Price and convenience are still important, but Millennials look to support brands that create values-based relationships.
LOOKING FOR MILLENNIAL SHOPPERS? FIND THEM ON SOCIAL.
Millennials’ love affair with social media has been well documented, along with the myriad challenges that it poses for brands. However, Millennials’ embrace of social media isn’t a problem for brands to manage—it’s an opportunity.
“One thing that’s really interesting about Millennials is they tend to want to be very engaged with the people that they shop from,” said Resonate CMO Ericka Podesta McCoy in a recent interview with Retail TouchPoints. “They tend to follow them on social, and they are very much more willing to complain or to promote a product, and to actually give feedback to a company. You’ll see a lot of that in Millennial behavior and to a much higher extent [than previous generations]: They just are more willing to take a stand and say something about something and be out there.”
PRICE AND CONVENIENCE AREN’T ENOUGH FOR VALUES-BASED MILLENNIALS
Savvy retailers can use these interactions to build relationships with their customers.
The primary attributes Millennials value in retailers are the same as previous generations: having the best prices and sales (78%); convenient locations (51%); and larger product selections (42%), according to data that Resonate contributed to Retail TouchPoints’ special report on “Marketing To Millennials.”Some areas where Millennials diverge from previous generations include:
- Demanding reliability: Millennials prefer brands that are responsive and pleasant, and will not tolerate retailers with poor customer service or inaccurate personalization attempts;
- Immersion in social media: Whether looking for product recommendations from friends or complaining about a bad experience, Millennials thrive on social media; and
- Seeing themselves in their purchases: The brands Millennials choose are visible and transparent to the world, and they prefer to support brands that reflect their values.
BRANDS MUST APPEAL TO VALUES AND EXPERIENCE
“[Millennials] put a lot more weight on what a retailer offers as a brand,” McCoy told Retail TouchPoints. “Do their products have value? Are they sustainably produced? Are they a responsible brand? Is it something really special? When they shop, it’s about the brand experience, whether it’s what that brand stands for, what kind of values that brand has or even what kind of experience you get from the brand.”
For more insights into the Millennial opportunity, download Retail TouchPoints’ special report on “Marketing To Millennials.”