Marketing to Millennials: Make Them Feel Cool!

By Anne Mari DeCoster
AZSA Executive Director

Consumer Psychologist Kit Yarrow offers savvy suggestions on how to market to millennials. As Keynote Speaker at last May’s AZSA trade show, Kit presented market research indicating that Millennials are willing to pay for products and services that make their lives easier, and she encouraged the audience to price accordingly, rather than artificially suppressing prices out of fear. Rather, she suggested, create the products and services today’s consumer wants: accessible online, simple, efficient, and served up with outstanding customer service; then price it accordingly and fill those units with those willing to pay for your superior offering. And remember, Millennials:

• Are the first e-commerce natives;
• Are plugged in 100% of the time;
• Prefer texting over talking;
• Eat on the run;
• Are “open” 24/7 and want the same from business.

How are you serving them?

Kit emphasizes important socio-cultural shifts and psychological game-changers.

• “New is better. PS: If you wait for consumers to tell you what they want, you’re too late,” says Kit. In explaining the importance of this idea, Kit emphasized that we have all become “early adopters,” in that you can’t wait for the next greatest thing since sliced bread to be tried and tested by the other guy before you use it. Doing so will simply mean the market leaves you behind while you watch how it turns out.
• “Words are Blah-Blah. Unconscious, non-verbal perceptions acquired through images, actions, feelings, and the senses...are all more important than rational, conscious reasoning.” Though it sounds illogical to those of us raised in previous generations, these new keys to communication are “short, sweet, simple, symbolic;” offered with more frequency and ubiquity (one of today’s new catch phrases meaning it’s everywhere, literally everywhere!); and communication tactics link associations and actions.
• IWWIWWIWI: Now there’s an interesting one. It means, “I want what I want when I want it.” Simply put, that’s the motto of today’s consumer. Can you give it? Do you even know what they want?
• “It takes more time to break through,” warns Kit, elaborating on her advice that your message be frequently repeated all over the place.
• “Attention is the ultimate,” as in, giving the customer your attention. Kit explained that today’s consumer feels alienated, isolated, meaning that they value “personalization and human connection” more than ever. Your objective should be to give them the “feeling seen and valued and a sense of belonging.” This is “the gold standard,” says Kit. “The secret to cool?” she asks?” “Make them feel cool.” Such advice can go a long way in a hot Arizona summer! Maybe start with a cold bottle of personally labeled water?
• “Aspirational marketing is out; admirational marketing is in.” What on earth does that mean? Aspirational marketing tells you, “Buy this, it’s great!” Admirational marketing offers up champions via review: ‘I’m a customer just like you. I tried this, it’s great, and I’d definitely recommend it to my friends.’ Kit says put the emphasis on the consumer and empower them; so that they choose to positively review you on their own. Today’s online review is yesterday’s word of mouth referral to friends and family.
• “Trust is the Holy Grail of marketing,” says Kit. Today’s consumer is not trusting. Consumers start with the assumption that they are being taken advantage of, and they want to be the one who gets the bargain. So, give them the bargain! Make each one feel they have won – but not by discounting rates. “It’s not about the money,” says Kit. Trust comes from giving the consumer the assurance of value, enabling them to ‘win’ control, showing them their own prowess. It also creates fear of missing out and results in the consumer rationalizing the purchase, which generates trust, sifts out anxiety, and reduces guilt.”
• A hassle-free, worry-free, emotionally satisfying purchase transaction is often more valuable than what’s being purchased,” says Kit.

Kit advises that the new routes to the shopper’s heart are to give them control and offer transparency, hassle reduction, and smartness assurance. Now there are four things each of us can be trained to offer, over and over, one customer at a time.

Anne Mari DeCoster, Executive Director of the Arizona Self-Storage Association, is a management consultant with 30 years’ experience spanning many industries, but self-storage is her favorite. Since 2002, she has focused on self-storage, including advocacy, investment, development and operations, from project concept to exit including sale to REITs.

Source: Behind Closed Doors, AZSA Newsletter Archives