Each new generation is different from the previous one, what inevitably entails the need to change the rules of trade and marketing. Choosing a strategy for business development or promotion of the brand, it is important maximally full to embrace all the layers of the target audience, among which millennials take a special place.
Millennials (echo boomers, Generation-Y) – these are people who were born after 1981 and entered the new millennium at a young age. These are the children of baby boomers (generation X), who were born in the period of demographic bulge in ‘80s in the USA, as well as those who were born during the time of perestroika in the Soviet Union. The main features of this generation are education, deep involvement in digital technologies, and also cautious attitude to advertising in its pure form.
People of the new millennium spend a considerable part of their time surfing the Net, using the Internet and gadgets not only to obtain the necessary data, but also for shopping. Their choice depends on the recommendations of friends and relatives, and that’s why a very large percentage of transactions are committed thanks to the information obtained through the most popular social networks.
Millennials: “We make decisions on our own!”
Most Y-people are wealthy, have a job and actively use modern advances for work and communication. According to studies, almost all of them are registered in different social networks. The large number and high purchasing ability of the millennials have become a guarantee that Echo Boomers have become the main driving force of social commerce.
Focusing on the “Y-people”, it is worth to consider that the traditional marketing techniques do not work at them. By processing large amounts of information each day, millennials used to decide what to take into consideration, and what to pass by. In order to attract them to your side and to ensure optimal conditions for interaction with the business, the best solution is to use social networks.
Echo Boomers and online trade
Developing strategy of the Internet marketing for the Y-audience, you should take into account the characteristics of this group of people:
• millennials are watching their favorite brands through social networks. Most of the users are gathered on Facebook (62%), a significant percentage of them prefer Twitter (23%), the rest are browsing publishing brands in Pinterest (11%). After analysis of the users’ interests, it has been observed that gadgets and technologies are most often bought through the first resource, food and drink – through the second, the third social resource is studied in order to buy cosmetics and decoration items. According to this, you can choose the most effective platform for their products;
The popularity of social networks among millennials
• social cooperation with brands is also reflected in its support, studying of the news and recommendations of friends, getting discounts, participation in the sweepstakes. Collecting preliminary information about the future of the object of purchase, millennials more trust brands, which are signed by their friends. In order to increase the number of subscribers, it is necessary to conduct regular promotional activities that will help to keep on the page old customers and attract to it new ones;
• virtual sign of the fact that echo boomers intend to make a purchase is the product binding to the board in their Pinterest, or likes and tweets on other networks. According to these data it is easy to monitor users’ interest and influence it;
• extracting information about products and services via the Internet, millennials make purchases both online and offline. Statistics show that the majority of network purchases are made through the Pinterest, offline conversions are generated through Twitter and Facebook. It is necessary to use the resources which will most effectively influence the sales;
• the main obstacle on the way to purchase for millennials are intermediate steps. Y-Generation prefers to deal quickly – without registrations and entering of the payment information. Influence the sale is possible by reducing and optimizing the steps of the ordering;
• Echo Boomers actively use electronic gadgets, and therefore need to optimize their resources for the convenience of surfing the Internet via smartphones and tablets.
Summing up, we can say that today millennials are the main group of the online buyers: they are better aware of gadgets and the peculiarities of online elements than the previous generation. Besides, they have the greater purchasing power than the younger ones. By creating an optimal environment for interaction in social networks, brands can more effectively develop business and boost sales.