Millennials, also known as “digital natives,” have been around since the beginning of the Internet and have grown up with new devices.
Millennials
generally refer to people born from around the 1980s to the early 2000s, and unlike the generation that gained access to the Internet as adults, this is a new generation that has become accustomed to using online services. It is.
What methods should companies use to market to millennial consumers, who account for approximately 30% of the world’s population and approximately half of the working population up to the age of 64?
Analyze and explain the “customer experience” required to meet new consumer needs.
The proportion of millennials is increasing
Millennials are the largest generation in the population. There is also estimation data that more than 70% of the total working population will be in this generation by 2025.
As the number of Millennials increases in the future, it naturally means that their proportion will increase among companies’ target consumers. Marketing to a new generation that is constantly connected to the Internet and whose consumption behavior is heavily influenced by digital will require new ways of thinking and methods.
The following is a summary of the survey results and specific marketing methods regarding the latest trends in the Millennial generation.
Millennials don’t buy based on product quality alone
Millennials are constantly obtaining information about products and services digitally, making it difficult to differentiate themselves from other companies based solely on price and product appeal.
According to a recent survey of millennials, nearly 90% of consumers say they are willing to pay more for a better customer experience.
This is completely different from the traditional consumption behavior of purchasing products based on their “product appeal,” and more and more consumers are now taking the stance of “not paying unless there is a better customer experience.” That’s what I’m doing. It can be said that customer experience has become a company’s “brand power.”
It is also noteworthy that more than 50% of Millennials value personalized communication (presenting information to each individual). Companies may need to reevaluate their marketing activities, as they may even change their brand if they feel that they are not being provided with the same.
Create your own fans with digital commerce
“E-commerce”, also abbreviated as EC, is so-called online shopping, and “digital commerce” in a broader sense refers to the digitization of all elements such as interfaces.
An example of this would be a technologically-enabled brick-and-mortar store, such as an “unmanned store.”
In recent years, there has been a noticeable trend toward digital commerce, and measures to encourage customers to become fans after coming into contact with your company online have become an important issue.
As it is predicted that consumer purchasing behavior will continue to change, it will be necessary to create “customers who will become fans of your company” and will not just make a one-time purchase, but will make multiple purchases over a long period of time.
summary
For Millennial consumers, improved customer experience and personalized communications are important.
It will be necessary to enhance services such as websites and AI recommendations for mobile devices, where many people purchase, while also working on turning customers into fans through digital commerce.
In order to respond to the rapidly changing social situation, use new digital technology to constantly understand the psychology of the Millennial generation and conduct marketing activities that focus on “customer success.”
Reference source:
Millennials are now the ones supporting society. How to respond to changes in consumers?