5 Need-to-Know Facts About Millennial Customers
The next generation is taking over as decision-makers, both at home and on the job. Here is what you need to know to attract Millennial customers.
While Millennials may have been typecast as entitled teens early on, then as financially dependent, unemployed grads saddled with mounds of student debt, today they are all grown up with thriving careers, mortgages and kids of their own.
There are 80 million Millennial consumers in the U.S. alone, and each year they spend approximately $600 billion.
While Millennials are already a potent force, they will truly come into their own by 2020, when we project their spending in the United States will grow to $1.4 trillion annually.
The bottom line is that marketing to Millennials is not just a necessary strategy for consumer products. In fact, 46 percent of B2B decisions are researched by employees ages 18 to 34. It is critical for service providers to learn where and how to reach Millennial consumers as well.
Do you know how to effectively reach this generation of decision-makers? Here are five need-to-know facts when trying to attract a Millennial customer base.
1. Millennials are mobile.1
30% use four or more technology devices per day.
They check their smartphones an average of 43 times per day.
2. Traditional advertising doesn’t work with this generation.
1% say traditional advertising has led them to trust a brand.2
33% rely mostly on blogs before they make a purchase, compared to fewer than 3% for TV news, magazines and books.
3. Word of mouth has never been more powerful.
93% have made a purchase after hearing about a product or service from a friend or family member.
89% trust recommendations of family and friends over brand claims.
4. Nearly all purchasing decisions are made online.
93% read online reviews before making a purchase.
71% browse online before making purchases offline.
41% say they enjoy interacting with brands on social media.
5. Authenticity matters.
43% of Millennials rank authenticity over subject matter when consuming news. They first have to trust a company or news site before they will read the content produced.
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