2017 is almost upon us. As a business, you may need to re-think how you appeal to millennial’s? According to Ad Age, 17- to 34-year-olds will spend $200 billion annually starting in 2017, and $10 trillion over their lifetime. That’s some serious purchasing power! Consider that seventy-six million millennials on the go, out and about.
Fact is we all need to constantly evolve to keep their attention. That means continually auditing everything from your pricing strategy to your daily marketing efforts. Here are some top millennial trends to watch in 2017 and how your business should adapt to stay relevant.
Focus: Mobile first
It’s no secret that millennials are glued to their mobile devices. A report found that one in five millennial surveyed relies exclusively on smartphones and tablets to get online. That means that a mobile-optimized business website is no longer just a nice-to-have, it’s essential to the relevancy of your business.
But mobile first doesn’t just apply to your online presence. Your entire company should also be optimized with mobile in mind. Think collaboration! Check out how your company supports mobile collaboration. To provide the customer experience that this demographic will soon come to expect, thinking mobile first is crucial.
Re-invest in your social media efforts!
Social media is how most millennial’s find and discover new products. Fifty-five percent of millennial’s surveyed in a recent report cite social media as their primary source for shopping, news, and information. The study also found that traditional methods of advertising, including television and print media, fall behind digital advertising methods when it comes to their effectiveness among the millennial generation. So businesses are well advised to make social media a cornerstone of their marketing strategy.
Although keeping social accounts updated, relevant, and interesting is important, it may not be enough to cut through the noise. Studies have found that millennials trust expert opinions from “strangers” over brands (and even their friends) when it comes to making purchasing decisions. Toward that end, businesses should consider social partnerships with influencers or experts in their space.
Price products competitively.
Millennial’s have an acute awareness of product pricing and they “shop around” for the same product at a lower price point at other retailers before deciding to buy something. This shift in behavior is likely due to the increased usage of smartphones, which allow shoppers to search for an item easily, even when they’re in a store. They “Google it.” To stay competitive, businesses need to offer competitive pricing or more value than what consumers can find at just an online outlet. Another strategy is offering a discount for in-store pickup, so customers can save on the shipping fees typically associated with shopping at other retailers. Eighty-eight percent of millennial’s say they would consider buying online and picking up in store to save $10 on a $50 item.
Consider upgrading your loyalty program.
Loyalty or rewards programs are also big with millennials. In data released by Bond Brand Loyalty, 68 percent of 20- to 34-year-olds said they would change where they shopped if it meant getting more rewards. And one-third reported buying something they didn’t necessarily want, just to earn rewards. Loyalty programs that offer free shipping could be particularly effective. Of millennial’s value free shipping as a benefit of loyalty programs.
Trends to watch in 2017
By 2017, millennials will have more buying power than any other generation. But so far, they’re not spending like their parents did. So heads up– some trends we are closely watching include what millennial’s aren’t buying:
- Broadcast TV
- Mass-market beer
- Getting married (waiting until much later in life)
- Health Insurance
- Buying their own Car (paring cars and technology may reverse this)
- Buying a home ( takes 2 incomes now to buy a house and if you are still single–they can’t afford them)
- Shopping a Big Box Stores
- Children (fewer than half plan to have children)
- Anything you tell them to buy ( over half of millennial’s prefer product reviews from people they don’t know)