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What exactly is the millennial generation? The term ‘Millennials’ has captured the attention of marketers for several reasons. Why?
Overview
The term ‘millennials’, also known as Generation Y or the Next Generation, is usually considered applying to individuals who reached adulthood around the turn of the 21st century. We can find several definitions, but according to many sources, millennials were born between 1980 – 2000. The younger millennials are in their 20’s and are now graduating from college and entering the workforce; the eldest are in their mid-30’s, and they are buying homes and starting families. That’s why millennials have a huge buying power, and they are one of the most interesting targets in the market.
Designing marketing strategies for millennials is not easy. Many companies are failing the attempt due to a lack of knowledge about these young adults. Defining people by their birth years can seem an oversimplification, but here are some keys common to the millennial generation.
1. Forever connected
Millennials have grown up with the internet and smartphones. They are heavy mobile phone users. If you want to influence this generation, mobile is a must, but that’s just part of the equation. You must get the message right as well. Brands would have to maintain constant communication with millennials.
2. A sharing culture
They are influencers, and they focus its attention on influencers. Millennials share their thoughts across social channels. According to them, friends are the most credible source of product information and would consider buying a product recommended from a friend.
3. Getting more out of less
Lower employment levels and smaller incomes have left millennials with less money than previous generations. Nevertheless, they made more purchases and go out more than any older generation. It would seem there are savvy consumers, or it’s just that are they looking for less expensive experiences?
4. Socially conscious
These young adults are concerned about social and environmental issues. Millennial consumers rally behind socially responsible companies.
5. Practical and results-oriented
A strong brand isn’t enough to encourage millennials to make purchases. They have a different relationship with brands, and they claim to dislike advertising. Millennials have all the tools necessary to find what they’re looking for, so don’t try to entice them only with commercial spots, they will go beyond.