Did you know that millennials are three times more likely than any other generation to reference social media networks when making purchasing decisions? Well according to a 2014 study by Market Strategist International, most consumers today use Facebook for making decisions regarding purchasing- on the other hand, millennials are 19% more likely to use Instagram and 14% more likely to use Tumblr than any other generation’s influence on what they buy. Whether it’s tweeting, pinning, or double tapping- millennials are a different breed of consumers.
Millennials are a group of people that are experimenters; they like to test new things and push the limit on what is “normal.” I, myself, am a millennial and the idea to talk about something like this came to me when I came across an article that was harping on millennials. “Those millennials need to stop looking down at their phones and look up at the world!” I’m sure we’ve all heard this a few times, whether it be through an article written by an older author or quite literally- when walking down the sidewalk and realizing you aren’t paying attention and almost get hit by a car.
Whether your point of view on us crazy millennials is good or bad, you have to admit that we are evolving the digital world and changing the power of purchasing goods. Word of mouth, crowdsourcing, and influencers. Who has what product, or who’s promoting what brand- is very important for consumers in the millennial age. Whether it be former Bachelorette Jojo Fletcher promoting Diffey eyewear, or Kylie Jenner constantly posting ads for “Fit Tea.” The name behind the product is going to make a huge difference in who’s buying it. There is also a fine line when it comes to too many advertisements being thrown your way. When I’m constantly seeing, pictures promoting Sugar Bear hair gummies on my Instagram feed, it doesn’t make me want to buy them, it really is just annoying.
According to Forbes, millennials make up about one fourth of the entire population. Which ends up coming out to about $200 billion in annual buying power. Now that’s a lot of money at stake and a lot of consumers to market towards. So, is there really a secret when it comes to our decision making? Brand loyalty does exist upon us, and if you present us with an authentic product that catches our attention- we will keep on going back for more. Brands need to stay relevant in the consumer’s mind. Brand loyalty can go out the window the minute something becomes irrelevant to the social media world, and the millennial’s mind. Keep evolving and coming out with new marketing schemes to bring in new customers. With the millennial’s decision making process constantly changing, so should the product.
Quite a few of us working here at FLIRT are millennials, and I think that having a diverse range in age is a valuable asset for the team. Whether it be offering different insights to a client, or being able to teach each other new skillsets. The team is forever growing and learning and that’s that makes FLIRT such a well-oiled machine.