Study: Five ways to target millennial shoppers

Retailers often treat millennials like some sort of marketing Holy Grail, but there may be some simple ways to boost revenues from this emerging consumer generation.



According to a new study from online marketing platform provider Cue Connect, “Consumer Moments of Truth,” the 80-plus-million shoppers who are part of the millennial generation can be categorized into the following five broad shopping personas.



The Social Shopper: Nearly 50% of millennial consumers are either somewhat or very much influenced by friends and family when making a purchasing decision. Retailers need to track social interactions and making marketing decisions based on the actions of targeted millennials’ friends and family.



The Bargain Hunter: Almost six in 10 (58%) millennial survey respondents claimed they are more likely to buy a product from a retailer’s site when the retailer emails them a discount code. Therefore, running a generic sale is less effective in reaching this persona than automating discount codes for specific items and directly emailing them.



The Elite Shopper: Close to half (48%) of millennial respondents said that they feel most valued by retailers who reward them with loyalty points. Retailers targeting “Elite Shoppers” should customize your loyalty strategy to fit their aspirations.



The Impulse Buyer: Almost 50% of millennial respondents have made a purchase based on the “suggested items” option on a retailer’s site. Retailers should be sure they make online suggestions for items with high conversion potential and also have the ability to automate customized online suggestions.



The Frugal Fannie: More than one-third (37%) of millennial respondents claimed that they’re motivated to shop only when they absolutely need something. Retailers targeting this persona need to be sure they initiate and build enough customer loyalty to capture infrequent purchases.



Berkley Bowen, CEO and founder, Cue Connect, also offered some general advice on targeting millennial shoppers.



“Retailers who want to win big are going to be forced to approach their brand from a place of empathy,” said Bowen. “Tying the consumer experience to emotion is to millennials what direct mail was to baby boomers. Millennials have to feel understood and are insatiable when it comes to immediacy for more personalized touchpoints and better service. This research tells us that ‘surprise and delight’ is imperative. These insights will help retailers better understand, and therefore engage with, their most important – and arguably, smartest – shoppers today: millennials.”