Money is a very touchy subject with Millennials. It’s one area where they get the most criticism. The older generations never miss a chance to remind them of how extravagant they are with their finances.
If you are constantly exposed to the good life, it’s only natural that you’d crave for it. These young folks aren’t restricted to seeing things in their locality. From the smallest corners, Millennials view the world in all its beauty on their Smartphone. And they strive to replicate the things they see in their own capacity.
An Allianz Study found that 60% of young people compare themselves to other people based on what they see on social media. If it looks good, they want to have it. With such a mindset, saving money isn’t their favorite habit. Businesses are cashing in on this constant spending spree, but that may not always be the status quo as more Millennials are learning to be financially prudent. They are making the effort to save some money for the future.
Identify a need
Everyone has a need. The capacities in which these needs are met may differ, but in the end, the satisfaction derived is a shared experience.
Millennials who are trying to save some money are weary of spending on things that aren’t pressing. They are learning the habit of evaluating the end-game of a product before paying for it. To make an impression on them, you need to be able to pinpoint specific needs your product will meet in their life. This is directly proportional to your product value. Make your product look like their life is incomplete without it. If they can do without it, they might as well not buy it. The little budget they have put aside would yield better results when spent on things that cannot be forgone.
Showcase long term benefits
The average Millenial may want it now. But after that, what next? Short term products create room for continuous purchase. As the current one runs out, there’s the need for a replacement. Anyone looking to save some money wouldn’t be on a spending spree. The reverse is the case.
Ensure that your product has longevity, so that users can enjoy their money’s worth extensively. Offer sustainable value. According to research, millennials share their buying experiences on social media. When value derived is consistent over a period of time, they will spread the word about your brand, bringing you more customers.
Millenials like to know that they are making a good buying decision. Pander to this emotion by offering various options to them with adequate information through content marketing. They are tired of being told what to do by older generations who undermine their efforts, and like to make their own decisions.
Offering a single product creates the impression that you are trying to make decisions for them. That’s a turnoff. State the similarities and differences of each one. Step aside, and let them make a decision based on the information at their disposal. Whatever product they choose will be one of their choice. Having compared features of the various options before making a pick, they know exactly what they signed up for.
What better way to save money than make purchases with good discounts? Little discounts on multiple purchases amount to a lump sum in total. Millennials looking to save money don’t just buy the very first product they come across. They compare prices in order to get the best price. With mouthwatering discounts, your products will stand out from the crowd. Returning visitors spend 67% more than new customers. Good discounts will keep them coming back to you.
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