What do millennial’s look for when spending?
The millennial age group have grown up in a time of rapid change where there have been huge advancements in technology, and a new way of connecting and communicating brought about thanks to the internet. Now lumbered with higher university tuition fees and released into a challenging job market, their spending habits are likely to reflect this. Here are three major things that millennials are looking for when spending their money:
Value!
Most people will be seeking value when spending, but millennials are more frugal than the generations before them. This is because many will have been taught to be pennywise and compare prices whilst growing up during an economic struggle, and as we all know, money is tight when you’re a student! There are so many more ways to find out about brands via the internet, that they are now easily able to find the best possible deals for themselves with some quick online research. To appeal to a millennial you must market your product in a way that screams value! This often means offering something other than just the product…
Brand Experiences!
…Offer Experiences. To attract a millennial you must be appealing in the right ways; the trend these days appears to be brand experiences over ownerships. A person may buy a product or service from you, but have they been given an experience online or in store?
Even if you are selling something really simple to students there are still tons of ways to ensure they receive a full brand experience. Interaction and engagement are key to guaranteeing their custom. Even after they have made a purchase, you can keep them on board via social media and PR stunts. Millennials are way more likely to become a loyal customer if they are consistently interacted with on social media! Fresher’s Fairs provide the perfect opportunity to do something fun with your customers in a face-to-face setting, 80% of our clients believe this to be the most successful form of marketing!
Check out our blog ‘Three Brands That Are Smashing Their Student Marketing Out The Park’ for some inspiration:
Online presence!
Millennials have grown up with technology and are much more comfortable making purchases via smartphones and handheld devices when compared to older generations. Make sure your websites are optimised for other devices; this way people will be able to check out your products wherever they are!
What do millennial’s look for when spending?
Millennials are more likely to consult social media before making a purchase and more likely to be influenced by video content about a product so it’s worth investing time into your online presence. Sharing reviews and user experiences is another great way to get people talking about your brand! Millennials share a lot of information online and will often take each other’s advice over a brands; so don’t be afraid to put user experiences out there.
If you deliver these three things when selling your product you’re sure to be a hit! It’s also a good idea to follow the trends amongst millennials so you can join in on current topics and engage with them in a familiar environment So keep your ear to the ground or get in touch for some expert advice!