At the end of last year I had a look at the various generations from Baby Boomers to the Millennials. We tried defining them and looked at their wine consumption and spending patterns.
Reading this interesting article, The rise of the Millennials, over the summer holidays and with them making the cover of Time magazine in 2013, I thought they might be worth another look.
So what is it that makes them so special?
My blog in August quoted a Drinks Business article “Millennials are drinking more wine than previous generations of young consumers, which is forcing the wine industry to rethink its marketing approach.”
But Millennials do not only like spending on wine.
According to badgeville.com, they are living life! They might be living with their parents, but they spend more on travelling, shopping and dining out than other generations – even though they might not be earning more.
Bank managers might be uneasy with such liberal spending, but it is of course what marketers love – people who are willing to buy! It might sound like they are an irresponsible lot, but to me it seems that they have a certain optimism. According to research, this generation although in general over qualified and under employed, have high expectations and are quite demanding in the work place – placing a high value on their own worth. They expect promotions and good salaries and gone is the ever-loyal employee – they expect to move on to another job within 3 years.
“95% are motivated to work harder when they know where their work is going”
While from the perspective of a Baby Boomer it might seem that this generation has no loyalty, they are loyal to brands – brands that offer them good deals, that court them and treat them.
Marketers should definitely have a specific strategy focusing on Millennials. They like to spend on luxury goods and lifestyle elements and they like to talk about it on social media. More than only selling to Millennials, they can be used as an extension of our marketing efforts, especially because of their effective online communication.
- “84% report that user generated content on company websites at least somewhat influence what they buy”
- “55% share their bad experiences”
- “63% stay updated on brands through social networks”
So, that is the next important element to keep in mind about Millennials. They are expert communicators on social media. Do not only talk to them, talk with them and do that using social platforms. Social media is such an important part of their lives that “56% won’t accept jobs from companies that ban social media”.
- “46% count on social media when buying online”
- “58% of mobile shoppers are Millennials”
- “53% said they would rather give up their sense of smell than give up their technology”!
So as a marketer, what did I learn from my holiday reading.
- The Millennials are a very important market.
- They like to shop and indulge in luxury and lifestyle products – so our job is half done!
- Without a strong online and mobile friendly presence, you will miss out on their purchasing power and their online “word of mouth”.
- Being part of a big company or established business is not that important to them – confidence in the brand is.
- Ensure that your brand stays true to its quality and values.
Your online reputation is crucial.
In general these pointers are important for all brands and all markets, but never has it been as important as when targeting the receptive Millennial audience and the current “participation economy”.
And while the Millennials might be a marketer’s dream, just in general I think we can do with a young generation of optimistic and confident people.