Love them or hate them, we still need to market to millennials. The problem really lies in how diverse they are as a demographic group, even their age brackets vary depending on who you ask. Foresight Factory categorises them as people aged 16-35 and for some perspective on scale, there are 15 million millennials in London alone. Despite the great differences that come with the vastness and breadth of age, what they do have in common is that they’re digitally-savvy and connected. Armed with this knowledge, how can marketers stand out and attract millennials?
Marketing to millennials
In 2016, the IMRG Capgemini eRetail Sales Index reported that £133 billion was spent online by UK consumers. It was the purchases made on smartphones that contributes to the healthy 16% increase in sales from last year. Retailers are asking if mobile and e-commerce will become a threat to in-store shopping and experiences but our data shows that it won’t be – 40% globally still visit their high street or shopping centre on a weekly basis.
Marketers can take this information a step further when coupled with the knowledge that interest in in-store digital services is high. A global average of 58% are interested in this but millennials in particular, showed the most enthusiasm for possibilities like interactive shopping terminals, accessing a loyalty card and checking stock availability via smartphone, and even a virtual digital mirror. While this demographic is challenging, they are also an exciting one open to new technology and innovation.
Are millennials loyal?
We’ve talked a lot about loyalty at Foresight Factory, especially when it comes to millennials. A study we undertook found that transparency and authenticity were key to retaining their business long term. Further analysis in our promotion and loyalty segmentation chart found that 40% of consumers can be categorised as ‘malleable maximisers’ – they aren’t obsessed with discounts and the right messaging can convince them to purchase without a deal.
And social media is where that messaging should take place. Brand advocates, particularly ones that generate earned content for a brand are effective in building reputation and even sales. Furthermore, warm interactions that build a relationship throughout all points of a loyalty cycle helps to strengthen the relationship and trust between company and customer (be inspired by these brands and how they’re maximising loyalty).
Watch our latest video below where Nick, our Director of Research and Analytics, discusses the ways in which marketers can reach out to the millennial demographic.
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