Regardless of your belief system, the successful understand the power of sowing and reaping. In fact, many business gurus make habit of donating 10% of their income to charities and good causes to give back or, at least, to pay it forward.
That’s because they understand that what you put out into the Universe comes back to you. It’s not hocus pocus; it’s a tried and true success principle.
And guess what? Reaching and relating to Millennials is no different…
The Gift That Keeps on Giving
With the Millennial generation, you’ve got to give a little to get a little. And it just so happens that a “little” bit of return accumulates to a lot over a long period of time.
Let’s take prospect lists, for example. Well-qualified names are the heart and soul of any business. What good are fantastic advertisements if they aren’t going to the right people, or to any people at all? Lists of names are so valuable that some companies are willing to buy them so that they can advertise to them.
But guess what? It’s not that difficult to obtain this information when it comes to Millennials because they are willing to give it to you… as long as you give them something in return. Consider the fact that 87% and 90% of Millennials are willing to give their personal information in exchange for coupons and free/discounted products or services, respectively. And often times, those coupons may bring them directly to your front door; 85% of Millennials use their mobile devices to access coupons while in the store.
Not only can Millennials provide you with valuable information, but they can also help you with your grassroots and touch marketing – because about two thirds (66%) of Millennials post on social media platforms while shopping in store. Hello, free advertisement!
So sometimes it will take just a little honey to have them buzzing around your products and spreading the good news – a small investment for a fountain of gains.
A Targeted Approach
Another thing to keep in mind while marketing to Millennials is, of course, their spending habits. As you know, it’s best to aim before you fire. So while you are devising coupons and discounts, it is important to know where your target is.
Thus, gaining insight into where they spend, what they buy, and how much they spend is crucial to any retailer’s attempt to connect with this generation.
To give you a head start, 72% of Millennials spend more than $200 per month on groceries, 66% spend more than $100 on shoes and clothes, and 53% spend more than $100 on movies, concerts, etc. So, this demographic allocates most of its monthly expenses to food, entertainment, and clothing. There’s your aim, now go ahead and fire!
- Posted by Nikia Wade
- On April 6, 2015
- 0 Comments