“Millennials” is a term that has become commonplace with business owners and marketers. According to Turn, advertisers are spending more than 500% on reaching millennials than other groups. Understanding their consumer behavior is more important now than ever. Whether millennials are your current audience or not, as the largest generation, it’s time to pay attention to the way they are influencing the digital and retail spaces.
What You Need To Know
- The Millennial generation is the biggest in US history— bigger than baby boomers.
- Millennials have grown up in a time of rapid change, giving them a set of priorities and expectations sharply different from previous generations.
- Millennials’ affinity for technology is reshaping the retail space.
- Millennials are dedicated to wellness as an active, daily pursuit.
What This Means For Business Owners & Marketers
It’s time to be more aware of your your current and future customers and their behaviors. Millennials don’t have the same priorities of purchasing a home and car as past generations, they are more interested in access, which has given rise to a communal, “sharing economy.” They are also more likely to make purchases on mobile devices. According to Dynatrace, 81% will abandon a mobile transaction with a poor shopping experience, and 51% are likely to broadcast their complaints about poor online shopping experiences on social media. Millennials also are more likely to purchase from companies with the best customer service with access to reviews and a custom shopping experience.
Who is Doing it Right
Some brands have already figured it out, here are a couple examples and what we can learn from them.
- Technology: Uber & Venmo
- Why: Convenience, mobile, accessibility to all and standing for more than a bottom line.
- Lifestyle: Fitbit & Nike
- Why: Mobile apps that incorporate both the communal mindset and active lifestyle of Millennials.
- Retail: Amazon & Birch Box
- Why: Easy online shopping and great customer service, offering a custom, VIP experience.
As a new generation emerges as the largest consumer group in the U.S. it’s time for businesses to re-examine how they communicate to their customers and the experiences they offer them. If you think Millennials have changed the landscape, keep an eye out for the next group, Generation Z, aka “The Founders” who can’t remember a time without Instagram and Snapchat.
If you could use some additional expertise in analyzing and researching your audience, get in touch with us to schedule a meeting.