Because Millennials are coming of age during the worst global economic recession, their values lie in experience over stuff. They are willing to pay more for health care than for superficial items like apparel and beauty. Millennials are also putting more research into their purchases. More than half consult with at least four outside sources for information when making purchasing decision. Shopping has become a social phenomenon for Millennials. 63% shop with friends, family or their significant other and would never purchase something their peers didn’t approve.
Because Millennials are inherently digital, their first source for brand research is via a search engine. However, Millennials will consult their friends and family next in face-to-face conversations. Not only do Millennials influence each other’s purchasing decision, 74% say they impact the purchasing decision of other generations. In fact, mothers often times try to mimic their daughters’ clothing choices.
The good news is that Millennials are open to brand marketing, as long as it’s done the right way. In fact, brand preference is the number one personal identifier that Millennials are willing to share online. 70% of Millennials are loyal to brands they like and make it their responsibility to share their brand experiences whether good or bad.
So what does this mean for marketers?
- Make Millennials a target market. With their power to influence, they can’t be ignored.
- Engage them online and offline. A third of Millennials look for brands that try to make a positive impact on the world.
- Help Millennials become an expert on your brand/story. They are often eager to learn and share.
- Surprise and delight. Be smart and have a sense of humor. This is the only way to stay relevant and not get lost in the noise.
- Be real. Millennials appreciate authenticity.
- Be collaborative. 40% of Millennials want brands to allow them to influence the outcome of products.
- Be social. Millennials want businesses to answer their questions/comments in real time via social media. They also want brands to connect them with other brands and like-minded people.
- Enable sharing. Millennials enjoy brands that create online content such as photos, videos and blogs.
- Be helpful. Offer financial assistance like scholarships, more life experiences such as trips or lessons, and the chance to connect with others or a mentor.
Find out if you’re a Millennial: http://www.pewresearch.org/quiz/how-millennial-are-you/