The 2015 Millennial Workforce study reported millennials are the “largest generation in the workforce”. By 2017, millennials will represent approximately $200 billion dollars a year in spending. If you can’t read between the lines, you need to start marketing to millennials.
While seniors and baby boomers still appreciate traditional print and television advertisements, millennials are not always that predictable. There interests and spending habits are noticeably different than boomers. So, if you want to tap into the growing millennial market, you first have to learn which apps they’re using to find you, how they determine who to patronize and which marketing techniques interest them.
One method of connecting with millennials that is seeing huge success is beacon technology. According to the Business Insider Intelligence Report, beacons will drive $44 billion in retail sales this year. This is up from $4 billion in 2015. Last year Apple, the developers of iBeacon technology, and IBM announced they will introduce a host of new apps incorporating analytics and iBeacons.
Beacons use proximity and location marketing technology to allow consumers to use their mobile phones to learn about deals, discounts, information and conduct transactions, while in a store. With the use of a mobile app, your phone may automatically receive a notice of an offer at the moment when you are likely to have a purchase intent. As a customer is walking in a mall, at a stadium or at an amusement park, they can receive a discount or loyalty reward.
Beyond Product Placement
“Some stores are falling short and missing the boat when it comes to millennials. They are not just interested in just buying merchandise,” said Unni Peroth, CEO of Bfonics, a beacon technology innovation company. “We are adding more features to our platform based on the feedback we receive from users,” shared Peroth. “We are working on new versions of beacons as well; Monitoring the market trends, making sure that our company is staying ahead of the market.” Peroth encourages merchants to move away from a transaction mindset to an engaging shopping experience that provides customers with more than they anticipated. Beacons are becoming a hot choice for retailers to provide personalized coupons, offers, updates and rewards while customers are in or near their store.