Millennials and Generation Z consumers are gaining massive buying power in the United States. According to Pew Research Center, the Millennial generation is now made up of more than 75.4 million members and is expected to reach 81.1 million members by 2036. Gen Zers on the other hand, currently hold a collective $44 billion in spending power, according to the U.S. Census Bureau.
With so many potential sales on the line, it’s key that brands find a way to appeal to these specific consumer groups.
Influencer marketing involves finding an affluent individual within a particular market to endorse your product or service, in order to increase sales.
Since Millennials and Gen Zers are constantly being bombarded by advertisements, the utilization of ad-blocking software has significantly increased. According to an eMarketer report, 41% of Millennials used ad-blockers this year.
That’s a huge group of individuals who will miss out on your content. This is where influencer marketing becomes effective in reaching the consumers who would’ve potentially missed out on your advertising messages.
“Web-savvy consumers now require greater engagement and information before making a purchase. They want meaningful content and relevant information to help them make purchasing decisions and they want opinions from people they trust.” -Tapinfluence Report.
Not only does influencer marketing increase your message range, it also instigates trust among shoppers. According to a Nielsen report, trust is the number one factor in any buying decision with conversions increasing by 90% when someone trusted suggests a product.
This up and coming form of advertising has created a way for your brand to build a stronger connection with consumers, while surpassing ad-blocks.
Give Consumers The Inside Scoop
Both of these young generations openly reward honesty and transparency, when it comes to brands. Almost 9 out of 10 Americans believe transparency from businesses is more important than ever before, according to a Sprout Social survey.
Allowing consumers to get a glimpse of what your brand has going on behind the scenes, makes them feel more confident about buying from you and excited about what’s in the works for the future.
Detailed product information such as where you source your product materials, how your product was made and where it was made at, all make the consumer feel like they’re in the know.
According to a Label Insight Transparency study, 56% of those surveyed said that additional product information inspires more trust in a given brand.
Make Sure Your Tech Functions Fast
These digitally-savvy, fast paced consumers were raised on technology. Millennials and Gen Zers know the ins-and-outs of it all. They also know that if they can’t find a product from you within a short time frame, they can definitely find it elsewhere at a faster pace.
If your eCommerce platform has any slow moving gears, you’ll certainly lose sales over it. New research by Google found that 53% of mobile website visitors will leave a website if a webpage doesn’t load within three seconds.
This leaves little wiggle room for brands, slacking tech will not be tolerated by these shoppers. This is why your brand must continually have your digital platforms monitored for malfunctions. You have to be fast to keep up with Millenials and Gen Zers.
A huge opportunity for growth for your brand, lies within the hands of these two generations. Take the time now to adjust your selling practices to meet the needs of these shoppers.