MPP – MILLENNIALS AND THEIR PURCHASING POWER

According to Comscore, the millennial generation’s massive size and strong purchasing power, estimated to be $170 billion per year, makes them a valuable segment of the population for marketers to target. But given some of the unique characteristics of this generation, having grown up in the digital and information ages, it is critical that marketers have a clear understanding of this group and how to most effectively reach them through advertising. What are the top products millennials buy? What are the top companies millennials trust when buying products and services? How much does a millennial spend every day, month and year? This and other questions can immediately be answer via the MPP app (Millennials Purchasing Power)

GOAL

The goal of this app is to compile information of every purchase made by a millennial. The users will do their purchases normally, but instead of accessing the online store directly, it will be done through the MPP app. Traditional systems process the data compiled within a year and then report it. With MPP everybody can check how much millennials have spent during the past month or quarter in different categories such as sports, entertainment, food, traveling, etc.

SKETCHING

By developing sketches we’ll be laying the foundation for our future interface. In this step we visually conceptualize the main features and the approximate layout and structure of our application. Once we complete a first rough sketch of the MPP app, the whole team will better understand the mission and purpose of this app.

RESEARCH

We’ll answer several questions and include as much information as possible:

1)   Find out whether there are other apps doing the same thing. How many apps are currently in the marketing archiving purchases made by millennials.

2)   Find design inspiration for MPP app. We need to come up with a logo, font, colors, graphics, etc.

3)   Find information on the technical requirements for our app. We’ll need to decide on a platform (Application Programming interface)

4)   Find out how can we market and monetize the MPP app.

5)   Decide what the app will do for the user (millennial) and the end user (companies)

TEST

Test, test, and test again. How long does it take to load? Millennials don’t have time to wait more than 10 seconds for an app to load. It should me our responsibility to make MPP’s loading experience as efficient and frictionless as possible.

LAUNCH AND WAIT

Launch, wait, and fix problems. Pay attention to comments and use the feedback to connect with customers and make improvements. Users should be able to launch the app, load new pages and make purchases seamlessly without thinking, What’s taking so long? If they have to think that, they’ve probably already jumped to our competitor’s app. That’s how millennials are and think; They hate waiting.

CAPTURE THE METRICS

This is what the companies will buy from us. Apps represent a unique opportunity for brands, and they should not be treated as an app version of the website, especially when the target audience are millennials.  The data collected from our app will help marketers plan and execute successful campaigns geared to millennials.