Welcome to part two of our three part retail trends series, 'Are You on the Retail Trend Train'. In part one we discussed the importance of incorporating video content in your marketing strategies.
Today, we’re talking about millennials.
If you haven’t heard of millennials and the massive storm they’re brewing in retail, it’s time to dig your head out of the sand!
While there is some controversy about what constitutes a “millennial”, those born between 1980 and 2000 are generally considered a part of the Millennial Generation.
This translates to a whole heck of a lot of people.
In the U.S., alone, there are an estimated 80 million millennials. By 2017, they are expected to have the most spending power of any generation.
Marketing to Millennials
Speaking of getting to know your consumers, it is fair to say you’re likely shaping your marketing strategy to fit this very large, and particular, group of individuals.
A new generation of buyers is an expected societal progression. Millennials, however, are unexpectedly and vastly different than their predecessors in many ways:
- 53% of millennial households already have children
- Millennials believe parenthood is a partnership
- Brands that stand for more than their bottom line receive greater millennial brand love
What does this mean for businesses? Millennials have been armed with the internet from a very young age. They are apprised of world and local events in a way previous generations could only dream of. They no longer rely solely on print, radio or television media for current events. They hear it through multiple channels and are more likely to trust what their peers are saying, than what big businesses with businessy-hands-in-the-pot have to say.
This way of acquiring information doesn’t stop at current events. Millennials are vastly aware of brands and their impact on the world and people around them. They’re more likely to trust the reviews of their peers on social media or online review channels than to buy into the latest and greatest advertisements of big businesses.
Millennials are more likely to pay more money for the same product if it means staying loyal to a brand that has stayed loyal to them.
This can simply mean they appreciate a personal touch they’ve received, the way customer disputes are handled or the way the company portrays itself and its purpose, online.
Simply put, if your brand does not beat with an honest heart that transcends every commerce channel, millennials will see right through you and walk the other way.
In the next part of our series, we’ll talk about the way millennials are getting involved to shine light on your brand with user-generated content.
Missed part 1? Follow the link below to read the first part of the series: