Should You Be Targeting Your Affiliate Campaigns to Millennials?

Be A Better Affiliate Marketer

Who are Millennials?

Millennials are those who were born in between 1980 to early 2000 and is currently the largest age group in the US. This generation was the first generation to have the lead in internet access and by far the most educated. [1] Millennials also hold the most lucrative spot for marketers – purchasing power. In 2014, studies reveal that millennials have an estimated purchasing power of $1.3 trillion. [2]

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With technology in their hands, the majority of millennials’ purchasing decisions rely heavily on thorough research and recommendation. This generation is the most challenging age group to market to as they are skeptical about their purchases and are not easily persuaded by paid advertising.

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What Influences a Millennial’s Purchase?

  • Recommendations

Millennials are more likely to purchase an item if they have read or heard recommendations from family, friends or person they highly look up to.

  • Budget

Millennials are risk averse in spending their earned money on products which are too costly as most of them are still paying for their student loans. On the older age group, this attitude was brought about by the US recession in early 2000.  It’s not that they are not spending, the members of this generation are just being financially responsible on where their money goes.

  • Cause

Products that support causes are most likely to be purchased by millennials. 50% of millennials who are parents, are likely to buy products which support charities or causes. [3]

  • Social Exposure

Brands who are active on social media are being supported by millennials. Millennials feel the need to connect to a brand, for them their opinion must matter. Any dis-satisfactory purchase by a millennial will be written on social media, from an inadequate dining experience to faulty factory defects – millennials are quick to voice out opinions.

  • Convenience

With technology in their hands, millennials make most purchases on their mobile phones or tablets. Businesses adapt to creating a seamless cross channel online shopping experiences as 30% of millennials use up to four devices per day. [4]

What Do Millennials Buy Online

Although there are several factors for a millennial to decide on a purchase, they are inclined to purchase on impulse. 52% of millennials, were more likely to purchase on impulse than any other generation as they have access to information and are strapped on time because of their busy schedules. [5]

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Studies reveal that millennials still spend most on apparels and hair & beauty products. Brands have consistently made is easier for millennial shoppers to access their products 24/7 as 72% of this generation search online before they hit the mall. [6]

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With this data, affiliate marketers should choose offers wisely especially if 70% of their target audience are millennials. An understanding of your target audience would go a long way. If you get into their minds and understand what products they want in their life and how these products benefit them, sales will eventually roll in.

 

[1] 15 Economic Facts About Millennials, The Council of Economic Advisers, October 2014, Web
[2] A Look Into the Minds of Young Professional Millennials, December 2014, Web
[3] 6 Online Interesting Online Purchasing Trends from Millennials, Web
[4] 5 Ecommerce Techniques for Connecting with Millennial Shoppers, Web
[5] Why Millennials are Impulse Shoppers, E. Wong, Web
[6] Millennials Double Trouble for Retail, R. Lewis, April 2014, Web

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