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An important aspect of consumer marketing to ponder when creating a coupon/deal strategy is millennials. Whether you are a millennial like me or any other generation, this demographic can be a bit of a challenge when it comes to marketing. Kerri Pollard, Chief Revenue Officer at Honey, spoke at AM Days about this very topic and had great insights on this generation. You’ll be surprised at what you learn!
The Makeup of Millennials
I’m not talking about what kind of cosmetics they wear; I’m referring to who they are and how they typically function.
For those of you who don’t know, millennials are those aged from 18-34. There are 75.4 million millennials in America and counting, according to Pew Research Center. What makes this tech-savvy generation so important is their strange dichotomy of being frugal, yet impulsive. Polland used the comparison of Frugal Fred vs. 50 Cent (the bankrupt rapper) and came to this conclusion:
Millennials are price sensitive since they grew up in an economic recession and saw their parents struggle. At the same time, they tend to make impulsive purchases.
For example, a 25-year-old girl is likely to buy a new purse she doesn’t need but will search for a coupon first to still save. It’s also notable that many millennials are going through their own financial struggle with 13.8% of 18-24-year-olds being unemployed.
There is also an average of $28,950 in student loan debt. It’s no big surprise that 71% of millennials go online to compare prices because the struggle is real! Even if they aren’t in a terrible financial pickle, they know how to be frugal and want to save money.
What Can You Do?
There are a few things you can do to catch the attention of millennials and make the sale.
- Home Page Incentives – Don’t make them dig for it! Make any special promotions, such as sales or coupons, easily visible on your homepage. You can always make some eye-catching banners to draw them in.
- Make it Easy to Buy – Getting customers to jump through hoops just to get to their cart is a deterrent. Offer one-click ordering so they can quickly purchase whatever catches their fancy.
- Sales Countdown – Let them know why they want to make their purchase ASAP by including a countdown. This can be an actual timer to when the sale ends or it can be something like, “only 1 left!”.
- Entertain, Surprise, & Delight – Millennials are used to being constantly entertained and it’s taking more and more to stand out. Be unique and create ways to draw them in and keep them coming back. This can be points or rewards programs or even a promotional game that’s fun to play and provides prizes or discounts.
- Invest in Social Media, Influencers & Bloggers – This is not a typo, millennials are *247% more likely to be influenced by blogs or social media regarding their purchases. Talk about being influenced!Invest in your social media channels to get your brand and offers out there. Take time to learn more about influencers and find ways to build successful partnerships with them (Fresh Press Media is a fabulous resource for this!).
Overall, it’s safe to say that millennials are a huge amount of online consumers. Attracting them can give your coupon and deal strategy a huge boost!
*Jeff Fromm & Christie Garton, Marketing To Millennials: Reach the Largest and Most Influential Generation of Consumers Ever (New York: Barkley Inc, 2013)