Millennials are the generation of people born from 1980 to 2000, using digital technology and mass media, the children of Baby Boomers.
The largest generation in United States’ history, at some 80 million, millennials are reaching their prime working and spending years, where they are spending approximately $600 billion, and impacting virtually every industry. Since they have grown up during a time of great technological innovation, they routinely use handheld devices to meet most of their needs.
Whether ordering chicken from the Amazon Marketplace or securing a ride on Lyft, their rabid reliance on tablets and smartphones is disrupting traditional purchasing patterns. Yesterday’s financially dependent teens are today’s young adults, with careers, kids and homes. In fact, researchers agree that millennials may be the most important consumer group to come along within the past 100 years. With millennial spending projected to grow to $1.4 trillion annually, the entrepreneurial imperative is to adapt traditional patterns to appeal to the burgeoning market.
- More than 90 million millennials reside in North America.
- By 2018, millennials will have more spending power than any other generation.
- 83% of new moms are millennials.
- Millennials spend an average of 18 hours per week on their Smartphones.
Forbes reports that millennials are fiercely brand-loyal. Since, by 2020, nearly half of the U.S. workforce will be millennials, it is critical for brands to leverage brand identity, which is a sound investment strategy, since customer retention is far more affordable than new client acquisition. Thankfully, the most cost effective way to reach millennials is electronically. So, even those marketing efforts done in 3D, such ordering as promotional giveaways or sponsoring an event, can be shared over social media networks to exponentially multiply the impact. Social media is the new distribution of word-of-mouth marketing. Brands that go viral on social media generate customer reactions, engagements and referrals.
Millennial preferences extend to the office-warehouse market. Working either at home or in shared office space, they prefer working close to the urban core, rather than in the suburbs. They look for cool space with features like exposed concrete floors, open ceilings and common areas for collaboration. What’s more, working digitally nearly 24/7, they shun traditional 9-5 hours in favor of greater flexibility. To market to millennials on the job, consider texts, promotional product gifts they can use at work and signage in urban areas.
- By the year 2020, millennial purchases will represent 30% of total retail sales.
- More than half (55 percent) say that (when shopping) they seek out “the cheapest return option.”
- Thirty-six percent said they will go online to buy from a retailer’s website if they want a product when the company’s stores are closed.
- On average, 89 percent said having access to real-time product availability information would influence their shopping choices in terms of which stores they would frequent.
To capture millennial retail sales:
- Is your point-of-sale advertising visually appealing, clear and concise, thought-provoking and personally relatable? Millennials value these qualities in advertising.
- Evaluate your return policy to make sure it’s competitive. Make changes if it is not.
- Assess your website’s effectiveness. Is it user-friendly? Are products easy to find and order? Is your website responsive to mobile use? Consider investing in app development.
- Is product information readily available on your website? Are you taking advantage of review apps to maximize your reach?
While their parents considered travel a luxury, millennials tend to view it as a necessity, possibly because their digital connections make even far corners of the world well within reach. In fact, according to Huffington Post, “Millennials are 23 percent more likely to travel abroad than their older counterparts. They are also willing to budget more for trips, (and are) on track to spend $1.4 trillion on travel each year by 2020.” With these figures, it is little wonder the travel industry values this generation.
Target millennials in their daily lives outside work via texts; social media – Instagram, Pinterest, YouTube, and promotional products they can use in daily life.
How to Target Millennials in Promotional Marketing
While other advertising channels communicate a single advertising message or serve to reinforce branding, promo products play a functional role in the consumer’s lifestyle. Research shows that eight out of ten millennials keep promotional products longer than a year. What’s more, they are more likely than other generations to walk around with those products in hand, sharing the brand with everyone they meet. Also, millennial men are more likely to store promotional products in their vehicle or bedroom, while women keep such items in the kitchen or bathroom.
Are you targeting millennials? Just give us a call. We will be happy to find you the perfect product. OnTarget Promotions is a national promotional products agency based in Riverside, California. We help clients use promotional products along with other media to design and secure quality promotional programs that meet their goals and exceed their expectations. Since we believe nothing is a greater reflection of success than a repeat customer, everything we do is designed with our customer in mind. Your focus is our goal. Call (951) 682-8427 or email us to start your project today.