What do you think of when you hear the word “millennials”? Frustration? Social media? People who prefer to do everything online? Truth is, all of those things apply to the millennial market. With millennials (defined by those age 17-34) projected to purchase over $200 billion dollars of goods and services by 2017, if you’re not yet paying attention to the buying habits of this market it’s time to start. Communications Service Providers are uniquely poised to take advantage of this market, as young consumers are very savvy with various communication methods. We at Mapcom have done quite a bit of research on the millennial market and how their habits affect our customers. Let’s talk about a few indulgences of the country’s most potent emerging market:
1. Don’t underestimate the power of the smartphone. A study by Entrepreneur magazine estimates that 89% of consumers age 17-34 use smartphones to connect to each other, compared to 75% who own laptop computers. What does this mean for CSPs? If you don’t yet have a mobile-friendly website, it’s time to get one. Having a site that is mobile-friendly is no longer a luxury—it’s a must! Young consumers are using smartphones to do everything from shopping to paying bills. By not moving to a mobile platform you’re creating a barrier for reaching one of your largest target audiences.
2. Price is important, but not THE most important factor. Good news for CSPs who may not be the low-cost leader in their area: millennials are looking for more than just a bargain. When it comes to choosing a service provider, young consumers do a lot of research: they crowd-source information from their friends and survey them for information. They want a provider who will do more than just meet their basic communication needs; they want excellent customer service, an easy-to-use interface, and they prefer to align themselves with companies who share their values. Be sure your marketing campaigns reflect these factors.
3. Everyone is concerned about cybersecurity, and millennials are no exception. With identity fraud and cyber threats ever-present on the news, young consumers are constantly searching for ways to keep their information safe online. The internet isn’t going away, so what can be done to make transactions safer? Time to get creative. 66% of millennials said in a recent poll that they consider gift cards to be a safe way to limit identity fraud. It may be time to explore alternative payment options for your customers, like offering payment gift cards or utilizing PayPal. Again, the goal is to make it safe and easy for young consumers to interact with you.
4. Rebates trump Instant Gratification. If you’re offering incentives or sweepstakes during the holiday season, keep rebates in mind! Young consumers are very attracted to the idea of a high-value rebate. According to Entrepreneur, “…Retailers can offer rebates that provide more savings (and greater value) than simply cutting and matching a price or offering an instant discount. When retailers figure in the value of unredeemed rebates, it could ultimately wash out any price cut. ” The article goes on to caution, however, that presenting the consumer with a deceptive or complicated rebate system could backfire in a major way; you don’t want to risk instilling mistrust in your brand.
By incorporating a few of these steps into your marketing campaign, you can reach the millennial market like never before. There’s no reason why a small or rural CSP can’t win over these young, knowledgable consumers. For more tips like this or to further explore how you can reach more customers, email us at marketing@mapcom.com and we can talk about your needs!