Forget about the Baby Boomers. So yesterday.
Today’s news is all about the Millennials. They have surpassed Baby Boomers in terms of sheer numbers and now make up the largest generational group. Their entry into the world started in 1980, so the first waves are “grownups” with spouses, kids, dogs and yes, money to spend. Also called Generation Y, Echo Boomers, Gen Next and Baby Boomlets, this generation closed out its membership in the year 2000. So, the last surge of the delegation will officially enter adulthood before too long.
… they are on the lookout for coupon codes and the best values for everything from small retail or grocery items, entertainment consumption, major life purchases or credit card perks.
As with every generation, they have carved out a niche of specialty features. In general terms, they are more likely than other generations to have the following characteristics and commonalities.
Millennial Traits
- Multi-taskers
- Technologically literate
- In need of feedback and recognition
- Coddled
- Educated
- Living at home longer
- Job hoppers
- Insistent on work-life balance
- Team-oriented
- Delaying family
- Used to diverse environments
- Social media savvy
- Economical spenders
Though it’s easy to come up with a list of traits, it’s important to dig deeper to find out the meaning beyond the bullet point. For example, Millennials are multi-taskers. Data also shows they are less likely than others to change channels during a commercial break of a television show. But, you cannot make the leap and assume this means they are absorbing or even viewing your advertisements. Translation: a commercial break is a signal for them to open their iPad, reply to an email, browse the internet, open Instagram, play a round of Clash of Clans or text a couple of emoji messages.
What’s a marketer to do to reach this elusive clique?
It’s not impossible and the rewards will reap benefits in terms of their purchasing power and their loyalty.
… Their overwhelming preference is for online shopping preceded by lots of research via review sites and recommendations from friends.
- Be honest and personal in your approach. It is very important for Millennials to be respected and feel like you are reaching out to them.
- Although Millennials enjoy the finer things in life and are happy to have their parents treat them to luxury items, they are much more careful, if not frugal with their own money. Whether they have a few bucks or whether they are overwhelmed in expenses such as student loan debt, they are on the lookout for coupon codes and the best values for everything from small retail or grocery items, entertainment consumption, major life purchases or credit card perks. Impulse items – not so much. They need to research it first, even if it’s a quick Google search at the checkout counter.
- Have a real purpose. Make your product more than just an object, show in a genuine connection to an issue: world peace, health/nutrition/exercise, the environment or whatever your company is truly concerned about.
- Their overwhelming preference is for online shopping preceded by lots of research via review sites and recommendations from friends. Word of mouth is big. With this is mind, you should have systems in place to respond and listen to review comments.
- Allow them to be interactive with you in whatever format it makes sense for your product or service.
- Make sure your campaigns are social-media ready. Millennials are spending quality time on YouTube, Instagram, Twitter, Facebook and Snapchat.
It also helps to know what is out. Traditional methods such as radio spots, print ads and direct mail are not generally effective, seen as too mass-market and not personal to their needs.
This is prime time for millennial spending so do your research on them, as they will certainly do on you.
Leisa Chester Weir
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