Millennials & What Matters to Them in the Buying Process

  • On October 4, 2017
  • In blog, Events

Millennials & What Matters to Them in the Buying Process

Everyone knows that Millennials offer marketers a new challenge 

But how do we reach these millennials and influence this misunderstood and contradictory generation in the most effective, engaging and efficient way?

One way to begin to understand Millennials and their behaviour is to recognise what matters to them in the buying process. Millennials crave authentic connections with brands across the digital and physical space, while still being price sensitive.

 

Price Sensitive

A lot of the time, marketers try to define Millennials as ‘different’ compared to other generations and their shopping habits, but it is also important to recognise the similarities. Almost 80% of Millennials are influenced by price, which is similar to other generations, i.e. Baby Boomers. The general belief that millennials are brand loyal is true, but only when prices are equal. Brand loyalty drops when a competitor offers a discount of 30% or more. 72% of millennials use coupons when shopping online, while 52% look for a discount while shopping in store (Forbes, 2017). It is important for brands to drive brand loyalty and give their millennial customers good discounts and promotions to increase brand loyalty and encourage the feel that millennials are getting value for their money.

 

Value Authentic Connections

Millennials value companies that are ethical, authentic, honest and socially responsible. They usually engage with brands on at least one social media channel, value a brand story and the added benefit the brand delivers for either the millennial personally (discounts), or what brand gives back socially (for example, TOMS). Millennials want to feel good while they are shopping and making a purchase. This means they want to know they are supporting a company that is working to do good and improve the world. Millennials want clear, concise communications from a brand because as consumers, they are sceptical of overzealous statements in adverts and brand stories (Infographic Journal, 2017).

 

Blend Digital & Physical Space

The general belief that Millennials only engage with brands digitally and shop online is wrong. Younger millennials, people aged 20-23, are more likely to complete a purchase in store compared to older millennials who do tend to purchase online more often. Also, US Presort conducted a survey and found that 50% of Millennials ignore digital ads compared to 15% who ignore direct mail. Millennials need the physical brand interaction and engagement. Yes, digital is important, but it is utilised in the most powerful way when digital and physical communications and shopping experiences blend. Millennials view the world as physical and digital; as a whole, they do not see a separation of the two, and they expect the same view and experience when engaging with a brand.

 

So what?

So, what matters to Millennials in the buying process? Millennials are price-reactive, expect integrated digital and physical experiences, want brands to have clear communications and want to feel good about the brands and products they buy or represent. It is a difficult challenge to market to Millennials, because they expect brands to have and do it all. Fortunately for you, we are here to help in the journey! If you would like to find out more about Paperplanes and how we can reach your engaged customers in personalised and relevant ways, please contact us by emailing info@flypaperplanes.co.uk

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