Millennials, the generation born between 1980 and 2001 have emerged as a distinct and interesting generation in comparison to their boomer parents (I fall into all categories as well!). It is projected that by 2017, millennials will have more spending power than any other generation. Coined as a very connected generation, they embrace technology and shop a whole new way. This generation is curious and often rely on social channels for information.
The trends described below are based on recent research from The Center for Generational Kinetics, Bazaarvoice and Kelton Research, titled, Talking to Strangers: Millennials Trust People over Brands. These trends are critical for marketers and companies who are trying to find ways to understand and reach millennials.
Prefer User Generated Content
While this may not come as a surprise, most people go online to research products before they purchase. Many of these potential customers search for user generated to help during the decision process. Of these customers, millennials largely depend on this information:
The study found that 84% of millennials reported that user generated content has an influence on their buying decisions. Key Takeaway: Encourage your customers to share and start the conversation about your brand or products via different marketing channels.
Trust Anonymous Consumers
51% of Millennials say that consumer opinions on a company’s website have a greater impact on their purchase decisions than opinions from friends and family. Many may not even buy if there is no input on items they’re interested in purchasing. They’re also three times more likely to turn to social to get input on the selected product. Key Takeaway: Firstly, you should always track what others are saying about your brand and products across the web, secondly you should encourage your customers to leave comments and share reviews.
As brands in an age of tech savvy customers, companies need to understand that the new generation wants to engage with brands, even if they don’t have good experiences with the products. 71% of Millennials continue to share their opinions because they feel other consumers value those opinions.
Key Takeaway: Listen! Many consumers believe companies don’t really take feedback seriously, so as a listener, you should break that assumption and really care about what your customers are saying about you. Also, never delete negative comments – customers want raw and real comments from other consumers.
Do you have any suggestions on marketing to millennials?
All images courtesy of: Talking to Strangers: Millennials Trust People over Brands.