Everyone is talking about them! And no, they are not just the “selfie generation.” This dynamic, ball of fire generation spent close to $226 billion in 2015 according to a Hotwire/Harris Poll. And by 2020, experts at UBS predict that the 18 to 35 age group will likely have a buying power worth $31 trillion!
As brands compete fiercely with each other to get to market their products and services, to the Millennials, it pays to know what behaviour traits characterize this highly diverse group.
In fact, diversity is the key to understanding the Millennials. While they are different, there are some major traits that most studies have identified are common among them. We’ve put those facts and stats together to ease up the work of marketing to the millennial generation.
Fact About Millennials #1: They are devoted to their mobiles:
With the Millennials, smartphones are a way of life and as much an integral part of their routines as water, food or clothes are. 50% of Millennials need constant internet access even on the go. Smartphones are also the most preferred channels for browsing, getting news updates, validating a product, making a purchase, and for interacting socially. While marketing to millennial, the primary requirement is to offer content which is mobile-friendly, it is also important to note that Millennials do consume content across multiple devices. More than 55% of Millennials watch videos across multiple devices, multiple times of the day and 72% of them seek information and news from more than one device.
Work out a multi-pronged strategy to capture the audience with focused marketing on tablets, desktops and mobiles. And while you are at it, keep it consistent! A study shows 60% of Millennials appreciate and expect consistency in engagement across multiple devices and both offline and online.
Fact About Millennials #2: They seek instant gratification:
The “digital natives” are an impatient lot. They have little time for explanations and detailed narrations. Speed, convenience and instant gratification are what they look for. When shopping, the Millennials prefer the ease of navigation on the websites, fast delivery and efficient service.
A study by Razorfish and Digitas in collaboration with Yahoo and Tumblr shows 54% of Millennials are likely to appreciate and engage with content if it is brief and entertaining! With disappearing attention spans, one of the many marketing to millennial trends suggests marketers to focus on making their content funny, brief, unique and informative. While that may sound like a tall order, many marketers who have done so, are reaping rich rewards.
Fact About Millennials #3: They are entrepreneurial and believe in causes:
According to the report, a majority of Millennials want to be entrepreneurs. They dislike the drudgery of regular dawn to dusk employment. Although 19% of Millennials admit money as the top measure of success and would like to focus on making money, they believe in social causes. Millennials also identify with causes such as reducing carbon footprints, preserving the environment, achieving zero waste and better focus on health.
Also, while they earn more than the baby boomers did, they spend differently than their predecessors. A BLS Consumer Expenditure Survey shows Millennials are not spending all of the extra money on expensive dinners or on exotic travel destinations. Education, housing, healthcare, and social security are the key areas where the extra expenditure is focused on.
Marketing to Millennials is clearly more than just selling brands or products! A Goldman Sachs survey shows for Millennials, just being a well-known brand does not cut it. A majority of Millennials disagreed with this survey when asked if a brand is the only influence on their purchasing decisions. A majority of this age group is looking for value for money and quality that goes beyond the brand name.
Fact About Millennials #4: They love social media but also have a life outside of it!
Close to 34% of Millennials who were surveyed in the Goldman Sachs study said they turn to social media for making purchase decisions. Millennials may spend more than three hours a day on social media platforms, but they also have an active life outside of it. New experiences, adrenaline boosters, and adventure are some of the things that Millennials crave. And of course, Millennials love “lifecasting” where they indulge in activities that allow them to showcase them on favourite social media channels.
Fact About Millennials #5: Technology is not something new!
What is impressive technology for the boomers, is just part of the life for the Millennials. Internet of things, artificial intelligence, virtual reality or augmented reality are things that this generation is already familiar and comfortable with. They also adapt to new technology faster but what brands should focus on is to make the new technology more user-friendly and convenient.
To target and leverage the buying power of Millennials, it is important for marketing professionals to separate the myths from reality! The generation of smart youngsters with their unique characteristics, deserve respect and careful attention as they come on their own!
Looking for more exciting insights and the latest research on marketing to the millennial generation? Head to the Millennials Marketing Conference