic segmenting tool, writes Jon Elvekrog. Look to Twitter handles to determine what Gen Y is following. Aggregate groups of like-minded users into new and unique personas and rigorously test campaigns to optimize them around interest groups, he writes.
Before marketing to millennials, you need to know four crucial facts about them.
Millennials are often referred to as an “elusive generation,” but you probably know more about them than you think you do.
First, this generation consists of individuals born between 1977 and 2000, though for our research we focused on those born between 1977 and 1995. Millennials comprise roughly 2% of the population and are not only key influencers with their peers, but with older generations and the brands they purchase.
Millennials have a direct annual spending power of an overwhelming $200 billion paired with an indirect spending power of $500 billion. That indirect spending power is largely due to the influence Millennials wield with their parents.
Millennials also have a vested interest and in-depth knowledge of social, local, and mobile technologies. The members of this generation are widely considered to be experts in social media and new technology despite a lack of “formal training” often necessary for non-Millennials. The most common and frequently used social media tools and today’s Millennial generation practically grew up together. Consequently, Millennials have a natural inclination toward using those platforms.
Millennials are currently aging into their peak earning and spending years. This proves vital for brands and marketers as they need to learn how to target this powerful demographic. To understand Millennials, brands must understand that they value their image, strive to achieve high status, and actively seek success.
Gen Y Building Businesses with Email Marketing WomensRadio Julie joins Keeping Up with Gen Y to talk about how email marketing and social media can play well together to help young business owners create loyal customers in an authentic and...
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