Millennials make up about ¼ of the population, or approximately 81 million people. Millennial women represent about half of that, or 40 million people. Surveys and statistics show that this demographic is extremely different from previous generations of women. Millennial women have different values and expectations towards brands, lifestyles and spending habits. Here are four things marketers should know about millennial women:
They make their own consumer journeys.
Millennial women constantly research brands and products they are interested in purchasing. Although millennials take pride in being independent thinkers, the opinions of friends, peers and family have a considerable impact on the products they choose to associate with. 93% of millennials have purchased a product after hearing about it from a friend or family member, and 87% trust a product after they’ve done their own research. Additionally, research from Insight Central shows that 97% surveyed feel confident they can tell the credibility of a product review. To get female millennials involved in your brand, create opportunities for open communication in order to start conversations that are shareable and interactive.
They ultimately are behind your brand’s story.
Your brand is no longer under just your own control. The rise of social media has shifted the dynamic away from brands owning all of their content. Millennial women view themselves as partners and advocates of the brands they purchase from. Ultimately, they hold the power of your brand’s ability to succeed. Millennial women are highly influential in determining your brand’s image and ideal customer.
They consider themselves equal to their peers but want to be treated as individuals.
Women view themselves as equal to their friends and peers. However, when it comes to advertising, they do not want to be lumped into the “one size fits all” category. They want to be treated as their own individual that emphasizes their unique characteristics, style and preferences. Recent research found that 67% of women appreciate brands that make them the hero, versus making the brand the hero. Talk about your customer and celebrate her individuality in order to capture her attention.
