Brands bridging the digital gap

 

By age group, millennials are between 15yrs – 35yrs. This means, millennials are now becoming the largest living generation, and we know them to be a body of digital natives. And are now about to move into their prime spending years.

This means that brands and business have no choice, but to start planning on how to target these millennials. With the aim of getting them to consume their brands, build loyalty and influence their decision making in choosing products and services.

Whilst it is very clear for us to define the millennials, it is not that easy to try and understand how best to target this age group. More so, if we take into consideration the survey done by Michael Osborne, CEO of SmarterHQ, trying to understand consumer trends. The research findings that surveyed 1 000 millennials in the US between the ages 18 – 35. One finding was that, when it comes to retail products like buying clothes etc., millennials are not brand loyalists. In fact, only 7% of millennials identify themselves as brand loyalists. That 75% of millennials are influenced to shop during a retail sale or promotion, and 30% classify themselves as bargain shoppers.

According to the same survey by Michael Osborne, millennials prefer personalised messages. Meaning, brands need to pay close attention to how consumers use information. Things like their browser experience, likes and purchasing patterns etc. Need to be closely monitored. 

In South Africa, a survey by GFK reveals that, these young consumers, aged 20-34 in 2016, represent 14 million consumers or 27% of the South African population and are responsible for some large shifts in mind-set that have had a major impact on brands requirements to win. Our data supports global finding that these millennials are better educated, 84% of millennials have completed a matric or some level of tertiary education compared to the older generations of 58% and 11% have completed a university or other post grad degree as compared to 7%. With greater access to education they are more self-assured and believe that they control their own destiny, this self-reliance is revealed in their lower value in faith unlike previous generations in South Africa.

Brands need to find a more compelling reason(s) that will draw consumers to their products and services. Those reasons need to be more than just about price and offering. But, also about creating an experience and is tylor-made to the consumer. For example, brand activations like Insta-meeting; where brands take the data gathered about the consumer, and uses it to create an experience that will connect the consumer to the brand at a more emotional level. As the English phrase says: “the devil is in the detail”. Using the same Insta-meeting example; from how the message is written, to the graphics used, going into which artists perform, the kind of beverages served, and how they are served. All the way to gifts and further surveys done at the particular activation. All these ‘softer’ issues together will either make or break the experience that may be the only opportunity that the brand had to make a meaningful lasting connection and loyalty with the potential consumer.

The reality is that millennials know exactly what they want, they have access to information in abundance, they prefer tailor-made solutions, and you cannot lie to them. They are well connected and will soon find out the truth. Brands that will succeed in building loyalty with millennials, are those that will pay close attention to the real needs of consumers. Make an effort to take the necessary steps in reaching their targeted consumers.