"Y" getting to know your millennial customer matters

In 2019, millennials will reach peak earning status as a ‘HENRY’ (high-earner-not-rich-yet) and will also be the most educated and most connected generation. But the ways to entice a millennial consumer with spending power requires a deeper understanding of the millennial mind.

What makes a millennial?

Millennials are the new majority – a mix of generation Y born between 1981 and 1991 and generation Z born between 1991 and 2001. In the USA millennials account for 92 million people. If you have a consumer base in China, then you’re in luck, as Chinese millennials are peaking at the 400 million mark.

How to get your incentive campaign to hit the millennial mark?

Millennials are a technology generation that either grew up with personal computers or smart phone innovations that have transformed the way humans communicate. With greater access to the global world, millennials have redefined their consumer relationship with business, brands and products.

Where once the baby-boomer generation valued quantity, a car and house; this desire has not filtered down to millennials who consume based on value, quality and price.

‘Y’ does this matter?

Millennials value diversity and flexibility, they embrace difference and want to be mobile with the way they choose to live and work. This has made the millennial more open to change and what is new or novel.

By traversing the minefield created through the financial crisis and the challenges to gain entry level jobs, millennials had to become financially savvy. It’s also why millennials have a strong desire for financial reward.

More than 60% of millennials admit to trading and hunting for deals via social media or online before committing to a purchase. And it’s through sites like Groupon or Ibotta, which at the touch of a button, appease the millennial value hunter.

How to make a millennial’s day?

Four tips to think about when targeting the millennial market are:

1. Prioritise the ‘ex’ (experience) factor: Millennials will pay for positive experiences over luxury items. For this reason, they are kings and queens of the sharing economy. Although millennials are rewards driven, they look for rewards that provide value long-term. 

2. A simple way to tap into a millennial’s desire for value is by offering rewards to incentivise repeat purchases. Edge’s Lifestyle Rewards is an end-to-end platform that clients can customise to offer their consumer base access to personalised offers. This type of tailored and branded reward content is a great way to acquire, engage and retain millennials. 

3. Create “Phygital” connections – millennials are online enthusiasts. In a recent Neilson survey 80% of millennials indicated they are incentivised by online or mobile rewards options from in-store purchases.

4. Digital rewards are a great way to hit the millennial mark. Amazon’s digital rewards for no-rush shipping leverages a millennial consumer’s favourite things- online shopping, deliveries and loyalty rewards.

With millennial consumers always on the hunt for value, Amazon’s no-rush shipping rewards are a strong offer, while the brand gains operational efficiencies.

But overall remember that millennials are attracted to brands and products with purpose - it’s where they want to work and it’s the brand or product they want to engage and align with.

When brands want to run a promotion targeted to millennials, we can help make it happen. Get in touch today!