Here’s the thing about millennials.
- By 2030, there will be 78 million millennials in the U.S. alone.
- Millennials are five times more likely to be early adopters of technology and can be either drivers or consumers.
- In 2014, 90 percent of millennials used smartphones, while 93 percent accessed the internet and 53 percent owned tablets.
- Millennials spend more time than older generations of customers on nearly all mobile communication activities, apart from email.
- Millennials spend 96 digital hours per month on the digital network.
- Sixty-six percent of millennials end up buying new products while grocery shopping.
- Twenty-one percent of millennials want more premium items. This number exceeds the global average of 18 percent.
Ergo, millennials = goldmine of a potential user base
But then, they are no easy catch. They are smart shoppers and do their research (webrooming) before spending on a product or a service. So even before they visit a brick-and-mortar store to make a purchase, chances are they already have made up their minds. In this case, it becomes difficult to persuade them to make a decision in your favor.
Enter location-based marketing.
A survey commissioned by Retale stated that 84 percent of millennial respondents were interested in acting on push notifications received. And 89 percent of them hinted at the fact that they’d take a step based on a notification from a favorite brand.
This suggests two things.
- Millennials are loyal to brands
- Push notifications work
As a startup, you must take actionable steps based on these two points to woo the millennial demographic. Here’s how you can go about it:
Be original and innovative
@CharrdBKLounge, @MarriottLouEast & Mr.#Charizard want u to start a #PokemonGO #lureparty! Drop a #lure for 10% OFF! pic.twitter.com/zYlyCZvX46
— Charr'd Bourbon (@CharrdBKLounge) September 13, 2016
Let’s face it. You are clearly not the only one in the market to come up with attractive deals and discounts. Your competitors also have strategies ready to woo Gen-Y. So how will you ensure that those coveted shoppers continue to focus on your products and services? The solution: Be original. Period.
Remember the Pokémon Go craze? Niantic’s revamped game recently captured the imagination of the entire generation of millennials, who were playing the game everywhere.
The quest for Pikachu, Charmander, Bulbasaur and the like brought hordes of millennials to the vicinity of malls, shopping centers, and cafes, among other places. While they aimed to catch the Pokémons, stores aimed to “catch players” with offers, deals, and discounts on a platter!
A case in point is that of Russia-based Sberbank. The bank used lures during regular banking hours, but began noticing that people were getting injured because they were completely engrossed in the game. As a result, the bank came up with the brilliant idea of offering free accident insurance to all the players, who just needed to register their numbers on the bank’s website to take advantage of this offer.
Do something along similar lines, and there will be no looking back for your location-based marketing plans.
Don’t think SMS is dead
The entire millennial generation is glued to their mobile. Because they are constantly using their devices, timely and relevant SMS directed at this demographic can go a long way.
Use beacon power!
Beacons are becoming more common with each passing day. Make the most of this opportunity by investing in beacon technology and giving new incentives to customers. Here are some fantastic ideas:
- Beacons are all about providing consumers the right information at the right time. So, if there is something that they have meant to buy for a long time, and it’s still in their shopping cart, notify them if the product is near them and in stock.
- Wearable technology and Beacons used together can be a magical combination when it comes to location-based marketing. Even more than with smartphones, users will always have their smartwatches close to them. Use this opportunity to deliver personalized experiences. In a movie theater, for example, you can guide them to their seats or help them order popcorn.
- Birthdays and anniversaries are special occasions for everyone. Give your loyal customers rewards on their special day(s) via alerts on their smartphones.
Don’t let micro-moments go waste
Introduced by Google, micro-moments are a set of marketing behaviors of mobile device users. A game-changer, these moments redefine real-time marketing and are specifically directed toward millennials, who are tech-savvy and consume a lot of content on a daily basis.
At a grocery store, for instance, the micro-moments can include (but are not limited to) the following points:
- Where can I find my favorite cereal?
- Is there a new product in the deli section?
- Is there a better product in a lower price range?
- Which is the closest available parking space?
- Can I get more information about this product?
- What are the best deals?
Moments like these are defining for consumers. Therefore, act upon them to provide your customers with a seamless shopping experience.
Conclusion
Wooing millennials in an age when content is produced and consumed in bulk can be difficult for startups, but only if they ignore the general mindsets and purchasing habits of this demographic.
Fortunately, it’s possible to capture and sustain their interest with innovative ideas and the latest technologies.
This article first appeared in www.venturebeat.com
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