Millennial Retail Marketing: Beyond Online Social Interaction
Millennials have powerful buying powers. In fact, according to new findings, Millennials have about $200 billion annual buying power. This is why companies are competing to penetrate this market and generate leads from Millennial buyers.
However, capturing the attention of Gen Y consumers can be very challenging. Compared to other generations, Millennial consumers are very diverse when it comes to culture and behavior and these can affect their purchasing habits. So it is not surprising to know that many businesses have been struggling with their marketing efforts to tap into this generation.
Millennials rarely share similar buying behaviors with other generations. As they are hard to predict, you might end up having a wrong perception about this elusive generation.
Unlike what most marketers think, millennials are more than just a lucrative generation. They can do more than just search online and spend most of their day in social media. They are more than just digital natives. If you want to drive them to your shop, you need to figure out who they really are and what they really need.
More than their online social interaction, here are some tips on how you can connect to them.
They Are Everywhere, So Be Wherever They Are
Millennial age is a tech-savvy generation. People in this generation love to use technology in its most creative form. But, if you think providing them with new mobile application will lead them to checkout; this is where you are probably wrong.
Millennials crave for the easy, quick and seamless service. Providing them with an easy way to access your business using different channels is not enough. These channels need to be working together to provide users with a seamless omnichannel approach.
In particular, if you have a mobile app for your business, you don’t settle in providing them with an app where they can shop or easily communicate with you; you also need to personalize their experience so wherever they are you can encourage them to shop whether in your online or physical shop.
Here are some suggestions you may try on mobile app or website.
- Add a store locator in your website or app which gives them information on the nearest branch they can visit.
- Try to incorporate an online inventory where they can check the availability of products on a specific location through your app or website.
- Add a “shop online-pick up at store” feature to your app or website.
The more buying options you can provide to your consumers, they higher that chance of lead conversion and sales.
Let Them Experience
If you want your store to be a place where consumers go, you have to provide them with good buying experience as much as you give importance to the quality of product you sell.
As reported, about 70% of buying experiences of shoppers comes not from the quality of products but from how the customers feel they are being treated. With this, it is safe to say that Millennials value experiences more than they value the ownership of goods.
With the advent of technology, the process of owning goods becomes very easy. So many businesses are offering the same products at almost the same prices and it is getting boring for millennial consumers. They are looking for something that is new to them; something they can share with others.
This is something you should take advantage of. Oasis, a clothing store in the UK has long been using experience selling. Their frontline staffs are armed with iPads which act a cash register so customers won’t have to wait behind the lengthy queues. They can also use it to check updates about their products or arrange transactions to deliver product to customer’s address whenever the item is unavailable on hand.
Most people — perhaps not only Millennials — want to tell their experiences of buying their stuff. If you want to convince consumers to visit your store, be more than just a shop… be a place of great experiences.
They Don’t Like You Being Salesy
Millennial people grew up in the society where marketing is at its most focal point. With the advent internet and modern devices, getting information has never been more accessible. They are sick of all the salesy marketing pitches. If you want to encourage them towards your store, you need to ditch all the sales talk and try brand storytelling.
Brand storytelling is a kind of marketing where you focus more on telling a story to promote your product or business rather than the traditional sales talk. Through storytelling marketing, you can stir emotions, share experiences and make a meaningful marketing.
Millennials are considered as conscious consumers. They want to buy products which they can engage on and which are aligned with their beliefs and values. The same old online marketing tricks won’t work for them. They will spend their time visiting your shop if you give them emotional value through effective storytelling marketing.
Millennials are very picky buyers. No matter how technologically advance your marketing is, they would not buy it unless you provide them with something valuable. They do not rely on social media or other online tactics when purchasing goods and services. They are also very particular about the experience, the convenience and the value that businesses provide for them.
These new generation of buyers are not exactly what most people thought they are. If you understand where they’re coming from and their needs, it won’t be long before you can drive them to your shop.