Secrets of Capturing the New Generation of Big Spenders
Millennials represent a new audience that digital marketers and agencies want to capture. But they are markedly different than previous generations. Getting their attention requires a new approach and innovative technologies.
Who are the Millennials?
Between the ages of 18 and 34
Represent 21% of consumer discretionary purchases
Account for 1.3 trillion in annual spending. To better visualize that number, 1.3 trillion has ELEVEN zeros.
A Boston Consulting Group study, “How Millennials are Changing the Face of Marketing Forever”, says that millennials engage with brands far more personally than older generations.
Because millennials are heavy users of social media and mobile devices, the study points out that their brand choices and feedback are greatly amplified and accelerated.
A recent Pew Research Center survey reveals similar insight into what motivates millennials. According to the survey, next generation spenders are; low on social trust, not as brand loyal, require more brand interaction opportunities, have a significant footprint on Facebook and are a word-of-mouth generation.
“This generation is the most word-of-mouth generation. They don’t do as much research evaluating purchases as previous generations. Social media is their form of research.”
-Larry Chiagouris, Marketing Professor at Pace University
Based on this view into the minds of millennials, it’s more important than ever to understand, interact and react to your new target audience. Doing that requires a strategy and platform for collecting and analyzing data.
In other words, if millennials require more brand interactions, how will you find out where they are, how to reach them and what message to send?
Analyzing your data is key to answering these questions.
A data analytics solution can tell you more than just where your audience clicked and what email they opened. The ability to analyze and integrate all of your marketing data provides a full picture that allows you to personalize brand interactions.
When it comes to word of mouth, how can digital marketers persuade millennials to spread positive news about your service or product?
The answer, lies in analyzing the customer data you already have. Often times the last touchpoint before a sale or conversion is given the majority of the credit. But Millennials interaction with brands happens over many channels and platforms. By diving into your data and looking at an Attribution model, a marketer can see which source actually deserves the credit.
For example, if a Millennial searches for an electronics company then clicks on a paid search ad and buys a television, most analytics platforms would give paid search one-hundred percent of the credit for the sale. But by studying the data, a marketer can see that earlier in the day the customer opened an email advertising the company’s television sale. So the Millennial clicked around on the site and then left. This is where an attribution model or a weighted first click model would show the original overture of the email campaign. Both email and paid search contributed to the sale so both should be allocated credit.
Using data to deliver multi-touch, targeted and non-promotional messages can build the kind of millennial credibility that translates into brand advocacy and eventually dollars.
In this new generation, marketers must determine where their millennial customers are, and meet them there.
Data driven marketing can not only tell you who is more likely to respond to marketing messaging, but when and where they are likely to do so. Using data, you can get a better sense of how millennials prefer to communicate in order to reach them in the most effective way possible.
Does your marketing department or digital agency have a strategy to reach millennials in a post-campaign era? As this new audience gains buying power, earning their trust and attention will determine your future success. Developing a data-driven marketing plan now, will ensure your brand is top of mind when millennials are ready to buy.
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7 Marketing Strategies to Reduce Abandoned Shopping Carts
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