Marketing to a diverse generation

Most folks believe that the millennials are one single (entitled) entity of young adults between the ages of 18 and 34. And this would be somewhat incorrect. They are not a single entity—they are, in fact, incredibly diverse. Different cultures, different personalities, along with some very different interests.

Back in early 2014, a study by BCG showed that Millennials account for $1.3 Trillion in direct annual spending. Tapping into this money-spending generation is not just about targeting one life-stage—it’s about targeting various social groups. While they do spend money, they’re very frugal about which brands they spend it with.

One thing the millennials have in common is that 85% of them are mobile (smartphone) users. These folks are tech savvy, digital natives who are expected to spend more money on their lifestyle and entertainment habits than any prior generation. That’s a big opportunity for your brand.

mobile market share

Millennials also engage much more extensively with brands than older consumers do, and they expect a two-way marketing relationship. They are all about reciprocity. (A study by Trendera noted that millennials also expect brands to engage and respond in a matter of minutes—not hours.) That’s not entitlement, that’s an acute understanding of their power as consumers in the social media world. They’re reshaping and redefining brand/consumer relationships. It’s time to enjoy the ride.

Milliennials form strong attachments to social identities, so it’s important to remember that marketing to this audience means you have to have a clear and engaging voice, your engagement needs to be on-point, and you need to have a number of social touchpoints (including an optimized mobile website) that offers them value. A value that is appropriate to their social groups—and not their life stage.

Want to talk millennial marketing strategy? To find out how to create a responsive millennial social ecosystem for your brand—give us a call.

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