Often the success of your organization depends on its ability to make meaningful connections with its target audience. Rather than just creating a product and selling it at various retail outlets, it is increasingly common and necessary for companies to go further and engage their customers in order to build trust and win business moving forward. This is especially true with Millennials, as younger consumers and those entering the job force represent a significant change in ideals and spending habits than their older family members. Through the measured use of focus groups and online market research, organizations are able to learn more about Millennials and get vital information that will shape policy decisions in the future.
Characteristics of the Millennial Demographic
According to Nielsen’s 2014 report on the demographic, Millennials are considered to be people born between 1977 and 1995, and are between the ages of 20 and 38. They account for around 77 million people, which is about 24 percent of the total U.S. population. As a generation that grew up with the Internet, Millennials value social interaction and are most comfortable conducting business online.
Through the use of social networks and word-of-mouth, Millennials research products before purchase and put weight into experiences that others have had with the same company. These individuals care about their close friends and family, as well as various causes, and consider various potential impacts before rushing to make a purchase. Having lived in and grown up during the economic recession of the 2000s, Millennials are interested in finding lasting quality and value before buying something.
Challenges to Address
Millennials carry a lot of stress and have myriad responsibilities at the personal, familial, and professional levels. Student loan debt puts financial pressure on this group, which makes it essential for businesses to understand their audience, and demonstrate compassion and value. With an ever-changing marketplace and evolving preferences of Millennial shoppers, it is important to conduct online market research in order to gain insight into what this group finds most valuable.
At the same time, the Internet has given a voice and outlet to millions of users and countless businesses all vying for the attention of your audience. Whereas in the past your organization relied on strategic placement of radio and television advertisements to reach customers, now you must focus on constant communication and making an unforgettable connection. Market research shows your business different trends in the marketplace, such as spending habits and driving forces behind the decisions Millennials make. The experts at e-FocusGroups have the tools needed to generate the most value from market research.
According to Accenture, Millennials spend a collective $600 billion each year. While they have the disposable income to make large purchases, they are also tough to market to because Millennials do not care for direct advertising and expect more value from companies. In addition to researching products before purchasing, Millennials are also completing transactions in all new ways. As pioneers of the Digital Age, the younger generation is more comfortable buying goods and interacting with companies from their phone or tablet.
What this means for companies is that focusing on technology and making it as easy as possible for customers to find information online is paramount. Learn more about the Millennials and how to connect with this important demographic by reaching out to a representative at e-FocusGroups at (707) 585-7363.