Marketing to millennials taps into the buying power of 83.1 million people in the U.S. who are spending a total of $600 billion every year. Millennials shell out about $47,112 annually for their individual expenses, so if you want some of this cash to flow into your business, you need a smart marketing strategy. These younger consumers are savvy and don’t have a lot of patience for traditional advertising. That means increasing sales from this shrewd group of young adults require a unique approach.
Go for content and feedback, not gimmicks.
In-your-face advertising doesn’t work on millennials. They’re sick of it and the majority of them don’t trust most of what brands are putting out there. In fact, only six percent of millennials think online ads are credible. You’re better off crafting your sales strategy around reviews and user-generated content (UGC).
Why? Eighty-four percent of millennials report being influenced to buy when they see user-generated content on a company’s website and 40 percent look at online reviews or testimonials before making purchasing decisions. UGC highlights the experiential aspect of your brand and reviews provide unbiased insights from peers, both of which are highly valued by millennials.
Accept payments from mobile devices.
Of the 85 percent of millennials who own smartphones, 44 percent prefer to use mobile payments for small transactions and 62 percent don’t mind linking a payment method to a branded app if given the option. Faster service is one of the main reasons for this preference, particularly freedom from long lines at checkout.
Upgrading your point-of-sale (POS) system to accept payments from smartphones and other mobile devices can bring in more millennials, especially if competitors haven’t yet made the same change. Credit and debit cards remain popular among this group as well, so offering diversity in payment choices should be a central part of your sales strategy. The ultimate goal is to provide a better overall shopping experience since 74 percent of millennials say they’ll switch brands after receiving poor service.
Bring customers back with a great loyalty program.
Millennials love getting perks and special deals. About 78 percent of millennials are already enrolled in some kind of loyalty program and they’re not likely to hesitate to join yours if the signup process is short and redeeming rewards is simple. Remember: Offering a way for customers to earn immediate rewards starts building brand loyalty from day one.
To build a successful program, make it an interactive and exclusive experience with bonuses like faster service and free products. Don’t make customers wait too long to earn these perks; quick returns are best when targeting a millennial audience.
Once you get to know the quirks and nuances of your millennial audience, it won’t be hard to make strategic adjustments to your marketing techniques. All they want is to be treated well, valued by brands, and given freedom in purchasing choices. Get on target in these key areas to increase sales and build more loyalty among millennial customers.