Marketing to Millennials
Millennials are a prime focal group for targeted marketing off late. It is an untapped resource where slowly marketers are queuing up to tap their way into making a sale. Some statistics
- 80 Millennials in the US (One fourth of the total population)
- They hold an annual buying power of $200 billion
- They spend an average of 25 hours per week online.
- 73 % millennial give weightage to other users opinion/ reviews before buying.
How is this generation different when compared with others?
- The millennial is a generation of the hyper. They are all about posting, pinning, sharing, tweeting, snapping, commenting and forwarding genuine interesting content. Their opinions are shaped and influenced by this kind of content sharing.
- They don’t give weightage to traditional marketing- 84% of them to be approximate. They have a loyal entourage of advisors that are tucked away in their smartphones, and bookmarked on their iPads. In a way they let their own instincts guide their purchase patterns. Smartphones play a major role in the entire purchase process. 34% of the millennial check the reviews of a product online, while checking out the physical product before buying. As high as 22% of the millennial tends to be influenced in their purchase decision by their peers.
- The average smart millennial likes to go snooping before the final hunt. Statistics point out that a major chunk of this generation likes to visit coupon websites to score a deal and visit product price comparison websites.
With this kind of buying behavior lets look at how marketers can reach out to this elusive group and how we can contextualize the AIDA model.
– if the customer stops and takes a look – you have achieved success on the first go. What grabs the eyeball of the customer- is a job well done. 40% of males and 33% of females admit to making a sudden purchase if something catches their fancy in the first go.Starting steps include being present- EVERYWHERE. Have a staunch social media presence. Have an e-commerce platform. In restaurant terms that mean starting with well-integrated POS software, which seamlessly syncs orders, updates menus, and organizes data. A strong Point of Sales system takes care of the complete package of online orders, deliveries and after sales follow up.
– Spark their interest. Make them want to take the next step. Not only will this drive sales for the business, it will also come in handy when the restaurant wants to create a unique selling point (USP). May it be the theme of the restaurant décor, deal of the day or a weekly contest online – a brand needs to have its own quirk, which provides not only creative content, but also is rewarding for the millennial in some way or the other.
- Use Geo based filters to your images.
- Interact with your audience on a consistent basis and keep the buzz alive.
- Post interactive content to ensure a relationship with the customer even before he/she’s turned into one.
- Use in-store incentives in return for gaining social media momentum. In such regard, Instagram is a rather powerful tool, where #FoodPorn pictures can be blamed for broken diets and increased restaurant visits. Use that to your advantage.
- Have your product images on websites such as Instagram, Zomato, Trip Advisor, Yelp, Facebook and Twitter for your prospective customers to get a tête-à-tête of your product.
- 20-50% have shown an increased tendency to visit a physical store on prompting step 1 & 2 with further brand exposure.
this is the final step to converting a prospect into a customer. From there on, it’s your product and service that will ensure the loyalty of the millennial. With the millennial having a billion choices at the tap of their smartphones, only an excellent product with a combination of humble services and customer incentives will keep them hooked. Offering coupons and deals, such as check in incentives and festive deals activates almost 42% of this generation into making an immediate purchase.
All In all; there needs to be a steer towards conversational, toned down and smart marketing as against the traditional methods of on the face sales pitch. It’s important to know the positive impacts of applying these techniques in restaurant business as well as the negative impacts of not updating to the current millennial needs. It’s happening & there’s no turning away from that. The only option rests between letting the competition do it or you doing it.
Photo credit: hahn.elizabeth34
/ CC BY