Market to millennials successfully with these tips.

Older generations always seem to have difficulty understanding younger ones. But for retail marketers who are perhaps in one of those older generations, millennials present a true mystery. What’s so different about these young adults? And how do you strategize an effective plan for retail marketing to millennials?

Just who are these “millennials”?

They are men and women ages 18-33 – the first generation to officially reach adulthood in the new millennium. With more than 50 million of them here in the United States, so finding an effective marketing strategy definitely makes sense for retailers who want to thrive in the future.

A report just released the renowned Pew Research reveals some interesting facts about millennials, compared to earlier generations. They:

• Hold more liberal views on social issues than their parents.
• Are better educated than any earlier generation.
• Have more student debt.
• Are less likely to be married.
• Are “low on social trust” – in other words, they’re brand aware but not brand loyal.
• Spend about an hour a day on retail websites.
• Prefer brand interaction to traditional advertising – they’re happy to engage with you, but want to do that on their own terms.
• Rely on word of mouth rather than research to make buying decisions. Social media networks are their go-to resources, especially Facebook, Instagram, Twitter and Tumblr.

They’re upbeat and optimistic about their future. A whopping 85 percent of those who responded to the Pew survey said they have, or anticipate having, enough money to live the way they want to. Admittedly, many of them are either still living with their parents (thanks to the recession) or are receiving money from them.

Millennials love to shop. Just not the way previous generations went about it.

They spend a lot, too. What do they buy? Not surprisingly, most of their purchases focus on food and entertainment, electronics and clothing. Typically, they do not spend money on health insurance, though with the Affordable Care Act in place that could change.

Taken together, these insights can perhaps help retailers figure out what types of retail marketing to millennials might be successful in the coming years. It’s important to note that, as millennials move out on their own and their financial reality changes, they’re likely to become more cost-conscious.

How can you attract them?

Price-conscious or not, millennials won’t give up their love of shopping or their buying preferences. So industry-watchers predict retailer marketing to millennials won't be able to rely on traditional loyalty-based marketing. Instead, businesses will have to re-earn every sale. Millennial marketing that taps into word of mouth should have extra value.

Focus on developing a strong presence on key social platforms, to encourage sharing. Promote reviews and testimonials to give them broader visibility. You can even quote them in-store using digital signage or as part of merchandise displays, as well as including quotes and customer stories in online marketing.

Though fewer in number than baby boomers, millennials represent a huge audience for retailers. Businesses that concentrate their retail marketing to millennials on the trends already identified and who continue to watch and learn as this generation ages, will be in the best position to capture their purchasing dollars along with whatever loyalty millennials are willing to offer.

If you have additional questions about retail solutions, connect with us on our website at www.palmerretailsolutions.com. Keep current with industry discussions and product information on Twitter: @PalmerPRS. Palmer derives great satisfaction from designing unique interactive kiosks that incorporate maximum functionality, ergonomics and offer long-lasting service. Click here to receive a USB FLASH DRIVE containing great examples of retail store design, display fixtures and mall kiosks.

Palmer Retail Solutions strives to offer our clients the absolute best combination of innovation, quality, service, and value for our diversified custom store fixtures and merchandising displays. For more information about our designs, retail fixtures, cash wraps, kiosks, or point of purchase displays, visit our website at http://www.palmerretailsolutions.com.