If comparing the mobile marketing universe to high school, millennials are the “cool kids”—a group whose attention is highly sought after, whose preferences and behaviors are closely observed, and whose approval can mark the difference between popularity and obscurity. As millennial spending power grows, Quick Service Restaurants (QSRs) and retailers alike are scrambling to make their marketing strategies relevant to this demographic.
And rightfully so–the Restaurant Marketing Labs reports that millennials spend more money on eating out than any other generation. Plus, Accenture predicts that millennial retail spending will grow to $1.4 trillion annually to account for 30 percent of total retail sales by 2020. It’s no secret that surviving in today’s market requires appealing to the millennial consumer, 86 percent of whom own smartphones.
And looking specifically at mobile behavior, Mobile Marketer found that 37 percent of total digital traffic and 28 percent of commerce revenues now come from smartphones, and that number is expected to surpass 50 percent by the end of next year. And yet, according to a global survey conducted by Adobe in July 2016, less than a quarter of companies have a clear mobile marketing strategy that extends into the next year.
QSRs and retail companies must evolve their mobile marketing tactics to keep up with the preferences and behaviors of millennial consumers. This generation is well informed and closely follows brands and products through digital networks, with five out of six millennials connecting with companies through social media. Because millennials want more personalized ad experiences, QSRs and retailers need to focus on “story selling,” in which every product adds something significant to the experience of the customer.
Let’s take a look at what strategies work best for QSRs and retailers, and what each industry could do to improve. While it’s important to keep in mind millennial influence, these strategies a