Remember the baby boomers?
They were the big proud, vocal generation who made things happen. A powerful force for creativity, innovation and change. But the boomers are so over. They’re dying and running out of money, their purchasing power significantly diminished.
They’ve been replaced by the millennials, who are now the nation’s largest living generation. Research suggests that millennials have an estimated $200 billion worth of spending power, but reaching this audience requires a different approach than what we used to reach the baby boomer market. Millennials are more digitally connected than any group in history, and they expect a more personal relationship with the businesses they support.
- An estimated 91% of millennials are regular Internet users. No surprise here–they’re connected 24/7.
- Because millennials are so tied to their connected devices, some have begun referring to this demographic as Generation FOMO–Fear of Missing Out.
- They use a combination of smartphones, tablets and laptops to access the web for everything—information, shopping, reinforcement, entertainment, news and social media.
- Millennials don’t want to be told, they want to be spoken with, to make a personal connection. They want to know about the people with whom they’re going to be working.
- Think immediate information delivery and impatience. Millennials have been raised on social media. They’ve been trained and have come to expect short answers with even shorter waiting times.
- They’re skeptical. Millennials google everything to check for accuracy.
- They don’t do anything without validation, asking their friends’ opinions, relying on market research and reading reviews before purchasing.
A big misconception about millennials: They are young and immature
While the demographic still skews young, they are growing up and many now have children. Remember that their tastes and needs will evolve, just as they have for the boomers and other generations. Staying on top of these changes is going to be important.
Another misconception: They avoid traditional media formats like TV and magazines
- Magazines are reemerging among millennials as the preferred screen for beauty categories; the group views magazine reading as a luxury or reward.
- It’s an oversimplification to suggest that millennials don’t watch TV. They are powerfully drawn to TV for big events, sports, premieres and finales.
- Millennials are motivated by a desire to engage in social conversation (FOMO).
Reaching the millennial market: Cause marketing
One way to reach millennials is by aligning your brand with a cause. Millennials love social issues and are likely to select brands and products that support them. Think TOMS Shoes, for instance, which millennials love—buy a pair of the fun, comfy TOMS and they give a free pair of shoes to a needy child.
Most important, if you want to get the attention of millennials, you’ll need a multichannel online presence that is authentic and inspires trust.
If your online presence isn’t compatible with the needs of millennials, it may betime to update your website and integrate your messaging across your all of your online channels. This demographic is here to stay. Talk to us at Top of Mind Marketing: Writers and digital marketing specialists.