Marketing to Millennials
Everywhere we look these days we see more and more talk about the Millennial Generation and how they have not followed the same growth and life stage patterns of their predecessors. This shift in behavior has resulted in intense criticism by companies waiting for the generation to ‘grow-up’. Recently though, it has become clear this new style of consumerism is here to stay and finally has brands taking note and scrambling to change their marketing methods in order to better reach this dynamic generation.
About the Millennials
The Millennial generation definition has been recently updated to encompass people born from 1977 to 1992. (Previously 1980 was considered the beginning) and includes over 76 million people. That’s 76 million people currently in their 20’s and 30’s who are massive consumers of goods, services and experiences. Research shows Millennials are less driven by status and income than previous generations were and instead are more driven by feelings and emotions. Their personal identities have been shaped by the presence of choice, independence, and probably most importantly, technology. They are the most socially connected generation yet, their consumerism is most influenced by advice from friends and family, and they have been most affected professionally by the global recession.
For the love of Technology!
In order to best reach Millennials, one cannot ignore the presence and influence of technology. This is a generation that is engaged in constant social networking on their smartphones and tablets and displays strong loyalty to brands they feel good about and have a personal connection with. Therefore, it is imperative that marketers focus their efforts on mobile marketing and tap into the sense of social and emotional belonging. It’s not sufficient anymore to take standard marketing campaigns and also distribute them on mobile platforms. Rather campaigns need to be developed specifically for mobile and specifically for the millennial mindset.
CEB recently released an excellent infographic on this large and undeniably influential generation to help you get a better understanding of why the Millennials wont be changing anytime soon and how your marketing approach must change to meet them instead. Check it out and let us know what you think!
Source: CEB © 2014 CEB. All rights reserved.