Is your target audience between the ages of 18 to 33? Millennials were raised on tech gadgets and they rule the internet. They don’t like to be marketed to but they comprise the fastest-growing consumer segment in America. Did you also know that they make up the majority of Pinterest users and they have a lot of money to spend! According to Accenture Millennial buyers are projected to spend an annual $1.4 trillion by 2020.
Source: Alight
Millennial shoppers trust social media more than other generations. As a matter of fact 67% of millennials are likely to purchase based on a friend’s social media post.
A recent report from the Shullman Research Center found:
- 23% (roughly five million) of millionaires are actually Millennials; more than the total of Generation X millionaires, which stands at about four million, and about half that of Baby Boomers, a generation that had a 30-year head start.
- 49% of Millennials plan to pursue a wealthy lifestyle, compared to 6% of Generation Xers and 14% of Boomers – a staggering difference.
- 82% plan to spend on luxury items over the next year, once again blowing the two previous generations out of the water at 58% and 32%, respectively.
According to Center for Marketing Research University of Massachusetts Dartmouth here’s what they found about the Millennials:
- By 2015, they’ll have $2.45 trillion of purchasing power worldwide.
- Millennials are not influenced by traditional ‘push’ marketing strategies.
- Born and raised in the age of technology, Millennials consume information when and how they want to.
- Companies giving exclusive offers or appealing to their interests were more likely to see an increase in sales as a result of online interaction.
- Pinterest has the highest sales conversion rate. When it comes to social mediated purchasing, Pinterest resonates with Millennials. 47% of respondents with Pinterest accounts said they had purchased something online after pinning it.
6. Of those respondents who answered ‘yes’ to purchasing only through a social media site, Pinterest ranks highest among social media platforms studied in lead conversion. The ease of purchasing, along with its new tools like “Rich Pins” for automatic updates and price drop notification on pinned items, makes Pinterest an attractive online buying site.
7. Purchases by category: Millennials clearly prefer to buy things in the category of “Hair, Beauty and Apparel”.
Pinterest Marketing Expert Actionable Tip: Create boards based on the above categories.
8. When asking Pinterest users why they pin something from a company/brand, supporting the brand remains the top reason.
9. The average order value on Pinterest led all social referrers.
According to SDL “Understanding Millennials” Survey 62% seek discounts on social media while 16% don’t connect with businesses on social media.
Pinterest Marketing Expert Actionable Tip: Create special offers that provide value to them.
Millennials prefer to shop on Pinterest! And it’s a fact that Pinterest users having a buying mindset.
IDG Research Group asked millennials what topics interest them most online or in print:
- 62% Food & cooking
- 69% Travel
- 54% Health & fitness
- 46% Celebrities & entertainment
According to Market Strategies International Millennials are five times more likely to have posted a link to a product or service on Pinterest.
Additionally here’s what they are sharing.
The lesson: Create content around these topics starting with Politics, Family & Parenting, Food & Drink, Fashion, Beauty, etc.
Marketing to the millennials, that resist being sold to is no easy task. Thank goodness they embrace Pinterest! But don’t take that for granted. As the largest generation the country has ever seen continues to grow up and acquire more wealth, brands on Pinterest are going to have to start adjusting their message to better reflect Millennial’s values.
Brands are you paying attention? Are you keeping up with the times?
If this is overwhelming for you and you feel like you are going around and around with Pinterest and not getting anywhere contact me, a Pinterest account management expert about my Pinterest account management services or to learn more about how you can be more effective on Pinterest check out my Pinterest Marketing Course for Business. Chapter one is FREE.
