The Millennials Market: Why do they matter?
I hate to say it… I’m a Millennial! Ugh! I never saw myself in this way, I was married by 22 and have a child before I’m 30 – I am not your typical “Millennial” and (according to Wikipedia* anyway) only 40% of those born after ‘81 and before ‘97 actually identify as a Millennial.
But the fact still remains, they (I mean, we) are!
Millennials are categorised by the date that they are born – part of the Generation Y (rather than GenX or Baby Boomers) and what makes them/us unique is the fact that we were brought up as a generation already aware of technology and this has shaped the way in which we think. Millennials are more likely to be socially and politically aware, they are more tech-savvy than their forebears and they have different attitudes to work and relationships both professionally and personally.
How does this relate to me as a wedding vendor? I hear you ask…
Mainly, Millennials are your target market.
The average age of engagement to marry is 26 (born 1991) and the average age of marriage is 28 (for weddings in 2017 that’s born 1993). Millennials are categorised from 1981 – 1997 the perfect current target market for wedding vendors.
Millennials have been raised in an environment which is rich in social interaction, and sharing their lives and experiences with the world online is part of their daily activity. They are saturated with images, videos and words at all times and, when a product does not immediately hit those areas as a standard, they consider the product to be less valuable – even if it isn’t.
Millennials are also used to an instant, reactive experience so they are less willing to wait for a response from one person when they could get this somewhere else.
Due to the sheer amount of data accessible in the social and media spheres, Millennials are generally categorised as well informed, educated, confident, opinionated and high achieving. This can present many great opportunities for the wedding vendor as well as some potential challenges.
What does this mean in terms of business to consumer (B2C) marketing and strategy in the Wedding Industry?
- Know what they want, are informed about how to get it and are confident to tell you what they want
- Are willing to look around to get it so are going to do their research
- Want to connect with you
- Will use recommendations and reviews to make their selections: statistics show that over 90% of couples choose vendors based on online reviews
- Want to share their experiences: good work will result in good exposure on social media
Potential Challenges and how to overcome them:
- Are more likely than their predecessors to be paying the majority of their wedding budget, as such they are more likely to want to negotiate (post on this to follow). Give prices up front – they don’t want to waste their time (and yours) if it’s not a fit.
- Will look around for the best price, best deal and best product. This will likely make your sales cycle longer to convert from initial contact to final sale.
- Will expect speedy responses: Use your email automatic response to send an immediate response to all enquiries, even if you know you won’t be able to get back to them for a couple of days – tell them! They are happy to wait as long as they know how long for – just don’t make them wait too long!
- Want to check your reviews and get feedback: You should have plenty of current reviews on your own site, any 3rd party sites you use (like Weddingly) and on your social media platforms. If your reviews are older, Millennial couples are likely not to buy.
To connect with Millennials you need to be confident, positive and able to connect with them. They want experience and knowledge in the industry but they want a positive encounter during their planning too.
What are your experiences with the Millennial Generation? We want to know!