The largest generational cohort since the baby boomers, millennials are the largest generation in US history, and their shopping habits are shaping our economy more and more.
This tech-savvy generation has a purchasing power that will soon exceed that of every other generation. Strong supporters of online shopping, millennials are cautious as well, putting off large purchases until later in life and valuing quality over price.
It’s no surprise that with all the information available at their fingertips, they put research into their purchases whether it’s a physical one, or a service. That’s where reviews come in.
The Importance of User-Generated Content
User-generated content (UGC) such as status updates on social media, blog posts and Google reviews are what make the millennial consumer’s world go around. The more viral and liked a product or service is by peers, the more likely they are to purchase it themselves.
In past generations, the professional opinion was king, but with a growing distrust for mainstream media and big corporations, this generation finds themselves turning to the most trusted source: mass approval.
Some may see this as illogical, but to understand the logic, consider this: Professionals may have appeared on adverts or written articles on a product, but was this always of their own volition? If not, someone wanted them doing that promotion for a reason. And can you really trust that?
UGC: Investing in Time to Make Solid Investments
Millennials spend 18 hours with media per day. Astounding, right? Some of us aren’t even awake for 18 hours of the day! Thirty percent of this time is spent browsing UGC, 33% on traditional media such as print and TV, and 37% on other media.
No matter what they’re looking at, and especially when it’s online, products are being promoted.
When something catches their eye, their first instinct is to look that product up online to see if it is legitimately what they expect, and to see if it’s worth buying.
If they’re looking for a service, Google reviews will be their first stop. If your business isn’t listed on a Google My Business page and set up with a star rating, you’re in trouble!
With 90% of millennials shopping online, your online presence is more important than ever. You just can’t afford to stay in the stone age.
Influence With Technology
Most millennials are obsessed with reviews. With apps like Yelp and Foursquare, everyone has a place to speak their mind. Whether you’re reading entertaining negative reviews, leaving one yourself, or praising the best pizza you’ve ever tried, reviews are fascinating and, for the most part, trustworthy.
Whether they’re aware of it or not, millennials have their antenna up for star ratings and reviews no matter where they are online and if there are no reviews to be found, it’s likely they’ll find a more reliable product.
So go the extra mile and make sure that your business is getting lots of great reviews. Rank higher on search engines, and bring in that amazing millennial purchasing power!