Three Reasons to Love Millennials
By Thérèse Mulvey / September 2016Insights
- 80 Million: Millennial Population
- $600 Million: Millennial Annual Spend
- $30 Trillion: Amount Millennials Stand to Inherit
The Millennial Mom
In today’s dynamic economy, everyone needs a strategy to reach and engage with Millennial Moms. Currently, 83% of all new mothers are Millennials and that number will only grow. Given that they are the first generation to outnumber the Baby Boomers their spending power is significant as in $170 Billion dollars per year!
So how can you engage this important group when their habits and concerns are different than any other generation? Take time to listen to her, she is more than willing to tell you.
She is in a very important time of her life and her spending power is enormous. She wants deals, ideas, advice, and a connection to the community but she needs to be able to trust you, believe you, and know that your message is genuine. You can reach this group but you need to be willing to take the time to embrace a new model.
What Matters to Her?
This generation wants the truth and she is looking for the kind of value you can bring but it is quite likely she does not know what you can provide. She gravitates toward the imperfect, the real and the honest. She wants you to engage her, don’t just sell her.
CREATE AUTHENTIC CONTENT
Rather than going in for the hard sell, try providing your millennial audience with content they can learn from, or be entertained by.
AN EXCELLENT EXAMPLE
Chipotle’s “Farmed and Dangerous” web series. Featuring a millennial sustainable farmer as the lead, doing battle against an ominous corporate food production company.
AN ENGAGING IDEA
Reach out to your audience and allow them to be part of the product creation through contests or social media campaigns – involve them. They will feel a sense of ownership in the product which leads to increased brand awareness and loyalty.
The Millennial Mom believes in causes and is committed to giving back herself so she is interested in seeing what you care about too. 93% said they will switch brands if they support a cause she cares about.
Take the time to figure out how your brand can make a positive impact and connect with her on a community level to let her know that you hear her and that you are willing to support key causes. 73% of Millennials are willing to pay extra for products and services from companies dedicated to social and environmental change.
BE SOCIALLY CONNECTED
Just about every business has a social presence in 2016, but not everyone is using the right strategy to properly engage the millennial market.
A GREAT EXAMPLE
TOMS: The founder traveled to a small village in Argentina and discovered that the people living there had no shoes. He then went on to create his company based upon a unique model—for every pair of shoes sold, TOMS would donate a pair to someone in need. Since its inception, TOMS has grown into a multi-million-dollar company. The company has created a culture where philanthropy and profit can co-exist and has encouraged customer interaction. Customers can share their stories, experiences, and photos as a way to raise awareness.
This generation is very comfortable sharing information about themselves in order to get something back in return. 92% will buy if you reward her, 45% will switch. 81% are more likely to engage with brands and retailers that reward them, 36% will share information with you and 72% will take a survey. Use your social media touch points to check in with her. 96% of millennials are using restaurant reward plans and 78% are more likely to choose a brand that offers a loyalty or rewards program over a brand that does not.
A GREAT EXAMPLE
- Loyalty programs for fans
- Properly engage with customer comments [beyond canned responses]
- Hold contests
- Encourage user generated content and feature it on you site
- Reward her for promoting you – let her help you do your marketing
- Use her feedback for development
Use ALL Media
The perception is often that Millennials and specifically Millennial Moms are only on line. This is false and will prevent you from reaching those in this group that may not be familiar with your product or brand. Millennials use ALL media and use more of it than any other group. That is why it is so important that you reach her with both traditional and new media. Millennials continually over index on looking for deals, coupons and offers both in print and on line.
Source: 2016 Purse String Study Valassis
A study by Fractl showed that 49% want you to mail them offers for discounts, coupons and free trials.
Speak Her Language
42% of these consumers feel most advertising isn’t geared toward women like “me”. Here are some ways you can connect, engage and speak her language.
- Think bite sized, fast and fun
- Highlight stories that feature those who remain positive in the face of obstacles
- Give her a reason to get her information from you and give reward her to share it
- Help make her life easier – 36% lack time but would prefer to do things themselves if they could
- Connect her with ways to make her life better, 30% are trying to simplify their life
- Millennials respond positively to innovation with nearly 65% reporting that their day-to-day behavior is driven by a desire to find new and better way of doing things
- Help your brands engage with her – she doesn’t want to be sold to she wants to be engaged
- Bring her savings
- Use your digital platforms to engage and reward her
- Make sure you have scale, use mail and print to ensure she knows what you are selling
- Allow her to contribute to your marketing and be involved in development of new lines
- Make your product or service customizable
Above all else look at marketing to Millennial Moms as a great opportunity and be sure to have fun!
Thérèse Mulvey is CEO of PREformance Marketing. Thérèse is an accomplished executive with more than two decades of success driving profit, growth and market expansion through the strategic optimization of marketing analytics, research and business development. Ms. Mulvey is an innovative retail industry professional, with rare expertise in analyzing and translating consumer behavior into strategic marketing and advertising plans that build traffic and sales. Connect with Thérèse on: LinkedIn and Twitter, or PREformance Marketing: Facebook, and LinkedIn.