Millennials Marketing- Reaching out to the Social Generation
Posted in Marketing & Strategy Articles, Total Reads: 796
, Published on 01 November 2015
An efficient integrated marketing communication is repercussions of sustainable emotional connect with the customers. It alleviates the difference between consumers’ expected value of the product and its perceived value. It increases the consumer surplus or the maximum value offered to the end-consumer and improves the brand positioning and image in the minds of the customers. In recent times, the communication is getting more and more focused and channelized as it is difficult to measure the ROI and conversion rate on mass marketing.
In present context, there are two kinds of shoppers, viz. linear shoppers and non-linear shoppers. Linear shoppers or traditional shoppers are those, who visit an outlet for a product, check its price and buy it, if it offers required quality and value. However, non-linear shoppers believe in omni-channel product searching. They gather product information from peers, check online for price comparison and visit the nearest outlet for product’s look and feel. Here the decision of the customer is influenced by multi-channel brand presence, word-of-mouth marketing as well as “value for money” offering. Millennials are often non-linear shoppers. Millennial or Generation Y represents the present young generation born between 1980 and 2000. Marketing to this segment is entirely distinct from traditional marketing as a minute discrepancy in communication can sabotage the brand equity perennially.
Marketing to millennials has to consider certain salient features. This generation is tech savvy and wants seamless transition among channels. Hence the company has to be conversant with the latest technology and ensure brand recognition in all channels with the help of targeted marketing. Secondly, millennials are always connected and there is minuscule information arbitrage. So transparency in communication is pivotal for the company to succeed in the long term. They generally need instant gratification and recognition. Here comes the significance of offering a differentiated value to the target audience. There has to be an emotional attachment with the product and brand recall has to be prominent. This can only be ensured with integrated communication through electronic and print media advertising, PR activities, Out-Of-Home marketing etc.
Generation Y is quite impassioned and feverish. If a product offers a value, which arouses attachment and the passion is communicated aptly to the target through proper marketing methodology; then the concerned segment becomes a loyal buyer. This is an important insightful observation for any brand manufacturer or retailer. As much this generation is adventurous, it is socially conscious too. It is watchful of what the company is doing for the betterment of the society, which is directly linked to its CSR activities. Apart from that, Green marketing is getting popular day by day. It incorporates product modification, changes to the production process, sustainable packaging and modifying advertising. Although price has quintessentially remained a decisive factor in purchasing decision, green marketing is attracting diaspora, who are environmentally conscious.
Millennial is a social generation, who always likes to be connected and share his/her experience through a media. This is where the role of social media marketing and digital marketing creeps in. This is a crucial medium to reach to the restless millennial, which provides both community and content to the selected audience. In current scenario, the marketplace gradually is moving from an explicit-commerce model to 3C model, which comprises of Content, Community and Commerce. The customer is concerned about the richness and veracity of the content as well as feedback by the community regarding the product. In such a scenario, it is expected of the company to ensure positive vibe about the product in the community and provide the end-consumer with sufficient and correct information for a seamless decision making process.
Another aspect of marketing to millennial is to keep in mind that they don’t want to be told, they want to be spoken with. There has to be a duplex communication rather than a monotonous one. Everyone, who comments or posts on the page should get a response from the concerned company’s official. Moreover, the young restless generation is continually evolving and the marketing of the brand has to match it. Its requirement is transforming drastically with the advent of advanced technology and changing customers’ preferences. Hence there is a dire need of continuous market research to study the psychographic and behavioral aspect of the millennial. Nevertheless, interactive communication, striking a chord in terms of passion & adventure and taking cognizance of social responsibility are keys to effective and coherent marketing communication to millennials.
This article has been authored by Bibhas Mishra from IIM Ranchi
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