Marketing To Millennials Is A Really Big Deal

Millennials use social media to shape their digital identities and avoid overly promotional brands

 

There was a time when our primary marketing conversations centered around attracting Baby Boomers. Today, when brands have conversations about how to generate new revenue for the business, it’s difficult not to include the 23 percent of consumers who make up the U.S. millennials market.

Marketing to millennials is a big deal. It’s the largest generation since the Baby Boomers. But unlike Baby Boomers whose income looks to decrease over the next few years, millennials are just now entering their prime earning years. Projections are on target to hit an annual spend of $1.4 trillion by 2020.

But there’s a catch. Just because millennials will have the money to spend, does not mean that they’ll spend it with you. Let’s take a closer look at millennials. Who are they?

Digital Natives

Millennials experience more of their lives online than any generation before them. In fact, many refer to millennials as the first digital generation. And for good reason. Born between 1980 – 2000, they grew up smack dab in the middle of the rise of the internet.

They rely on technology to keep them connected and carve out their personal brand using social media. They favor mobile devices to consume content. And millennials have ingeniously leveraged the power of technology to pioneer peer to peer commerce, more commonly known as the “sharing economy.”

Authenticity Barometers

Millennials have a reputation for being less brand loyal and easily distracted. But this cohort is a hybrid. They understand what being loyal to a brand means. Their parents and grandparents, for example, only drove Ford trucks and bought all of their appliances at Sears.

But the Internet opened up a new world for millennials. Now even those in small towns have access to brands around the globe that cater to their need for customized experiences.

And that’s what millennials are looking for – brands that understand them and can deliver the good or service they seek in a way that resonates with them.

They desire authentic, meaningful experiences and a deeper connection with brands. They don’t like to feel like a walking dollar sign or a label for that matter.

Social Media Enthusiasts

Millennials, in general, spend a considerable amount of time on social media. They expect to find their favorite brands out there, not only for coupons and deals but also for shaping their digital identities.

And Millennials are thoughtful about the brands they align with on social. They consider everything from the value of the content shared and customer service, to that brand’s view of corporate social responsibility and politics.

They also use social media to share and read customer views of items they are considering purchasing, trusting user generated content 50% more than any other media.

The Wrap

Millennials are a force to be reckoned with. And in many ways, the demands they’ve placed on marketing has improved marketing. Brands are now more thoughtful in their approach, more authentic in their messaging, and more creative in their attempts to reach new markets.