Tapping into the Millennial Purchasing Power

Today, millennials hold the most spending power of any generation. If your brand doesn’t have a marketing strategy in place to tap into that spending stream, now’s the time to start listening to what this chunk of the population wants from the packaged goods sector. Here are four findings to get you started.

It All Comes Back to Social Media

If it’s not posted on social media, it didn’t happen, right? Well, at least that’s how it goes in the millennial’s mindset.

That means brands need to get crafty and creative with how products are portrayed online—your marketing must be worth the share. From out-of-the-box packaging to unique ingredients and an authentic brand voice, for millennials, it’s not just about the product itself but more so the complete story it tells.

Embrace User-Generated Content

User-generated content is a reposted picture, a review, a testimonial—anything users create, rather than your company. With Bazaarvoice reporting 84% of millennials are influenced by user-generated content in purchasing decisions, it may be time to pass over the baton and let your users start running your content.

The Guybar, a beard shaping comb, is a great example of integrating user-generated content into a complete marketing strategy. On Guybar’s packaging, they asked users to upload videos of them using their comb for a chance to win $100 weekly. To take it a step further, they have a “Guybar Guys” section on their website, which features the videos.

What’s Inside Matters

Inside your company, that is. In the eyes of millennials, everything your company does and says is rolled into your brand’s identity. This generation wants to buy from companies align with their own values, whether that is sustainable practices, cruelty-free testing or organic ingredient sourcing.

Show Your Eco-Friendly Side

From your packaging to your company’s processes, sustainability matters to millennials. With green practices becoming a shopping priority for this generation, indicate how and why your products are created with the environment in mind. The same goes for your company’s culture. If you’re taking part in eco-friendly initiatives, millennials want to see it. Consider sharing pictures and videos on your website to showcase how sustainability is embedded into your company’s culture.

Although there is no blanketing approach to marketing to an entire generation, the findings above can be a stepping stone for your brand to finally break into the millennial market.