Reaching Millennials in a Competitive Market
With millennial consumers gaining purchasing power, the consumer-packaged-goods (CPG) market has become more competitive than ever as new players fight for their piece of the pie.
While consumers will always need conventional household items, food, and toiletries, discerning millennials have already shown that their purchasing habits differ drastically from previous generations. How? Well, millennials prefer newer brands, value sustainability over price, and do more research regarding alternative options. And there is no reason to assume Gen-Z will deviate from these patterns, if not to a greater extreme.
In a market with so much noise, consumer confusion is guaranteed to happen. Just imagine standing in the shampoo aisle full of options vying for shoppers’ attention. How does a brand get picked over the competitor? These three strategies have been proven to influence purchasing decisions, so keep them in mind as you grow your brand.
Millennials are savvy shoppers and know better than to only trust what they hear through advertising. The good news is that 91% of millennials trust online reviews as much as personal recommendations, so positive reviews can be a powerful influence on purchase decisions.
To help shoppers find and leave reviews on your products, make sure your website incorporates a review section. If you need to collect more reviews, send customers a tactful post-purchase email to request they leave a review or offer a discount for future purchases. And to make a great review go even further, quote it in a social media post to show your following what others are saying about your product.
Align Your Brand to Consumer Values
Purchase decisions are made in a split second, and branding plays a vital role, especially when competing with already-established brands. Research has shown that 60% of consumers prefer products they’re already familiar with, whether from advertising or simple brand recognition. Naturally, this is a significant disadvantage for any newer brand trying to establish itself in this market. However, this isn’t a reason to despair. Millennials look for brands that align with their values, so with the right branding and advertising strategy, especially on social media, you can still resonate with your target consumer.
Certificates and Awards
If you’re new to the market, a quick way to capture attention and establish trust is by featuring certificates and awards on your products. When a shopper sees a product has already been vetted and awarded by a recognizable organization, they’re more inclined to choose that over a competitor. In fact, research from PTPA Media has shown that consumers were 84% more likely to purchase a product with a certification on it, and 61% claimed the PTPA Seal of Approval reinforces brand loyalty. If you think your product deserves a PTPA Seal, head here to get started.
With all the noise consumers face in today’s market, standing out should be the most important part of any business strategy regarding the CPG market. By establishing trust with online reviews, aligning your brand to your target consumer and proving your product is worthy of a certification, you’ll be well on your way to capturing and retaining consumers and realizing your brand’s full potential.
 Gollar, Lisa. What You Need to Know About the CPG Industry. Range Me, 2020.
 Parent Tested Parent Approved. PTPA Media, 2020.