(Part 1 “Mobile Buying Habits of Millennials” here)
A recent study conducted by Social Lens Research (@sociallens) comes up with some interesting findings about the mobile digital marketing and mobile buying habits (and thus the digital marketing trend.)
In addition to some interesting data about their spending habits they also found that millennials are big to respond to things that THEY consider to be “deals”. In fact, nearly half (44%) selected a coupon or deal for a product they are looking for and 37% said they would want a close by sale or coupon. These are very legitimate numbers and I can see you already salivating at reaching this buy-hungry public…
***Im going to pause here because the words underlined in the sentence above are very important.****
What a millennial considers a “deal” is often different than what many marketers consider a “deal.”
So How Does a Millenial Define a Good Deal?,
Millennials are tech savvy, educated and inundated with options. They have access to a global market (and its pricing) and tools in hand that make price comparison simple. So it’s shouldn’t come as a surprise when they don’t respond to blowing out old merchandize and calling it a “deal.” They have to feel, on several levels, that they are getting a deal that meet their definition.
There are several criteria, but here are some that a lot of newer digital and mobile marketers overlook:
1) Getting exactly or close to what they want – They know the brands, and where to find them. Substituting a ‘similar’ product at a better price is a risky proposition. Like all bargain shoppers, they may be willing to sacrifice on certain features, or colors for a better price. But they also have the entire universe of options at their fingertips, so shopping elsewhere is pretty easy to do if they dont like everything about the deal you’re offering.
2) Getting at a price that makes them feel validated – If it feels like you’re putting them through hoops- either through an old clunky UI or by asking for too much information, the payoff better be worth it. They are used to one-click checkouts from their phone on Amazon prime.
3) Getting it on their terms (shipping, delivery, options) – Again, with price-based comparision shopping so easy to do, this becomes a huge factor. These consumers were raised free shipping and returns on Zappos.
4) Buying from an organization that has a similar belief system to theirs – A lot more than previous generations, the quality and character of an organization means a lot to Millennials and they will buy from brands they feel they can identify with. It is also important because the brands they chose say something to the world about who they are. Because people have a (positive) connotation of what brands like Whole Foods, Patagonia, Blue Buffalo, or Starbucks stand for, Millenials find it easier to buy from them. Promoting what you stand for can be just as important as your “deal.”
What’s the BFD?
When it comes to finding a “deal” appeals to younger mobile consumers, coupons and specials work across the board. But they need to be the right kind of deal to trigger a conversion. There are a lot of factors that go into it beyond just a “percentage-off” sale.