Ten Ways to Tap the Millennial Market

For some, unlocking the millennial mindset can be as frustrating as waiting for dial up internet was in the 90s. However, as one of the largest demographics with an estimated lifetime value of $10 trillion dollars* it’s imperative that retailers understand how to market to millennials. In order to capture the brand loyalty of this generation, you need to market specifically to their styles and interests.
Here are ten ways to tap into the millennial market and create brand loyalty at the same time:
1. Personalize It – “85% of millennials make a purchase when they feel like it is personalized to their interests, both in-store and with digital displays.”* Tailoring advertising, discounts, and suggesting products based on their interests and purchase history is a great way to earn the loyalty of millennials. It shows that you understand them and genuinely want to give them what they want.
2. Get Social – Millennials love spending time on social media. According to a study commissioned by Time Inc.,* “millennials switch media types 27 times every nonworking hour.” Therefore, it’s essential for retailers to be on social networking sites like Facebook, Instagram, Twitter, and YouTube. Fostering a relationship with millennials online is a great way to get them on line at your store. Social media is also a great place to respond to customer comments and complaints, promote new products, generate reviews, and learn more about what Millennials crave in a brand relationship.
3. Make It Fun – Millennials crave fun and distraction. Try engaging them with your products by creating fun quizzes and surveys on social media like “Find Your Perfect Vape Flavor,” “Vaping: Fact or Fiction,” or “What’s Your Experience with CBD?” Publishing the results of surveys on social media can lend credibility to the products you sell and serve as a powerful vehicle to drive word-of-mouth referrals for your store.
4. Support A Cause – Millennials are a civic-minded generation. Studies have found that “91% of millennials prefer brands associated with a good cause.”* Make an effort to learn what causes your customers care about and you can earn their loyalty. When you partner up with a charity, you turn an ordinary shopping experience into a social statement that engages your customers and turns them into brand ambassadors.
5. Make It Memorable – Give Millennials an exciting experience and you’ve earned their business. Giving them exclusive access to in-store events or first crack at hot new products will make them feel special and keep them coming back time and again. Think contests, meet and greets with influential product reviewers, giveaways, or flash sales. Anything that gets them pumped up will also pump up your profits.
6. Demonstrate Value – Millennials, many of whom are still drowning in student loan debt, have been heavily influenced by the global financial crisis in 2008, making them extremely price conscious. Offering them a loyalty program with the ability to save money and earn rewards can demonstrate your brand’s value. Show them the value and they’ll show you the money.
7. Go Mobile – Millennials are always on the go and rely heavily on their mobile devices. Therefore, collecting cell phone numbers in addition to other contact information is going to be critical in reaching them where they live – on their phones.
Using a loyalty platform with an app will enable you to send push notifications to your customers. Push notifications are a great way to alert them to special sales, promotions, and in-store events. Millennials are busy people who want their messages short and sweet, making text messages and push notifications ideal for connecting with them.
8. Skip Traditional Advertising – In the same respect, because you are way more likely to find millennials on social media then scanning the newspaper or listening to the radio, you can save your advertising dollars for more effective strategies. An investment in video production and a well branded YouTube Channel will influence this visually-driven audience.
9. Align Your Brand with Trendsetters – Partnering with local celebrities, bloggers, YouTubers, and social media gurus can build great recognition and generate invaluable word-of-mouth referrals for your business. Partnering with influencers also opens up your business to a new reservoir of potential customers and can lend invaluable credibility to your brand.
10. Google My Business – It’s beneficial for brick and mortar retailers to sign up for a Google My Business account. Using this free tool, you can make sure Google has the correct business category, location, phone number, and store hours for your business. It will enhance your search presence in Google Search Results and Maps. This will increase the likelihood that Millennials looking for your business while on the go can find your store, use assisted dialing, and even determine your credibility based on your Google Reviews which appear in the search results as well.
If you want to earn business and subsequently loyalty from millennials, engage them where they spend the most time – on social media. Take full advantage of mobile marketing to draw them into your store. Target advertising and create personalized offers and discounts. Partner with influencers in your industry and charities that reflect your brand identity to create social proof. Unlock the millennial mindset and you can tap the lifetime spending potential of our largest living generation.  SVBS

Erin Johnson is a Marketing Specialist for MMS Distribution, L.L.C. She has fifteen years of experience in marketing for print, web, radio, and television. She currently serves as brand ambassador for Bo. Learn all about Bo at www.bovaping.com.

 

2018-03-21T12:00:22+00:00March 21st, 2018|Editorial|Comments Off on Ten Ways to Tap the Millennial Market