Whether you agree with this not-so-flattering definition from Urban Dictionary or not.
Wise marketers recognize that millennials are a force to be reckoned with, or at least sold to.@OSC_WebDesign
With 79 million millennials in the U.S., their purchasing power amounts to an estimated $170 billion per year. Although their purchasing power stretches far and wide, you can count on a tough sell. A bucket load of student loan debt often accounts for their skeptical approach to shopping.
So how does your business tap into this incredulous market?
They Know the Tricks
When a baby boomer abandons their online shopping cart, most likely they have reconsidered because of price or they were distracted. When a millennial leaves behind their cart, it may be in anticipation of the retailer’s next move.
They know they often receive a discount for abandoning their cart. They know a quick search may uncover online discount codes. Time and time again they’ve seen “last chance clearance” followed by many more chances and sales.
This doesn’t mean businesses shouldn’t offer sales and coupons. In fact, their expectations give you all the more reason to offer them.
Price is Huge
Did you know price has the greatest influence on a millennial’s purchase decision? That overshadows brand, store, availability, and even quality. Usually a growing economy results in a decrease in price sensitivity, but not so with this group. Try to offer the lowest price or keep pushing those coupons to highlight what they’re saving!
As you might imagine, mobile use is huge with millennials. It’s their social hub, news source, camera, library, portable TV, and shopping outlet.
Although most websites have converted to mobile-friendly designs by now, here’s a reminder: don’t lose out on business with an nonresponsive web design! Not only will your website look glitchy, it will be difficult and often impossible for users to navigate.
Slower Purchase Decisions
Millennials already know if they don’t purchase an item right away, it’ll probably go on sale or be found elsewhere online in the future. With caution, they opt to research and compare instead of enduring buyer’s remorse.
This new purchase process has resulted in the conception of Inbound Marketing.
By producing educational content that answers their questions along the path to purchase, they will continue moving forward and closer to your products or services. They will grow to trust your business as a field expert.
Google is a Favorite Tool for Price Comparison
Whether your business offers eCommerce products or another service, Google should be a big focus. When a millennial is comparing your competitor’s prices, your business should be considered.
In order for shoppers to find your website to begin with, you have to first show up high enough in search engine results. By finding the right keywords for your website and targeting them through content, your business can begin search engine optimization (SEO) and ranking higher.
If your company isn’t on social media yet, this may persuade you.
90 percent of young adults (ages 18 to 29) use social media.@OSC_WebDesign
Wow! You don’t have to dump money into TV commercials or print ads hoping to reach your audience. If your business wants to reach millennials (and other age groups as well) they are most definitely on social media- probably scrolling up and down their newsfeed aimlessly.
Capture their attention with your own social media marketing. Grow your brand awareness and loyal customers by giving your business a voice.
By getting better acquainted with millennial shoppers, your business can begin to market more effectively and shape up for the years ahead.