I remember sitting in a marketing class and listening to my professor talking about segmenting the market by age and demographic, and all I could think to myself is “really?” Even in my group of close friends there was a broad variety of different interests and tastes, how can a company generalize and market the same things and the same way to all 22 year old females?
That was three years ago, but the fact could not be truer today: We are a very diverse group with different interests, personalities, values, and preferences. This is why, more than ever, personalized customer communication is critical. This is especially true considering the age difference of Millennials. While some are still in college, worrying about how to pay off student loans, others are already having kids and worrying about their mortgages.
While non-Millennials label us as ‘unloyal,’ ‘poor’, and say that we are ‘impossible to sell to’, the fact of the matter is, we will buy from companies that understand us, that interact with us, that are present where and when we want to interact with them. Maybe we are a bit ‘self-centered’ – we believe we deserve better than to be just another number for companies.
And let’s face it, with Millennials being so open on social media, it is not hard to target your audience by interest.
Ads do not work on Millennials. We grew up on TV and we no longer have the patience for commercials. I don’t remember the last time I bought something because I saw an ad. Instead, I tend to lean toward products and companies my friends share on Facebook, Twitter, Pinterest, etc., or word to mouth.
This is where data analytics comes into play.
Get to know your customers by building a relationship. Unlike generations before us, Millennials have no problem sharing information about themselves. With many companies collecting data about their consumers, we know that sharing will make our lives easier – as companies will suggest products or services they think we might be interested in based on our past behaviour. “Companies like Amazon and Spotify understand this very well. They have figured out how to create a win/win relationship with Millennials where data is collected and provided back in the form of recommended products and services that are highly personalized and valued.” (https://www.cuinsight.com/why-attracting-millennials-requires-big-dataanalytics.html)
Big data can also be used by insurance and banking companies to improve the customer experience. However, make sure to always reward your consumers for sharing information with you, either through a discount or participating in a presale. Say for example, a credit card company, who has the data about your spending behaviour, can easily personalize the coupons they give customers with their monthly statement.
In all, gathering data on your target audience is easier than ever. There are many options, internally and externally, that can help your company better satisfy and connect with your customers. Millennials are not hard to sell to when you know how to sell to them!