07 Feb 3 Myths About Millennials That Are Silently Killing Your Business
They’re the hipster generation, the one that mumbles, has a short attention span, shops online and is impossible to pin down for a sale. These millennial stereotypes have long stumped marketers and dissuaded their attempts to capture today’s most sought after and tech-savvy generation. Of course, as America’s largest generation, Gen Y isn’t getting passed over by marketers, but they are being misunderstood. But it isn’t the millennials who are being hurt by today’s marketing stereotypes. It’s marketers, brands and corporations. Those who have bought into these myths are missing how to properly address this booming market or influencers and failing to tap into their mindset.
For the marketer, finally ready to nail down this seemingly evasive group, the rules are relatively simple. But they start with dumping every myth surrounding the millennial consumer that you believe. Mostly because they’re hurting your efforts.
Get into the game of successful millennial marketing by dropping these three myths:
Myth #1: Millennials Aren’t Loyal
It’s a myth that’s been pedaled around by marketers for way too long: millennials aren’t into brand loyalty. The misconception stems from the observation of millennials and their tendency to be picky. And it’s stereotype that is true. Millennials are picky shoppers. They’re socially, economically and environmentally conscious and they’re interested in investing in companies who have these values at their core. But that doesn’t mean they won’t hitch their wagon to your star.
In fact, recent research has shown that Generation Y is more likely to attach themselves to brands that provide quality products and positive customer experiences more often than not.
According to Experian Marketing Services, millennials with mid-scale incomes are 2.5 times more likely than the average consumer to seek out brands and customer service. Experian’s research also found that millennials want customer service interactions that are quick and result in resolutions. Meaning your best bet in obtaining this much sought after group, is providing them with ethically conscious products and excellent customer service experiences.
Marketers should start by guaranteeing product quality in their campaigns and ensuring that those products live up to its promises. Whether you’re pushing an energy drink, a fitness program, or a clothing line, make sure that it’s consciously aware. What’s more, brands have to make sure that if their products fail to do so, that they make it up to millennials with a solid resolution. Ensure that discouraged millennial market return for more purchases by helping them to resolve problems with a helpful customer service team.
Myth #2: Millennials Only Do Online Shopping
Sure, they’re the first generation to be fully “plugged in”. They use desktops, laptops and mobile to research products before they ever buy them. What’s more they’re using these tools to also make purchases. But, that doesn’t mean they’ve completely abandoned the brick and mortar experience. In fact, young couples from this generation are heading over to brick and mortar stores nearly 84% more than today’s average consumer. So, retailers shouldn’t nix offline shops completely. But they should figure out why millennials who know they have access to just about everything online, are going to these shops in the first place. Hint: it’s because of the social experience.
That’s right, millennials who love a streamlined experience, are heading to the mall and to shops so they can spend time with friends. To make the most of this trend and lure millennials in, retailers are attempting to meet the “favorite spot” criteria. Instead of just providing places for millennials shops, retailers are setting them up with a place to hang out. Shops like Urban Outfitters and even Starbucks are adding coffeeshops, photo booths, hair salons, wine options and bookstores to their mix.
As such, retailers and similar business have to consider employing an omnichannel strategy. Meaning they should think about how they might adopt various channels (in-store, online, and on social media) that provide experiences and operate together smoothly. Brands should start by engaging with shoppers on their smartphones where they can access these channels at all times.
Myth #3: Millennials Buy Cheap
Too many marketers make the mistake of believing this generation isn’t worth having a significant cut of their budget. They believe that this generation, who watched the financial crisis affect their family from the backseat, allow themselves a very narrow spending window. But the opposite is true. In fact, millennials love spending. They’re just doing it strategically. Instead of making blind purchases, they’re using the internet to find discounts, loyalty programs and better deals. They ultimately make their decision to buy online or pick up in a store based on the amount of money they’ll save. It’s the millennial’s feeling of a personal stake in investments that marketers have to take seriously about consumers.
This means providing this generation with products that have staying power and services that are top notch. They’re a generation that also loves new products. Just think about Apple and how they’ve successfully bought over millennials with their ever-updating product line. Remember, this generation isn’t afraid to make a big investment, but they are afraid of financial waste. As such, brands have to keep up by consistently providing quality products and then reintroducing them to the market with new and valuable updates.