TSO Network Update - November 2018
Vol. 7, Issue 11 November 2018 A couple few years ago, I did some research and created a presentation on the buying habits of millennial consumers. This key demographic of consumers, born between 1981- 2000, represents a quarter of our population with $200 million of buying power. New research has revealed that some of the previous findings were inaccurate, including the myth that they are not brand loyal. This is the first group of consumers that have had technology at their fingertips their entire life. Forecasters believe that they will account for over $1 Trillion dollars of retail spending by the year 2020. Here is some data on how Millennials shop. • Upwards of 60% use mobile phones for product research. • 42% of in-store consumers conduct research online while in stores. • 41% Practice “Showrooming” (shop in brick and mortar locations, then purchase same or similar product online.) • 60% regulars shop online on home computers. Chairman’s CORNER - Benny Peña, OD The Millennial Consumer • Account for over 50% of all online purchases. While they account for a large amount of revenue, they do not respond to traditional advertising/ marketing methods. Only 1% of millennials surveyed said that a compelling advertisement would make them trust a brand more. Millennials believe that advertising is all spin and not authentic. Older generations rely more on traditional media, whereas millennials look to social media for an authentic look at what’s going on in the world, especially content written by their peers whom they trust. They want to engage with brands on social networks. 62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer. They expect brands to not only be on social networks, but to engage them. This may make it more difficult for most of us ODs, but we have tools in our TSO marketing team along with web-site optimization and social media posting with our partners like EyeCarePro, Solution Reach, Demandforce, etc. They are brand loyal. 60% said that they are often or always loyal to brands that they currently purchase. The sooner you build a relationship and deep connection with Millennials, the better because they will continue to purchase from you as an adult. This brand loyalty increases if the brand gives back to society. Millennials love brands that support their local communities and would rather purchase from them than competitors. The U.S. consumer is changing. Millennials have a lot of influence over older generations and are trendsetters across all industries from fashion to food. Companies have been struggling connecting with this generation because many of the traditional methods of advertising have proven ineffective at capturing their attention. We need to stay on the cutting edge of technology in our offices and in how we market ourselves to capture the attention of this growing demographic. This is another reason I am glad to be part of our TSO family and have partners to help me grow my practice and remain relevant in our profession.