While millennial parents may not be the largest demographic, they have traits that make them likely to use a self-service coin counting machine. By marketing effectively to these young families, business owners will see an improved return on investment for their machines.
According to a Goldman Sachs report, 90 percent of all new mothers are millennials. As of 2014, 43 percent of children ages 0-17 had millennial parents, a graphic by the Department of Human and Health Services showed. That figure is expected to increase well into the next decade. With parents spending nearly $1 trillion on their children, there will be lots of coins to be counted. Business owners should look to the features of self-service coin counting machines that have traditionally attracted young families and creatively align their machines with millennial values.
Self-service coin counting machines have long been a helpful tool for parents of young children. They allow parents who are often looking to save time and money to efficiently turn loose change into easily spendable cash. For children, it's an interactive activity they can look forward to experiencing. They can also learn the value of savings as they build up their own piggy-banks or coin collections to use with the coin counting machine.
Bringing millennial parents to self-service coin counting machines requires an alternative marketing strategy. In an interview with Mashable, Jeff Fromm, a researcher on millennial marketing, said millennials look for authenticity, meaningfulness, uniqueness and innovation when shopping. While proving the "authenticity" or "innovation" behind a coin counting machine has its challenges, businesses can add "meaningfulness" to customer interactions by donating a small amount of the service fee to charity. Also, not every store has a self-service coin counting machine, so a store with one can add a dimension of uniqueness to its brand.
Millennials are also well-informed consumers, getting most of their information online through social media and other internet campaigns. By promoting the additional services online, businesses can increase awareness about their coin counting machines among millennial parents.
While the self-service coin counting machine isn't the only reason millennial parents come into a store, it can be a significant aspect of the customer experience. Marketing consultant Sharalyn Orr told Mashable that millennials are deeply connected to brands and see them almost like an extension of themselves. A strong customer experience will build a better brand and help create a group of loyal customers.
September 9, 2016