Everyone wants to earn their fair share of the $2.4 trillion of spending power moms hold in the palm of their hands. One in five moms is a Millennial and according to an extensive study by Goldman-Sachs, the average age of first-time mothers is closer to 30 years old than ever before, meaning they are on the older end of the millennial age bracket. Millennial moms are older, more experienced and more educated (a record number hold college degrees) than previous generations when they become a mother, factors that should be taken into consideration — but, as marketers and retailers, we’re missing the mark.
Why? Millennial moms say they feel overlooked and as you’ll see in the results of a recent Inmar study, we’re certainly underleveraging them. A study we conducted with 2,200 interviews per month via a nationwide online survey uncovered some interesting data.
Who is the Millennial Mom?
She is a “digital native” and therefore highly connected and comfortable with technology — it’s really a way of life and she trusts it and relies heavily on it. It’s how she communicates and connects. Millennial moms have more social network accounts (3.4) and spend more time on social networks than moms overall (17.4 hours per week).
Millennial moms are more likely to provide opinions and recommendations. They cite themselves as “key advisors” among their circle of friends. And, by the way, they have a lot of friends — 24 they consider “close friends” on average. So, their “word-of-mom” advertising has some pretty impressive reach. Moms report they are asked, on average, 9.6 times per month for a product recommendation.
A few additional findings:
Keep in mind, when millennial moms were coming of age, the U.S. was in the middle of a recession. They were just out of college and struggling with student debt, earning less than they thought they’d be. And they see coupons as a way to be smart with their money.
So, meet her where she is with your brand’s message and an incentive for her to try and experience your product for the first time, make it easy for her to share, and reward her for repeat purchases. Use the pre-shop methods to get on her list, use the in-store tactics to drive switching or incent her to buy more, and use the post-shop methods to reward her for coming back to the brand.