The Millennials are here, and they have money to spend. According to Accenture, they exercise about $600 billion in annual buying power. That kind of money can buy a lot of cars.
As with any target market, a thorough understanding of what motivates your customer - as well as what doesn’t - is key to converting a sale. But getting to know this large and valuable cohort can be tricky.
As we’ve discussed previously, what we assume we know about shoppers isn’t always correct. And this holds particularly true for Millennials. As a recent article from eMarketer explains, promotions can be surprisingly influential on their purchase decisions. The article cites a study from ad tech firm Fluent, in which a majority of Millennials surveyed said they could be swayed by promotions - but only 13% said this was always the case. Which means a diversified strategy that incorporates a variety of approaches is a wise course.
Importantly, nearly two-thirds of Millennials said ads on social media can influence their purchase decisions. So, a targeted social media strategy can be exceptionally valuable. LotLinx Deeplinking for Facebook™ can be an effective part of that strategy. This proprietary technology actively identifies these shoppers, and serves relevant ads accordingly.
Without a doubt, Millennials are a completely new type of consumer. Understanding what motivates them, and connecting with them where they already are, are keys to winning with this large and lucrative segment.
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