We already know that Millennials, or “Gen Y,” are tech savvy, connected, self-centered but, socially-conscious, and educated. And they love to spend. This makes a lot of sense, given that they grew up during one of the most prosperous and stable economic periods in American history. This makes them resilient and optimistic about their futures. Despite facing a shaky job market and a diminished value in their education, they see their future bright and full of success.
With 80 million+ strong, a current $2.45 TRILLION purchasing power, and an anticipated growth from 44% to 75% of the workforce globally by 2025, it makes sense why so many brands are interested in marketing and selling to this generation.
But, often, they’re the ones controlling the conversation. So how do we separate fact from tech-savvy, millennial-generated propaganda? The answer is research. To better understanding a millennial, how they behave, and whether or not you should be selling to them, one needs to take a closer look at your own data. We’ve done proprietary market research and countless presentations on Millennials. Therefore, we have a great grasp of this nebulous, misunderstood demographic
Below you’ll find 10 tips on Connecting with Millennials obtained from a variety of sources and our own research.
- Millennials are the most ethnically diverse generation to date. They are bilingual and multi-cultured. Therefore, using mixed languages in advertisement is proven to reach this audience more effectively.
- They’re weary of marketing. You can’t fool them with an unauthentic wide-brush approach. Marketers should respect the subgroups and genuinely get to know them.
- Millennials want to be wined and dined before they buy. Therefore, less “pushing” your message through advertisement and more “pulling” and interacting through social media. They want to learn about your brand from other consumers. Be social!
- Some of these subgroups are contradictory, so it’s important to know who your specific target is. Do you want the experiential, foodie type? What about the convenience Millennial? Or is your target more of the health-conscious group? One communication message might not be best for all.
- They are globally conscious, with 89% saying they would switch to a brand who align with a cause.
- They spend their money on “experiences” rather than things;I.E.: concerts, fun runs, wine trains, zip lines, etc.
- Millennial Men like to shop too! Shopping frequency (in apparel) was higher,38% Millennial men versus 10% Non-Millennial.
- Do you have a loyalty program? They love to be rewarded. They want to interact with their brands.
- Think Mobile! In the second quarter of 2014, 85% of millennials ages18-24 and 86% ages 25-34 owned devices; and they do almost everything on their phone – shop, communicate, research brands, and more. Be sure you have a mobile friendly website.
- Connect with them “IRL.” Sponsor events, run promotions, don’t abandon brick and mortar storefronts but experiences in these places. According to Forbes, 55% prefer face-to-face interaction vs. 35% email/texting.
If you are interested in learning more about our market research services or would like to use our leading edge market research facility in Houston to conduct your research or host your focus groups, contact ConneXion Research today.