In this fourth ‘Millennial Buying’ article series, following requests from the readers – the below significant subject will be explored:
- Businesses adapting their marketing strategy for millennials.
To aid with this project, in one of my surveys I asked millennials:
When buying a product (which has different features with 3 different price ranges), would you choose the lowest price, middle range, or most expensive?
✅ Current Millennial Comment:
“Neither – If I like/want the product, I buy it regardless of the price. No matter how small or big. It’s about the purpose”.
This comment highlights to businesses that their marketing strategy and content need to be focused on the purpose of a product i.e. the benefits.
There seems less emphasis on the cost and features of a product for millennial customers. I agree – I have a busy lifestyle and I just want items I use to work efficiently. The most vital part of a product for me is how it will benefit my need; I don’t have to know every function of the it.
Do your marketing videos, posts, advertisements convey this message?
Don’t forget sharing your reviews – customers value reviews over adverts due to relating to real feedback from another consumer.*
Areas for your company to revisit post-reintegration:
- A marketing strategy targeting Millennials and the type of language used!
- Clear communication for the purpose of a product/service.
- The different channels used to distribute your marketing campaign e.g. social media
Regarding point c) – TikTok’s under 30’s users make up 66% from an audience of 800 million**
What other apps are millennial customers using? Engaging with your customers across multiple platforms strengthens bonds.
Millennials brought up within a digital era can’t imagine the internet without social media…
Personalisation – Case Study
Charlie is a millennial (name changed for confidentiality). Charlie enjoys their role within their current organisation. This role does not have KPIs or receive incentives. Each year (Christmas time); every employee receives a hamper – amongst various items; the hamper includes red wine.
Charlie is very grateful for receiving these gifts, put prefers white wine instead of red. Charlie usually gives this red wine as a gift to someone else.
For myself – From working in a previous company, when I achieved sales targets, I did receive a personalised reward e.g. London theatre tickets. I felt more engaged with this company for knowing my likes and dislikes.
The same approach applies to marketing. Businesses need to research and understand their Millennial customers – their demographics, their behaviours, and their interests.
With this knowledge, your business can adapt your marketing/social media strategy for attracting millennials customers triggering an emotive response.
Millennials will become aware of your business (within a competitive world). They will take the actions required within the buying process – research your company and you (social media), navigate to your website, and purchase a product/service.
✅ Current Millennial Statistic:
86% of millennials state they are more likely to buy from the same business again following a good purchase (Correct Careers Coaching, 2020).
Converting new customers is always the challenge – it’s worth investing the time and money identifying who your customers are? Their needs? And how to approach them?
This will help your business thrive through increase your gross sales and revenue.
Food for thought –
How will Gen Z (younger than the Millennials) take the buying process to a whole different level?
👉 Watch out for the next Millennial Buying article coming soon.
I’m Jamie Martin (Founder and Managing Director) of Correct Careers Coaching, author of The Anomaly Crystal, speaker, and podcast host. I’m an award-winning sales professional, an experienced Modern Sales Trainer, and Sales Strategist.
Even more importantly I’m a Business Millennial, born between 1980 and 1994 and I’m a thought leader.
Please do contact me directly (details below): if you are a Millennial and want to be included within these surveys or if you are a business and you would like me to identify any specific areas of interest to you?
The links to the three articles within this Millennial Buying series:
Jamie Martin of Correct Careers Coaching
Jamie@correctcareerscoaching.com or 07599 332178
My Castbox Podcast ‘Business Millennial’: https://castbox.fm/va/2750129
LinkedIn: Correct Careers Coaching