With Millennial consumers drawing a majority focus from brands looking to capture their next generation of loyal customers, market competition is fierce. Not only are modern consumers overwhelmed with information, offers, and advertising stimuli, each individual is seeking value aligned with their specific preferences and interests.
As a result of advertising over-saturation, the effectiveness of traditional brand messaging (even when successfully reaching targeted consumers) has boiled down to almost nothing. According to Forbes, “Only 1% of Millennials surveyed said that a compelling advertisement would make them trust a brand more.”
While it’s easy to throw our hands up in frustration, all hope is not lost. Within the same Millennial study, “60% said that they are often or always loyal to brands that they currently purchase.”
So the challenge is less about marketing content and delivery, more about meeting the unique needs of this ever-growing consumer group. This, as we know, is easier said than done.
The Bureau of Labor Statistics reported that consumers up to age 34 have an average discretionary income between $6,137 and $19,237.
Combining all this information helps shape the current playing field for Millennial consumers:
- Competition for market share is at an all-time high.
- Traditional marketing efforts are becoming less and less relevant.
- Discretionary income is modest at best.
- Consumers maintain brand loyalty, but it must be earned.
With all the available studies and data for Millennial consumers, brands are still left asking themselves; what does all this mean?
For a deeper understanding of ways to engage and connect with target consumers, take a look at your customer journey map. If your brand doesn’t have a customer journey map, you’re already behind the curve. This is a detailed outline of all direct and indirect ways consumers interact with your brand. It offers a high-level view of the journey-to-purchase which allows a holistic approach to developing a sales or marketing strategy.
Essentially, a customer journey map is a snapshot of your brand’s customer experience from top to bottom. By understanding your brand’s customer experience, you have the opportunity to strengthen and develop unique experiences along the path to purchase; which is the best way to differentiate your brand from the sea of competition.
In B2B Digital Trends 2016-2017, “respondents identified optimizing the customer experience as their most exciting opportunity in 2016 and for the next five years.”
True, it’s not prudent to fully invest in fleeting trends or the flavor of the month. However the numbers indicate that by investing in developing a unique customer experience, brands are positioning themselves to attract these highly sought after Millennial consumers before they shift further into adulthood.
Now that we’ve narrowed our approach to improving the customer experience, it’s important to have a fully developed strategy to ensure the touch points being addressed are the right ones. Furthermore, upon establishing the most important touch points it’s important to offer experiences aligned with the preferences and interests of your targeted consumer group.
To avoid dumping resources into unguided efforts which typically do not yield the desired results, it’s best to leverage data-driven insights in support of ongoing decision making. By gathering and analyzing consumer or market data you will be equipped with a relevant, accurate depiction of what consumers are looking for. This increases your odds of success the first time around, and it lays the foundation for a cohesive strategy across all of your brand’s internal teams.
To read more about the value of investing in your brand’s customer experience, click here.
You can also feel free to give us a shout. For over 30 years we’ve partnered with brands across the county in an effort to better understand their customers and offer the best experiences possible.