Millennials: Mo’ Money, Mo’ Marketing
With a projected $24 trillion in buying power in 2020, Millennials are taking over as the most dominant group of consumers in the world. This means that marketers are working harder than ever to get into your wallets, which isn’t inherently a bad thing.
Companies competing for your business could mean better customer service and more products specifically designed to meet your needs. However, it’s important to understand how brands use technological advancements and psychological ploys to influence your buying decisions.
Then, you’ll be able to spot a slick marketing gimmick from a mile away and only purchase what you need and truly want. Here are 7 ways marketers will try to influence your purchases:
They’ll Use AI
Today’s technology makes it possible for companies to show you targeted advertisements based on your internet activity. Using artificial intelligence, your devices “learn” about you and will use your browsing history and recent purchases to make suggestions for complementary products or upgrades. Ever notice that Facebook will show you ads from retailers you’ve recently browsed online? That’s AI at work. No coincidences here!
They’ll Connect You with Influencers
Companies will create ad campaigns featuring charismatic and popular internet personalities known as influencers. And, according to recent research, you probably won’t even mind seeing ads from the ones that you like.
Brands know that when you engage with the influencers, a bond is quickly formed. This connection to them could, well, influence you to buy a product because you’re not buying from “some corporation.” You’re buying from someone you like and trust.
They’ll Use Real People
Companies have caught on to millennial’s distaste for fake, pushy ads and are now using real people in their ad campaigns. This isn’t just a collection of average looking folks posed in everyday scenes. Brands are showcasing actual customers using their products in real life because it’s relatable. And they know that you’ll buy what you can relate to.
They’ll Get You Familiar
Companies know that repeated ad exposure leads to product familiarity. And, if they’re lucky, that familiarity could lead you to making a purchase. This tactic is especially tricky because you may not be able to articulate why you even want the item.
They’ll Wow You with Stats
Brands are all too aware that humans have a desire to fit in and a tendency to trust the opinion of a crowd. That’s why effective marketing incorporates a product’s popularity. A strong purchase motivator, marketing capitalizes on the idea that, “if all those people bought it, it must be great.” Of course, that’s not always the case!
They’ll Appeal to Your Emotions
Like it or not, your feelings are much more powerful than your rational thoughts. In fact, your brain will do mental gymnastics to come up with the logic needed to justify a purchase. Knowing this, ads are designed intentionally to pull at your heartstrings. Afterall, there’s a direct link to your pursestrings!
They’ll Communicate Directly with You
Knowing that Millennials appreciate and expect personalized attention, brands go out of their way to communicate with you directly. They’ll respond to your Tweets, create Facebook pages so you can interact and explore, and send you tailored emails with specially curated content. Their goal is to foster a sense of community, because if you feel like you belong in their group, you may be more likely to shell out some cash.
Your culture, lifestyle, personality, and financial means will all certainly impact how you spend your money. However, marketers know how to transcend these factors in an attempt to sell their products. As long as you keep this in the back of your mind, you’ll be more likely to save your dollars for what truly matters to you — regardless of what someone else is telling you to buy.
Tell Charlie: Have you ever noticed yourself being compelled by a piece of marketing?