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.
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.