What generation makes parenting choices based on feedback from people all around the world? While the Millennial generation still gets advice from parents and friends, they are influenced by people everywhere. This example alone should show how vastly different the Millennial generation is compared to others.
As an older member of the Millennial generation, who ages range from 18-33 in 2014, I can relate to all the different changes that have occurred in terms of marketing to our generation. And while everyone seems to have their opinion about our arrogance, intelligence, laziness or behaviors, companies need to start understanding ways to communicate with us because Millennials are “a generation of consumers 86 million strong– that’s 7 percent more than baby boomers — and they’re ready to spend money.” According to Ryan Donegan, “Businesses that don’t start tailoring their marketing to Millennials soon are missing out on a major consumer opportunity from a generation with an expected $2.45 trillion annual spending power by 2015; and that figure will surpass boomers’ spending by 2018.”
“If you draw correlations to the high education levels of this group, you might assume that their hunger for knowledge drives their choice of brands.” With access to so many tools right at our finger tips, Millennials not only like to talk about what they like and don’t like, they like to read about what others think. Expect this generation to “spread our bad experiences and faulty product reviews instead — you must fear the bad Millennial review. Word-of-mouth marketing is very much alive, bigger than ever, and it’s all online. Whether your business is ready to deliver, Millennials are demanding better service and higher quality.” We have now gone through two recessions, and know that money is something we need to be concerned with. So when we make decisions, they will be researched and informed, with a focus on quality for our money. “Whether supporting a cause, offering an opinion about a product, or simply giving their support to a political figure, Millennials know their voice has power—and they are wielding it.”
This means however that Millennials want to communication with the brands that seek our loyalty. “Despite spending roughly an hour a day on retail websites, tech savvy millennials also require more brand interaction opportunities than advertising, said Jason Baker, a principal at Houston-based retail consulting firm Baker Katz. “They’re more subtle in the way that they want to be marketed to.”
And where can you communicate with Millennials? “It’s increasingly important for brands to have a presence on Facebook, where Pew reports 81 percent of millennials have an account. Their average number of friends is 250, according to the survey, well above Gen Xers’ 200 or younger boomers’ 98. “This generation is the most word-of-mouth generation of any generation.”
According to Jamie Gailewicz, “Brands that have a social media presence, manage a user-friendly website, and engage their customers with relevant, fresh content have a greater chance to impact Millennial purchasing decisions.” Interaction and simplicity is key to gaining this generation’s loyalty.
And while many people’s opinions about this generation may be true, it doesn’t negate the fact that Millennials are the spending power generation of the future. The Baby Boomers are starting to be more concerned with retirement. The Millennials are just starting to enter the workforce. “To dismiss them as simply arrogant, lazy, or over-opinionated overlooks what makes them special and different from other generations. This group will challenge, expect more, and desire a better idea for how to live: Ignoring them may well lead to the demise of your brand. This generation is just realizing its purchasing power; as another decade passes, the brands they have built relationships with today will be the ones they are loyal to tomorrow.”
What do you think is the best way to communicate with Millenials Do you think marketing needs to change to better reach this generation?
Mom on Marketing 