In the holiday crunch time, a marketer’s efforts can really be likened to something your grandmother probably told you: Waste not, want not.
It boils down to making the most of your efforts and budget. Marketers can do that by:
Concentrate on the Millennial Shopper
Adult Millennials, especially Millennial moms, are the leading consumers in a number of key categories, particularly holiday-centric ones like toys and electronics. Furthermore, our research also finds Millennials have allotted bigger budgets than their older cohorts this holiday season (an average of $700 versus $550 for Gen X and $450 for Boomers).
Additionally, Gen Yers shop a little differently than Baby Boomers and Generation X. Adult Millennials are open to all types of inputs, whether company-controlled messaging or opinions from their personal network, throughout all phases of the buying process—becoming aware, forming an opinion and deciding to purchase. This means last-minute social campaigns will get noticed by Adult Millennials and can indeed motivate them to act. Not only that, Millennials are also more likely to then bolster your marketing efforts by sharing product information or ads with their friends and family.
Emphasize Family Entertainment Options
More Millennials than Xers or Boomers expect to buy game consoles, personal digital media players (such as iPods) or subscriptions related to entertainment, gaming or media as holiday gifts this year. Gen Y is also twice as likely to have movies or TV shows on DVD/Blu-ray on their wish list. They are even three to five times more likely to buy tablet devices as gifts and one in five Millennial moms hopes to receive one this year.
All these devices and content are singularly entertaining, but they can also be the center for family entertainment. Family entertainment resonates with Millennial moms—the leading purchasers of several electronics categories. Highlighting the family aspects of your products will attract their attention and, more importantly, budget allocation.
Here’s why. Our research shows that more than Generation X or Baby Boomer moms with kids of the same age, Millennial moms are concerned about family entertainment and making family time. It stems from their parenting style, a “Passenger Plane” approach focusing on the entire family, mom and dad included, rather than the now-familiar “Helicopter” style of Baby Boomers (noisily hovering over their kids) and in stark contrast to the “Fighter Jet” style of Gen X parents (running surveillance on children and then being combative to protect them).
Showcase DIY Options
Generation Y is seeking a personal touch this holiday season. One in four Adult Millennials expect to give homemade gifts and one in five hopes to receive a homemade gift.
This heightened interest in do-it-yourself projects this holiday season is explained by the way Millennials tend to view themselves. For instance, “creative” is the number one adjective Millennials use to describe themselves and they are far more likely to use it as a self-descriptor than to characterize Xers or Baby Boomers.
Millennials also value personalization and customization. Companies like Threadless popped up and made their mark because their business model was based on individuality and Millennials responded favorably. Homemade gifts are the ultimate way to honor individuality, of both the giver and the receiver. Aggressively marketing your DIY options flatters the self-proclaimed creative Generation Y and satisfies their demand for individualization and customization.
Don’t waste your valuable resources. Follow these tips and deliver a return on your last-minute marketing plans that won’t leave you wanting.