Millennials represent 23% of the global population and have the most purchasing power; however, they are a complex group to target. To truly connect with this powerful group, any marketer must thoroughly understand the factors that affect their purchasing decisions.
We cover 8 of the most important statistics you need to know to understand millennials properly and provide some actionable insights you can takeaway.
Key takeaway: If a purchaser is satisfied with your product or service, there is a possibility that they will leave a positive comment on one of your social media posts or share it with their friends. But sometimes, they might need a little motivation to do so. By hosting a giveaway contest (i.e. "Share this with 4 friends for a chance to win") or captioning posts with interactive questions to aid responses in the comments, you can get the other 29% of millennials to engage more frequently.
Key takeaway: Leverage influencer marketing to build a higher level of trust with millennials. Is there an accredited food blogger, fashion icon, or travel guru that is looked up to in your niche? Connect with these digital content creators and invite them to become brand advocates. They will attest to your brand's excellence on their platforms, bringing qualified prospects to your website and social channels.
Key takeaway: Just because millennials are more likely than older generations to post a review, it doesn’t always mean they will. Strategize ways you can incentivise millennials to write prompt and positive feedback based on a recent purchase. For example, provide a small discount on future purchases or enter each participant in a giveaway with a larger prize at stake.
Key takeaway: With experiential marketing, you can invite your target audience to interact with your brand on a deeper level through live and immersive experiences. Invite local musicians to a concert day, develop an art installation, or create an exciting pop-up event. Not only is this interactive experience enjoyable for attendees, but this offers a viable chance for your brand to be photographed and shared on a multitude of social media accounts (content you can later repurpose!).
Key takeaway: Focus on integrating user-generated content ("UGC") across all of your marketing platforms (print, digital, and out of home) that speaks to the quality of your offerings. Source compelling videos, imagery, and written reviews that will attract the right type of people and capture their attention from the perspectives of your previous customers.
Key takeaway: Include a call to action on your Instagram shoppable content that links to the respective product page, acting as a mobile product catalog. For example, with each piece of merchandise that a retail brand shares on their Instagram page, a “Shop Now” button should be attached at the bottom. This allows prospects to learn more about the price, product description, and size, leading to quicker purchasing decisions—all from the comfort of their smartphones.
Key takeaway: Allocate some of your marketing spend towards a targeted UGC social media campaign. Share a genuine recommendation in the campaign caption or utilise a series of photos taken from your purchasers praising your offering. Showcasing your offering in a real-life scenario will make your ad appear less sales-oriented, increasing impulse purchases for your brand from those millennials who simply can’t live without it.
Key takeaway: Eco-friendly products are something that Millennials are paying more attention to and should be an essential aspect of your company's triple bottom line. Make an effort to share your progress on some of the environmentally-friendly practices you have or will be adopting.
Most of all, millennials want to feel good about the purchases that they make: whether it's saving money, helping the environment, or buying a highly-reviewed product or service. In order to make sure you are sourcing the highest quality user-generated content for your platforms and campaigns, keep these statistics in mind to understand the trends, lifestyles, and influencing factors of millennials.
For more information on how to utilise UGC to maximise your brand, head back to SnapSea or give us a follow on LinkedIn.
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