“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.
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.
Some brands have already figured it out, here are a couple examples and what we can learn from them.
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.
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