It’s official: Millennials are changing the (consumer) world.
A report from management consulting firm McKinsey & Company shows what younger consumers expect as they buy and engage with brands. The study focuses on beauty brands, but its findings can be applied to any company that sells to younger buyers.
Millennials were born from the early 1980s to the late 1990s, so today they are anywhere from their late teens to their mid-30s. The older ones were born before the internet and all its opportunities were widespread, but they all now communicate, shop and entertain themselves online.
They also are much more willing, according to McKinsey, to try new brands. They respond less to traditional advertising and want to engage with stories involving brands.
New is in, old is out
Not coincidentally, internet-inspired communication – such as social media, blogs, video and even email – are excellent ways to tell stories and connect directly with individuals.
According to McKinsey’s research, millennials are:
- Three times more likely than baby boomers to assume that newer brands are better or more innovative and three times more likely to say they typically learn about new products or brands from social media.
- They expect to be able to try anything once — free of charge. And they want the experience to be fun and prefer informal interactions.
McKinsey quoted the WaR Agency, a London-based marketing firm, which says that seven out of ten people surveyed said they want to learn about products through content rather than advertising.
The findings mean that entrepreneurs working to build an audience, and therefore customers, need to create relationships with younger consumers. You can do this by telling your story on your website, and encouraging consumers to sample your products — and then talk about them on their favorite social media.
Make consumers part of the story
Doing so not only introduces your product to consumers, but creates an experience and even gives customers a sense of ownership in your company’s growth.
The approach is working in the beauty market. From 2008 to 2016, new brands grew by 16 percent a year, four times as fast as legacy companies.
Let’s work together to market your products and services to the largest number of consumers possible. Contact me at email@example.com or (203) 491-2814 and we’ll talk about how to work together to increase your sales.