Why Millennials Are Different, and How Retailers Can Engage Them
Millennials seem to be a bit of a different breed, and this infographic from the CUBE takes you through some interesting insights into what marketers can do to capture their attention.
The first thing to keep in mind is that 84 percent of millennials don't trust traditional advertising and seem to be suspicious of its intent. Millennials seem to be more focused on desirable experiences over buying something that's desirable, and they love to support local companies.
It’s clear that some marketers need to slightly adjust their tact here, while others have already adapted to the changing environment. One example is Patagonia. The outdoor clothing and gear retailer is one of the first companies to recognize that over time millennials prefer to buy high-quality products rather than cheaper products. Patagonia sent product specialists to cities across the United States to educate customers on how they can repair their own items. This may seem counterintuitive to a lot of companies as it stops customers from purchasing a new product, but Patagonia is committed to stressing the value of its products and the ideals of reduce, reuse, recycle.
Another area millennials are interested in is transparency. Millennials are extremely wary of companies exploiting them for big margins. A company called Everlane understood this and started to declare everything about the origins of its products. Openness is a quality that appeals to millennials.
It’s important that companies think carefully about how they approach a customer segment that will be responsible for 30 percent of retail sales in the United States by 2020. Have a read through the infographic below and ask yourself if your company is doing enough.
Steve Hashman is director at Exponential Solutions (The CUBE) Marketing.