How retail brands can win Millennial consumer?

Most millennial consumers look out for brands they can associate with. They are firm believers in collective individualism; they only crave for brands that will boost their social status in the crowd.
new age customer

Representing a majority of the world's population, the millennial is the most demanding generation in today’s  time.  They are a new breed of quality conscious consumers, who aren’t convinced by traditional mass marketing strategies and product-based advertisements.  Brands and business today are constantly evolving, accommodating to serve this round-the-clock demanding generation. With their increasing purchasing power, it has become crucial for brands today to re-evaluate their business models and create strategies to engage them.

Often labeled as being impatient with a short attention span, they seek immediate gratification rather than waiting for a while to read reviews or feedback about it from others. Born and raised in a tech-savvy world, the millennial are trendsetters across all industries. They are constantly seeking and exploring new ideas and products that help define their life. Despite being misunderstood, this generation possesses the acumen, skill, and innovation for becoming the potential leaders of tomorrow.

Marketing your products or services to millennial comes with a unique set of challenges but by being sincere with your message and experimenting with different channels, you just may find yourself growing your business.

Below are some underlying insights that can be leveraged to establish a stronger connect:

Sell Experiences Rather than Products

More than the products, the millennial craves for experience.Work towards building deeper interactions with your brand and make sure they leave with an impression that resonates with them, so that they spread the word when they go out. Evaluate all your touch points in-person, online, on paper or others and plan accordingly. Remember, no touch point is too small and it is how deliberate you are  in managing that experience, which will decide the final outcome.

Focus on Innovation

Millennials are always on the lookout for the next big thing. Therefore, marketing anything to them should take an approach that shows a new perspective on a common problem or task.

Be Authentic

For millennials, brand attitude is as important as product specifications. Most millennial consumers look out for brands they can associate with. They are firm believers in collective individualism; they only crave for brands that will boost their social status in the crowd. Therefore, goal should be to be authentic and true to who you are, and what makes you stand out as a company. If your brand personality fits and resonates with them they will happily turn into your brand advocates.

Engage with Relevancy

While the millennial like to stay updated and informed, they also happen to have a short attention span,, which makes marketing to them a bit difficult. Therefore, it is important to convey the relevant information to them quickly and clearly. Visually appealing and interactive content such as videos, images, blogs and tweets can help attract and engage. Owning to their short attention span, make sure the video or any other content you put out is digestible. The average duration of video content should be one minute and that should focus on one positive aspect of your services or product.

Offer Value Propositions

Quality is important for millennial but the value or price established to product should be fair too. This generation is very conscientious about how it spends money. They are not likely to buy into expensive flashy, self-promotional marketing gimmicks or ads.  It is important to justify the value of the product vis-a -vis its price and how its adds or fits into their lifestyle.

Build Trust

All your sale touch points, be it offline, email, social media etc., offers an opportunity to form a relationship based on trust and understanding. Be consistent and honest in the delivery of your products and services. If you consistently deliver what you promised, you will lay a foundation of a long-standing relationship with your customers, which will ensure repeat purchase.

Use Influencer Power

Influencers are reshaping the way that goods and services are being marketed today in the digital space.  For the generation that is hooked on to digital media, influencer marketing is hard to ignore. Identify and establish strong relationships with influencers who can help reach millions most efficiently and entertainingly through their blogs, live videos, podcasts and social feeds. However, extra attention should be paid while selecting the influencer. He/she should resonate with your brand personality and values.

Investment in Online Exploration

A progressive internet marketing strategy is must for every brand:right from the visual appeal of your website to its speed to the online reputation management to engaging digital identities, it is important for every brand to invest in building a strong online marketing strategy.

With Inputs from Nikhil Mohan Founder & Director of Blackberrys’ Menswear. 

 

 

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