How Millennials are Changing the Marketing of Alcoholic Beverages
Move over Baby Boomers. Millennials are finally taking over. If marketers want to stay relevant when branding their alcoholic beverage, then they need to learn just what makes this generation tick. This new generation has a different set of needs and wants than the generation before them. Making things complicated is the size of millennials and how each segment differs from the other. Getting your brand in front of these new purchasers requires research and insight into buying habits and statistics.
Millennial's Take on Marketing
In an effort to defend your corner of the market, you need to understand that differences in purchasing behavior.
Better Understanding of the Millennial Generation
First, you have to recognize there are two segments of Millennials. The older generation who are between 30 and 38-years of age, and the younger generation that is 21 to 29-years of age. Each cluster has a different focus. Being successful at reaching your target audience starts by addressing their current lifestyles. The older group are more settled. They might not be homeowners, but they are employed, and many have started families. The younger group are recent college graduates entering the workforce and trying to establish their career.
A commonality between the two demographics is their analytical mindset. Unlike the generations before, millennials are about exploring. When it comes to beverages, they are more willing to try new drinks based on their story or location rather than just reputation. It's a good advantage for smaller companies who are interested in finding success, but it could be tough for retaining brand loyalty.
Retaining Millennial Brand Loyalty
The average millennial is more influenced by the advice from their peers than a Google search or even social media. The best way to grab their attention is by offering a product that is reliable and high-quality. You can keep them coming back by providing exceptional customer service. But, don't think of customer service in the traditional sense. Much of our world is now online, and millennials value companies who engage with their comments and reviews of products online. If you want to snag millennials, you need to deliver an alcoholic beverage with a great story, excellent service, and a high-quality product that is well-priced.
Millennial Alcoholic Beverage Trends
Let’s support the information with statistics about millennials and their drinking habits.
Drinks of Choice
A whopping 22% of millennial women preferred red wine over every other wine, beer or spirit on the market. For men, the leader was beer at 46%. The second most popular option for men? Red wine. You could consider red wine to be the top drink amongst both. The second most popular is white wine. Their least favorite is brandy.
How Much Money Millennials Will Spend
Your pricing needs to reflect the cost of production to allow you to at least break even. The mark-up is where you make your money, and when it comes to millennials, you need to be considerate. Pricing means a lot to them. The most popular pricing range was between $11-$15. But, that's not all they are considering. ABV (alcohol by volume) is something they consider during purchases. Both men and women will look into quality, pricing, and ABV before buying.
Why Millennials are Drinking
If you want your marketing efforts to match their lifestyle choices, you need to understand why they are drinking. Over half of both men and women listed the number one reason for having any alcoholic beverage was "for fun." The second most common response was to be social. Tapping into the community and social aspect of meeting friends and family for a drink is a great marketing strategy. As we mentioned before, peer-to-peer recommendations are the most influential. You can get your name in front of the millennials by crafting a unique story, product packaging, and engagement online.
Something to note: Women recognize the wine industry is targeting to their gender and the same for men about beer. What is interesting is the lack of focus on either gender being addressed when selling any form of liquor, especially when vodka and whiskey are the preferred spirits.
Alcohol Beverage Marketing Strategies That Work
All generations recognize a good brand. Sometimes, all you need is help to craft your story. Your brand identity is going to take you far when it comes to selling to the millennial generation. Where companies can fall short is addressing brand identity before taking their product to market. Working with agencies like Brindiamo Group can help you set that story. Together we can address sales plans, supplier management, and building your adult beverage brand.