Millennial describes the generation of people born between the 1980s and early 2000s; it also demarcates the consumer base that is settling into the most concentrated share of demand-side purchasing power. What does this mean for you and your company? It means that if you aren’t marketing to Millennials you are running the risk of…
Millennial describes the generation of people born between the 1980s and early 2000s; it also demarcates the consumer base that is settling into the most concentrated share of demand-side purchasing power. What does this mean for you and your company? It means that if you aren’t marketing to Millennials you are running the risk of an underutilized or subpar business.
Who Are They?
With the advent of technology has come a particularly fast paced culture. Millennials are at the heart of this drive, and often fuel innovation with their willingness and excitement for the next best thing. Generation Y’s tenacious pursuit is indicative of a key part of the millennial mindset: life is about grasping as many exciting experiences as one can. In fact, studies show that nearly 78% of Millennials would rather spend their money on new experiences than lasting material possessions. Also referred to as the ‘net’ generation, it is unsurprising that millenials should reflect in their personality the constant growing and outdating that technology is known for.
Another nickname given to Generation Y is the “selfie” generation. While this nickname may have been intended as formative critique on Millennial lifestyle choices, it nevertheless connotes a practical truth for the business savvy person: Generation Y is much more individualistically inclined than their predecessors. In other words, for Millennials, the most important experiences are the ones that adapt to their preferences and desires. It isn’t so much about being part of something bigger and grander than them. Instead, it is about how much something can augment their personal lives.
Take Amazon for example. While Amazon is the largest marketplace in the world, its popularity comes from its ability to cater to and market towards each individual’s wants. When a Millennial goes to Amazon, they feel as though the experience offered is one built for them. After each purchase, Amazon narrows in more and more on what it is exactly that each particular customer wants. This is strikingly different from physical retail stores where a customer may feel as though they need to wade through a multitude of irrelevant goods just to find what it is they are looking for.
An experience focused personality poses a particular problem to any business. While the personality in question is visiting your store (via mobile or otherwise), they may not be there to actually purchase your products. Considering Generation Y’s preferences for experiences over material possessions, it is in all likelihood that they are at your storefront simply to browse. This makes converting them into customers all the more difficult – and all the more important.
Bringing in the Millenials
A lust for adventure can express itself as a small attention span. By focusing that attention span on your business, you give yourself the (albeit sometimes short) time to prove to them that you’re what they want.
Considering this, attracting Generation Y to visiting your business through ‘adventurous’ marketing and then converting them into customers by catering to their individual preferences presents itself as the best ‘general outline’ available. No matter what your product offering is, marketing it as something fun and unique is going to help draw them in.
After you have their attention, your next step should be molding your marketing and retail store displays to them. It isn’t just about you having a product they want; its about what you mean to them and what they mean to you. By building a relationship that feels personalized and concerned, you create a space where the members of Generation Y feel that they belong. Work with this sense of community and find a balance between the group and the individual – you won’t regret it. A great way to saddle both spheres is to let the individual help build their own relationship: the ‘selfie’ generation is big on social media sites. Give them incentives to include you in their pictures and posts and you’ll find the word of mouth to be a powerful ally in increasing your popularity.
As a final note, digital access is important to the up-and-coming generation. Give Generation Y the ability to access your products and community online. The easy access also gives your business more sway beyond the immediate physical area of your brick and mortar store. By making methods of giving feedback available online, you will also give yourself a considerably larger amount of information on how to implement and where to focus your branding strategy. To check out more on how best to create the best branding strategy you can, check out our article HERE