Born between 1980 and 1999, Millennials grew up in a time of ever-evolving technology; they were the first generation to have social media on the playground and the first to have access to smart phones during their teenage years. So is it a wonder that they act differently to any consumer generation before them?
$600 Billion is spent each year by Millennials, and this is expected to increase to $1.4 Trillion annually by 2020. With one in every six waking minutes spent on social media, it is now expected that brands utilise it as well as consumers.
Get to Know Millennials
Social Media analytics can deliver greater consumer insights than any other type of market research, faster, and more efficiently. The recent UK Consumer Trends Report analysed 800 million social media posts, revealing telling statistics of today’s consumer. A key finding to note, for any industry, is that Millennials are the most health-conscious consumer generation yet; the percentage of Millennials who were ‘fans’ of fast-food decreased from 56% in 2012 to just 20% in 2015, not only that but 1/3 of conversations about fast-food now express desire to cut back or feelings of guilt after eating it. More money is spent on fitness clothing and accessories by Millennials than any other generation and the year between 2014 and 2015 marked the first time that women’s social media conversations about playing football overtook those about watching it.
Companies can utilise these findings by developing healthier products, emphasising calorie count over taste, outlining what activities consumers could do at a holiday destination, exploiting health-related hashtags on Twitter, Facebook and Instagram, and tailoring loyalty schemes to offer rewards relevant to their health & fitness interests.
This process isn’t exclusive to Millennials’ increased interest in health and fitness however, the same principle can apply to each consumer’s individual interests, hobbies, and lifestyle which can be leveraged when you use advanced Big Data analytics tools like PROFILE.
Win them over
Research underlined by Accenture found that Millennials demand a customer-centric shopping experience, i.e. one tailored to their wants and needs as valued customers. 60% of Millennials state they are loyal to the brands which they already purchasing from, however many seek personalised, targeted promotions and discounts as the price for their loyalty.
The ability to deliver a consistently personalised, on-brand experience for each individual customer, including customised offerings across the channels – is another key requirement for today’s consumers. The demand to transition effortlessly from smartphone to PC to in-store, and receive a consistently personalised shopping experience, is soaring. Our real-time, pro-active solution, PROFILE, enables smooth transitioning across shopping devices through social sign-in, while allowing the delivery of continuous personalised ads and messaging tailored to your consumers’ personality, interests, and lifestyle.
62% of Millennials stated that if a brand engages with them on social media, they are more likely to become a loyal customer. This finding combined with their desire for personalised and customised offerings suggests that, when the goal is customer retention as well as acquisition, an optimised retail experience would involve targeting and engaging with customers segmented by their wants and needs (potentially through the newly introduced Facebook Messenger ‘Chatbots’ or targeted Tweets and posts.)
With PROFILE, businesses can not only increase customer acquisition and mobile signup with social login, but they can leverage Big Data like never before to increase customer retention and boost revenue. It’s time for businesses to step away from generic messaging and start personalising interactions by tailoring reward schemes and marketing methods based on what really matters to the consumers.
With PROFILE, you can create higher conversion rates, and happier customers- and a happy customer is a returning customer.
Find out more today