Jason Kohn, our new VP of Revenue, has published a byline in Internet Retailer. The article tackles ways in which brands can target Millennials by forming alliances with other brands and marketing partners to extend their each. If you're looking for new and creative ways to reach the discerning Millennial shopper, here is an excerpt from Jason's article:
By 2020, Millennial spending in the U.S. is projected to reach $1.4 trillion annually, accounting for 30 percent of total retail sales. Given the spending power and influence of the Millennial generation, it only makes sense that retailers today are looking for every opportunity to connect in fresh and innovative ways with these consumers.
Partnerships represent a growing avenue through which today’s brands are looking to forge new relationships with Millennial shoppers, and it’s no surprise that many are finding success. After all, the well-documented shopping and ecommerce habits of Millennials align quite closely with the known strengths of partner marketing. Let’s examine a few of these traits in more detail, along with how brands can leverage smart partnerships to deepen their Millennial connections.
Millennials are Omnichannel Shoppers
The vast majority of Millennials today are using a mix of online and in-store channels to shop for products across a wide variety of higher-priced categories, including clothing, beauty, items and even furniture. In fact, nearly two-thirds of U.S. Millennials prefer to use some mix of digital and in-store to research and then make a purchase.
These omnichannel tendencies of Millennial shoppers lend themselves to smart partnering by brands. In recent years, partnership has evolved beyond coupons and cashback to include a combination of channels. Cross-promotional strategies with partners can extend to include digital to in-store, as well as mobile in-store capabilities. In addition, brands now have the ability to partner with publishers that consumers are likely to turn to during their sometimes-considerable purchase research phases. These partnerships lend themselves to cross-platform deals and offers, as well as tracking and insights that can feed back into a cycle of continual learning and refinement.
Millennials Love a Good Deal
Millennials are known for their financial savvy, and they love a good deal. About two-thirds of Millennials search the internet for coupons when purchasing via a computer, and 62 percent do so when shopping on a mobile device. Brands need to ensure they’re integrating themselves into this natural pattern for Millennials. For example, affiliate and partner channels are tailor-made for delivering value and represent a great way to reach Millennials as they enter the final stages of a purchase.
Despite playing into Millennials’ love of a good deal, it’s worth noting that working with affiliates and other partners doesn’t mean brands have to resign themselves to constant deep discounting. In fact, sometimes something as simple as free shipping might be just as attractive to a Millennial deal-seeker as a discount of equal or greater value.
Read the rest of the article in Internet Retailer.