In Thump’s previous blog, we saw how the older generation are consistently being ignored and misunderstood by marketers, but they’re not alone. The Millennial generation is often considered a challenge in the marketing world, simply owing to the shift in behavioural patterns from previous generations.
So, who are these Millenials, why are they so different, and how should you be targeting them?
Who are Millennials
The term Millenials describes those who were born between 1977 and 2000. In total, this demographic is estimated to have over a trillion dollars in direct buying power, something not to be ignored. Generation Y, as they are also known, are renowned for being ‘constantly connected’. Growing up in the digital age, this generation is solely focused within the online world. In fact, the large majority of a Millennial’s life is spent online, with 25 hours per week spent there on average.
Their attitudes towards products and brands are entirely different to previous generations, so what do the Millennials want?
Loyalty with big brands, simply due to a name is not a familiar feeling with the Millennial generation. There is a constant need to care for causes and to be contributing positively. Millennials, however, are essentially impressionable. Although a big brand name won’t necessitate temptation, user generated content does, with 84% saying that consumer reviews and recommendations has some influence on what they buy.
Approximately 50% Millennials would be more willing to make a purchase from a company if their purchase supports a cause, with a further 37% not caring whether it costs more. There is a clear trend in not caring for ‘stuff’, and caring more for greater matters.
Furthermore, the ‘selfie’ generation are not ones to keep quiet. A whopping 70% of them feel a responsibility to share feedback with companies after a good or bad experience. This is vital information from consumers, yet brands are not using this to their advantage.
How to market to the Millennial
It’s not so much that people are ignoring this demographic, like the ‘older generation’, but marketing tactics are often missing the mark.
Marketing on social media has become a phenomenon in the most recent years, and this is all down to the Millennial generation. Millennials spend their lives on social media, so instead of complaining about it, embrace it, harness it and use the power of social media for your own advantage. Interaction with consumers via social media creates a sense of authenticity, which is exactly what generation Y desires. They crave content driven media. The use of familiar terminology is also advantageous. Interaction should seem as if it could come from their peers as this creates loyalty. This further builds a brand-consumer relationship.
You may have heard the term omni-channel before, quite possibly directly from Thump. The digitally native world has concluded in 87% of Millennials using two to three devices at least once a day. Omni-channel experiences revolve around linking the physical and digital, and ridding of their divide. By combining the two together, you play straight into the hands (literally) of the millennials. Give them everything they need in the smartphone they clutch so dearly to.
As with any demographic, understanding is key. Millennials are fast movers, quick thinkers and being forever connected means it won’t be long until they can find something else. Be authentic and true, entertain them and ensure that Millennials feel that they are involved and their opinion matters. A brand personality could be the difference between a marketing success and a marketing failure to generation Y.