On Monday, Pete wrote a post all about Millennials and their misconstrued reputation. As a Millennial, it really got me thinking about one of the claims against Millennials that Pete disagreed with: Millennials are lazy. As much as I’m flattered Pete had our backs, I do think there’s some truth behind this statement, especially when it comes to the way Millennials buy.
Now before you go thinking I’m a self-proclaimed bum, let me explain what I mean. We appear lazy, but we actually just do our homework on the front end of our buying journey. 93% of all buying decisions start with a visit to the search engines to gather information. From there, 56% of consumers spend their journey gaining more information before they ever reach out to talk to a sales person. If we were to pull those stats for just Millennials, I would bet the numbers would be even higher.
Now, you’re going to want to read this, because Millennials are the largest segment of the population, numbering 83.1 million. We account for $170 billion in purchases each year, making us one of the most powerful buying groups in today’s consumer market.
The way I buy is radically different than the way my grandma buys, or even my mom for that matter! Where do you think we go out to eat when my grandma chooses the restaurant? Answer: wherever she has a coupon.
NEWSFLASH! 44% of direct mail is never even open! I can’t remember the last time I checked my mail without getting at least one piece of mail from a credit card company that I threw straight in the recycle bin.
Now where do you think we go out to eat when I’m the one choosing the restaurant? Answer: The café down the road that my friend posted a picture of on Instagram and recommended to me.
If you want to reach Millennials, here 3 insights on the way we buy:
1. Reviews! Reviews! Reviews!
Reviews from friends or peers carry a lot of weight. Make sure you give Millennials an easy-access place to share their experiences with your brand.
2. Millennials get by with Budgeting
Student loan debt stings, (the average is around $28,000) and 65% of Millennials are so scared of debt they don’t even have a credit card account. Keep the budget-minded approach of Millennial customers in mind in your marketing messages and other customer communications.
3. Millennials have Constant Exposure to Social Media
Check out this chart for a closer look at where your personas are hanging out.
The way we buy is changing so fast, and doesn’t seem to be slowing down anytime soon. Buyers have all the power, and Inbound Marketing is the solution for your company to stay relevant. It’s all about getting to know your buyer personas and meeting them where they are. Millennials are “lazy.” If you don’t position yourself where they already are, they’ll never notice you.
We know it’s hard stay on top of everything it takes to keep up with all the change. Give us a call and we can help you address how Inbound Marketing can help your company stay relevant!