Myriad changes, good and bad, continue to be credited to millennials. The 18-35 year old demographic has been confounding marketers for years now: they don’t buy cars (Uber!), they don’t like Doritos (juice!), they don’t understand Folgers (pour overs!) and they continue to spend a huge amount of time and effort on social media but far less money on the mainstream products being carefully and expensively placed on their feeds. What’s a modern marketer to do?
With the Holiday Season approaching its tipping point this week, Blackhawk Engagement has released a report that underscores the importance of both understanding and, to some extent, catering to this powerful population segment. For publishers, this means truly harnessing the power of their influence and capitalizing on all opportunities to showcase products and services that could yield commission. The millennials are listening for the most genuine product stories and placement. For merchants, providing simple digital pay solutions (PayPal was the overwhelming winner) and focusing on social media, influencer marketing, and the strongest content possible instead of traditional advertising channels will drive millennial engagement.
Another learning that has taken some time to sink in is that price is king and millennials will search for a deal or even not purchase at all. In-store pickup, price matching, limited time offers and simple promotions will drive purchase; sentimental messaging will not.
Some of the other highlights of the report:
- 89% of Millennial shoppers use their smartphones to connect to the internet on a daily basis
- 55% rely on social media as their primary source for shopping news and information, easily outdistancing television, which ranked sixth
- 95% of Millennials have the same or greater sensitivity to price as last year
- Google and Amazon are far and away Millennials’ preferred method of comparison shopping on smartphones
- 88% would consider buying online and picking up in-store to save $10 on a $50 item
View the infographic here.