Millennials. They are the most talked about generation and the topic of so many debates.
Born from 1981 to 1996, this demographic group is said to have surpassed the Baby Boomers both in numbers and spending power. Though sometimes referred to by other generations as “spoiled”and “lazy”, this generation is also described as young, hip and tech-savvy.
But the question is, how powerful are they as consumers and what makes this generation so important for brands and advertisers?
Millennials In The Workforce
Most millennials today have or are entering the workforce to build their careers. While some of them might be finding their footing amongst the burden of their school loans, others are beginning to climb the corporate ladder, set up their own business ventures, or trying to make a name for themselves online.
The truth is, although this demographic group, larger than any other generation, is trying to find their way through the labour market; some underemployed and many heavily indebted, they are a generation that likes to spend.
Spending On The Good Stuff
In today’s digital age, millennials are exceedingly accustomed to the instantaneous world of online – for information, purchase and experience. They love to research new products and brands, and are inclined to try new things – but don’t be surprised, they are not easily swayed and can be guarded with their money. Millennials spend when it matters – on products and services they and their peers perceive as valuable, and companies they believe in.
Work For It
Some may say, millennials have spending habits that will make our ancestors shake in their graves. But marketing to them involves a much different approach than traditional marketing, companies must work twice as hard to get the attention of this demographic group.
This generation is loyal to companies who recognize them as individuals, not as numbers, and interact with them through channels that are important to them, social media ranking high on the list.
Advertisers have to be creative if they want to spark a conversation with this group. It’s not about mass marketing – advertising to millennials needs to be personalized. If you are selling to them, you need to care about what they think. It is important for this group to feel valued and important, so don’t focus on the numbers, rather emphasize on how significant they are, as individuals – if you do this right, your on the path to get their loyalty.