September 15, 2016
Today’s modern market looks drastically different than it used to, whether it be the products available, the profile of consumers, or the marketing strategies involved.
One important audience that cannot and will not be ignored is the millennial generation. Millennials total 74.5 million, making them America’s largest generation. Additionally, millennials wield $1.3 trillion in annual buying power. This makes them a powerful and vital sector of the consumer marketplace.
However, there are many misconceptions and false stereotypes surrounding the millennial generation that you as a marketer should avoid indulging in.
Myth No. 1: Millennials are not loyal
Millennials have been labeled as tremendously picky consumers. On the contrary, millennials’ capacity for loyalty sometimes surpasses that of the average Baby Boomer. According to Experian Marketing Services’ Mosaic USA, one segment described as older millennials with mid-scale incomes are actually 2.5 times more likely than the average consumer to want attention from brands, customer service, quality relationships and loyalty.
Myth No. 2: Millennials will only shop online
While millennials are definitely the most “plugged-in” generation, they have not abandoned traditional shopping. Millennials that fit the category of “young family,” are actually 84% more likely to shop traditionally in comparison to other generations. However, they do seek out experiences that involve a social experience. For example, Urban Outfitters, a retail clothing chain, has launched coffee shops within their major locations as a way of capitalizing on this trend.
Myth No. 3 : Millennials are cheap
Marketers worry that consumers ages 18-34 aren’t worth a significant portion of their budget. Despite spending less than the national average compared to their Gen X and Boomer counterparts, they’re actually obsessed with trying new products. Not only are millennials the largest group of consumers, they’re also characterized as being try-sumers. Millennials like discounts and loyalty programs, and will buy online and pick up in stores to save on shipping. In fact, according to Mosaic, younger up-and-coming singles living big-city lifestyles (known as the “urban edge” segment) are the most likely to use the internet to plan shopping trips and save on shipping, 85% more likely than the average consumer.
Marketing to millennials may involve new strategies including the segmenting the market and utilizing knowledge of the trends. Keep in mind the millennial love for value, innovation, and the incorporation of the web to their experiences.
Get further insight from the original article here.
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