Five Tips To Get Gen Y To Buy
By Kiersten Brauner
Millennials are spending $600 Billion every year, but they don’t follow the buying patterns of previous generations. To successfully sell to millennials, producers need to adjust the way they think about marketing. Sarah Sladek from XYZ University offered five tips for focusing marketing directives to millennials during the "Getting Gen Y to Buy" breakout at the NAILBA 34 Annual Meeting.
1. Recessionistas: Coming of age during a recession
Millennials were raised during and following the worst recession this country has seen in 70+ years, and this has changed their buying habits.
- They cannot afford the same “American Dream” that was coveted by baby-boomers, so instead they value access to assets via technology.
- Sharing economy: If you cannot afford it then you share it. This idea has led to the increased popularity of sharing networks like Redbox, Netflix, and Dropbox.
- Thrift Shop Mentality: This generation does not mind recycling and reusing.
- They Value Quality: They will spend money if they see the quality is there.
2. Time is the commodity: Controlling what you do & who you do it with
If you were raised in a recession, average 30,000 in college loan debt and grew up seeing terrorism and school shootings, you strive to control something.
Time is precious to millennials and how you help them save it, through convenience, is incredibly important. Make your brand memorable by streamlining the online purchasing process, making websites mobile, and providing fast and easy access to products.
3. They Are Digital Natives: Growing up with unlimited access to technology
- They have always had access to people, products, services and information from all over the world
- They seek to build relationships with people all over the world
For these reasons, you must think about marketing to them in a global way. Make worldwide connectivity a part of your value proposition.
4. Migration: Millennials have different values than the generations that came before them
- They want constant connectivity, online and in person
- Adventure, connectivity and convenience are top priorities
- They are inspired to make a difference
- Adventure consumers: They will make purchase decisions to support a cause they believe in
- 85% make purchase decisions based on a company’s commitment to a cause
5. The Trophy Kid Mentality: How to reach a generation that has always been awarded for participation and not achievement
- I want to be happy – They have to have a positive feeling about the experience they are having with your company.
- Physical rewards – They don’t want to be a number, they want to be a name. They want to feel that the service experience is exceptional and helping to serve others.
How you reward millennials for brand loyalty or patronage is important, this is why many restaurants and businesses have successful rewards programs.
Sladek, Sarah. "Getting Gen Y to Buy." NAILBA34. JW Marriott, Orlando. 20 Nov. 2015. Lecture.