Millennials are easily the largest consumer group since the emergence of the baby boomers. With approximately 80 million in the US alone this is most certainly a generation that marketers should not ignore. The people that were born between 1980 and 1999 form the millennial generation. As baby boomers slow down on purchasing, the millennials are taking their place. But, they think differently, act differently, and place their value differently than any other consumer block in history, let’s have a look.
Millennials don’t want to see long sales pages that are full of hype and sales pitches, in other words they don’t want to be sold to. They do however want to hear and see the truth for themselves, so that they can make their own minds up. Testing products before buying them is something millennials value a great deal, if something doesn’t work as advertised, this consumer group will bring it back.
If something doesn’t work the way they believed it would, they have no problem taking it back and this is extremely important to them. This sense of fairness goes beyond just returning merchandise. If you treat them right, they’ll give you a second and possibly third chance if necessary. By the way; this extends beyond products and services and includes items such as treating your employees well and paying them a fair living wage. If millennials find out you don’t, they’re less likely to want to buy from you and more likely to buy from someone that does.
Millennials Want to Be Stars
Millennials love sharing images of themselves doing things in their daily life, just take a look on Facebook. They like feeling important and being the center of attention. This isn’t due to being spoiled; most millennials didn’t grow up spoiled due to stock market crashes and learning from their parents that things don’t always work out. But they love being part of something and it shows.
Sharing Is Caring
When they see a good deal, they almost have to share it with their friends. Coupon sharing sites like Groupon and others have done so well because of this sharing attitude. They also are okay with sharing cars (Uber.com), rooms (Airbnb.com) and clothing (renttherunway.com).
Technology Is Nothing New
This consumer block has grown up with technology and due to this, all they want out of it is for it to work. They don’t like it when things don’t work. They will return it in a heartbeat and they won’t accept mediocracy. They expect it to work and work well and work every single time.
Socializing Is Important
Even when they’re home alone, they are socializing via social media. Millennials are therefore really never alone. If you can make your business more social, freer, and more giving, you’ll converter millennials into customers for life.
Collaborating and Cooperating Matters
Millennials love it when you to ask for their input, they’ll happily make YouTube videos showing the unpacking of the things they buy and they’ll give honest and excellent feedback if you ask to. It’s up to you to listen to it, take notice and make the products the way they want them made.
Thrills and Adventure
Lots of millennials are after fun, exciting and educational experiences more than they are after particular goods. They love to travel and try new food, and when they do shop they want it to be an experience in and of itself and not just a means to buy the thing they’re looking to buy. They’re okay with a little danger even, if it means having an experience of a lifetime.
Whatever you do, this buying block is going to become more and more important as time goes on. You cannot ignore them if you want to keep your business going long term. Study this audience and learn as much as you can about them. You’ll be glad you did because if you have a product that works and meets their criteria, they’ll buy it and rave about it to others.