What is Millennial Marketing
Hi all. Today I will be talking about this term I use that might not be clear to everyone from the first sight, but I feel so very passionately about. We all have a pretty good idea of what traditional marketing entails, but millennial marketing? What does she mean?
(Note: there is an overwhelming number of different hypothesis as far as the date range for this generation, so I encourage you to do a bit of your own research here.) They are often called “echo-boomers” as they are typically children of Baby Boomers and due to a massive surge in birth rates during 1980s-1990s.
There’s a ton of diverse both positive and negative “press” on millennials, but everyone agrees that they are VASTLY different from Gen X and the Boomers. They think differently, have a different set of values, make decisions based on different factors, and live vastly different lives. It only makes sense that they also make their purchasing decisions differently, and the old-school advertising might not fly as well with them as it did before. And it does not.
The biggest generation in history in the most involved age of economic activity. That calls for some research, and here are some cool data points:
- 73 million millennials in the US alone
- 2 billion millennials worldwide
- 1 million millennials become mothers every year
- Millennials accounted for 82% of U.S. births in 2016
- Millennials constitute 35% of US workforce
- Millennials are 262% more likely to be influenced by a mobile app
- 36% of millennials rely on their parents for financial support
- Younger millennial medium income – 25k
- Older Millennials medium income – 48k
Now let’s take a look at what makes millennials so different from Boomers and Gen X, what their values are, and what motivates their decisions. As that will later impact how we approach them in the marketplace and how we tailor our marketing. Over the years of working with millennial market and extensive research, here are some main points I would like to highlight.
- Live online Do they own research. Online. 🙂
- Believe in a cause and want to associate themselves with brands that have a larger “why”
- Will pay more for a brand that has similar values as them, acts in integrity to those values, and supports a cause
- Expect direct connection via website / social media
- Expect quick direct responses Expect speed, convenience & integration
- Value openness and transparency on the market
- Do not trust governments and big corporations
- Are fully mobile – work, schedule, buy, entertain themselves through their mobile device
- Value themselves and their opinion over the societal norm
- Conscious of self-development, invest in themselves
- Spend money in accord with their values: where they buy coffee, what house cleaners they use, where they shop for produce – all has to reflect what they believe in and what they stand for
Much different from previous generations, aren’t they? (we:) – I am a proud millennial myself) So the old-age advertising, persuading that one product is better than another is simply redundant with millennials. As they will take the information you provide and do their own research to make an informed decision. But if you do not stand for something larger than yourself, they might not even bother to pull out their phones to look you up. If you are not completely transparent and resonate with them at the core, they might skim over you as they do not see any value in giving you their attention. Much different from a traditional marketing model.
So how exactly do we do that? Next Monday I will break down exactly how millennial marketing works and what are some tools and strategies that can help your business thrive in millennial market. I hope this was helpful for your understanding of the current market and marketing within such conditions. If there’s anything else you would like me to cover in the subject, let me know in the comments below.