A lot of emphasis is put on reaching America’s Millennial generation, and rightly so. According to Time, “Roughly 80 million American millennials spend $600 billion annually, and by 2020, it’s expected this generation’s spending will hit $1.4 trillion per year, or about 30% of all retail sales.” Millennials love to shop, but it can be difficult to capture their attention. Chain Store Age offers some strategies to reach this upcoming generation.
Take a Multichannel Approach
Millennials are shopping everywhere and their paths to purchasing are becoming increasingly varied, so you should ensure you are being seen through as many channels as possible. This includes implementing both digital marketing and marketplace strategies.
Improve the Mobile Experience
Millennials are the first generation to grow up using the internet .... and technology is a pivotal part of their daily lives. Smart phones are the most important device to nearly all Millennials - they are on their phones an average of nearly 15 hours a week. Do you have a website that is mobile friendly? Are they able to find you using Apple Maps and Google Maps? Make an effort to have a presence on every existing app that is applicable to your business.
Focus on Price
Millennials have student loans to think about and are new to the job market. This causes them to be very money conscious when purchasing items. Offer them competitive prices, promotional deals, and incentivize them with a good loyalty program to keep them interested in your business.
Consumers regularly interact with each other about purchasing decisions via social media, and retailers today are using social media to increase brand awareness. Use this tool to join the conversation. Millennials know you’re trying to sell to them, and are surrounded by sales tactics 24/7. Own up to it and engage with them authentically. They are probably already talking about your business, you might as well be part of the conversation.
Increase Brand Recognition
If given the right incentive, millennials can be powerful ambassadors for your business. Use the chatter on social media and websites that host user reviews (such as Yelp! and Google Reviews) to your advantage. Millennials do their research, so keep your reputation intact. Increase the relationship and offer rewards with your loyalty program to incentivize millennials to write positive reviews and spread the word of your business via social media. Research shows that 78% of millennials are more likely to choose a brand that offers a loyalty or rewards program over a brand that doesn’t.
Does this article have you thinking about a loyalty program?