When you’re the only show in town, it’s not hard to make noise and get people to pay attention. When you’re one of dozens, it’s far more challenging to get your audience to listen. And in a world where comparison shopping is the norm, you need something to help your brand stand out.
The Millennial Way of Shopping
Millennials have the largest share of purchasing power in the United States, so it’s logical for you to shape your brand’s marketing and engagement strategies around this lucrative demographic. But in doing so, you’ll have to confront one sobering reality: Millennials are fickle and, by and large, don’t give much weight to brand loyalty.
According to a recent study of 7,000 millennials and Generation Xers from 14 different countries, brand loyalty isn’t what it used to be.
“Generally speaking, millennials are less loyal to and are disaffected by brands than Gen X,” the Daymon Worldwide study reports. “Twenty-nine percent of millennials and 35 percent of Gen X say they usually buy the same brand, but will try others on occasion and 26 percent of millennials say they are likely to ‘buy whatever brand they feel like at the time.’”
There are a number of possible explanations for why today’s consumers are less brand loyal than those of the past. For one, there are more options than ever before. Whereas major product categories might have only had two or three brands in the past, there might be more than a dozen in today’s marketplace. Today’s customers also have way more information than ever before, which gives them the opportunity to research and compare products.
Finally, millennial customers aren’t exactly in a great spot with their finances. Salaries have stagnated while debt has risen. This results in purchase decisions that are more price-centric than brand-centric.
How to Appeal to Comparison Shoppers
Unless you have a totally unique product with zero competitors, there’s no getting around comparison shopping in 2018. Here’s how you can appeal to these customers:
- Embrace the Competition
Traditionally, businesses have tried to ignore the competition. The belief has been that you should never give exposure to a competitor, as this ultimately draws the focus away from your brand and gives it to another company with a competing product. However, this isn’t the best way to approach modern marketing.
In 2018 and beyond, you’d do well to embrace the competition. You know that customers are comparing your products to those of other businesses, so why avoid it? When you intentionally pit your brand alongside another leader in your industry, you send a signal to the marketplace that you’re worthy of consideration.
Check out Top10.com, and you’ll see that customers frequently compare products and services alongside each other. If you aren’t on these types of lists, you stand very little chance of gaining significant market share in your niche. You have to be in the “game” to have any chance of winning.
- Set Your Product Apart
Getting your brand into product search engines and industry rankings is just the start. Once you’re there, you have to set your product apart.
What is it that makes your product unique? Is it a certain feature, the price point, or the guarantee? If you don’t have a unique value proposition, now’s the time to head to the drawing board and develop one.
- Value With Service
Because millennials are so price-sensitive, some brands focus on lowering costs. Unfortunately, they often do so at the expense of customer service and support.
Customers don’t just expect competitive prices. They also want an engaging experience with responsive customer service. This means you can’t afford to push value without service. There’s room for both and you have to deliver.
Good customer service will always pay for itself. Not only does it leave customers satisfied, but it also encourages them to advocate for your brand on your behalf. In other words, good customer service breeds persuasive social proof.
- Deliver Repetition and Consistency
With comparison shopping, customers often add products to their carts and then continue their searches. Savvy brands will use this as an opportunity to take action through retargeting.
According to one study, 54 percent of customers say they’ll buy the same goods they’ve abandoned in their shopping carts if they’re retargeted with exclusive discounts. By consistently reaching out to customers who’ve shown interest, you can set your brand apart in the comparison shopping process.
Tweak your Approach
At the end of the day, millennials force you to step up your game. They’re less brand loyal than consumers of the past and require you to get creative with your approach. Hopefully this article has given you some practical applications that will find their way into your constantly evolving strategies.