Friedman says Steve Madden's core customer group is Millennials. By 2018, Millennials will have the most spending power of any generation — $3.39 trillion to be exact.
As marketers, it’s crucial to attract this generation of consumers. Using Steve Madden as an example, here are three ways to capitalize from Millennials.
1. Speed is Everything
Friedman says his Millennial customers are all about speed — they need answers, products and orders quickly. A few ways to take care of this need:
- Have customer service reps engage with customers on social media. Your team can answer questions and respond to complaints quickly.
- Ensure your web pages have a fast load time — if a website brings in $100,000 per day, a one second page delay could potentially cost $2.5 million in lost sales every year.
- It’s expensive to offer free expedited shipping. To keep your Millennial buyers happy, send email or text updates when a package is shipped and when it is delivered to their door.
2. Offer Experiences
Millennials aren’t interested in great deals or sales, they want experiences says Friedman. Steve Madden uses its rewards program to offer shoppers these experiences, for example, the chance to meet Steve Madden.
Marketers can take advantage of this with
- Contests: Offer a free vacation or some kind of other trip. This is also a great way to collect consumer data — to apply, have people enter their email, phone and other relevant information.
- Omnichannel integration: Shoppers should get a consistent experience across all channels.
- Engagement: Offer shoppers the option to share recent purchases on social media once the checkout process is complete, make each interaction with each customer unique and again, respond to posts on social media sites.
3. Create Content
Steve Madden has a section dedicated to content — SM World — right in the mobile app and linked to the website. Friedman says the blog incorporates both company-produced and user-generated content (another way to offer an experience to customers).
Content marketing appeals to Millennials because it’s less of a hard, in-your-face sell. In fact, company advertising is trusted 47 percent of the time and company experts, like content writers, are trusted 66 percent of the time.
Get started with a content marketing strategy with these tips.
Learn even more about the convergence of technology and branded content at the FUSE Enterprise summit. Artificial intelligence and personalization will be featured among many other techniques and technologies.