Purchase Influencers for Millennials
Serendipit takes a closer look at what is influencing the purchases of Millennials.
The millennial generation is a major target market for the student housing industry. Not only that, but millennials are a large target market for many types of industries because millennials are at the forefront of the latest technology and what the future looks like for business.
Thus, it is crucial to understand their buying habits and what is influencing their purchases. Radius Global recently released a study that identified “word-of-mouth” as being one of the top influences for millennials and their purchases. This aligns perfectly with the fact that recommendations are the “most-influential information sources” for millennials. The report also found the following two important pieces of information:
- “Millennials are 4 times more likely to use smartphones to research product information. They’re also slightly more likely than Boomers to use a computer to research products.”
- “9 in 10 female millennials use Facebook.”
In other words, millennials are all about convenience and are willing to take the time to read reviews if it means that it will give them more information about a product.
What does this mean for your marketing strategy? Being on social media and responding to your followers’ comments and suggestions is a huge way to capture the millennial generation and build rapport. Also, allow for people to easily leave reviews and showcase those reviews on your social media pages. This will enable millennials to find what they are looking for quick and easily. Don’t stress, if you take care of your brand image, you won’t have to worry about bad reviews and if one does occur, the most important thing to remember is to respond right away.
We are the experts in the millennial generation and we speak the college lingo. Contact us today to manage your brand!