Saturday, September 22, 2012

Plugged In & Price-Sensitive: How to Reach the Millennial Generation

With low budgets, high expectations, and a world of online product information, coupons and promotions at their fingertips, the millennial generation is a very unique shopper segment. Approximately 50 million-strong in the US, this group has just entered their adult lives, and they are forming shopping and purchase habits that will shape the future of the CPG industry.
 
Here are five tips for manufacturers and retailers to drive loyalty:
  1. Communicate Value – As millennials are especially price-driven, build messaging around affordability. Convert shoppers with innovative deals and fun promotional programs.
  1. Make an Emotional Connection – Millennials won’t sacrifice enjoyment. Innovative products that bring excitement to in-home entertainment are sure to hit close to home.
  1. Engage In-Store – This group is more likely to choose retail stores that offer fun, consumer-centric shopping experiences. Catch millennials’ attention with touch-screen digital signage and encourage trials with in-store kiosks.
  1. Go Digital – This “always connected” generation is especially responsive to digital marketing. Use targeted campaigns to reach their smartphones, email inboxes, and favorite websites.
  1. Millennials as Brand Evangelists – Win over millennials. They’re likely to use digital word of mouth to amplify your brand messaging through blogs and social media. Expanding their reference pools beyond Mom, this group seeks product advice from a range of online sources.
For details and figures behind these recommendations, read the full article by Susan on iMedia Connection.

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