Millennials comprise a significant percentage of your market these days. This young generation is three times larger than Generation X and bigger still than the Baby Boomer generation. As the Baby Boomers retire and the Millennials assume more workplace leadership roles and decision maker positions with buyer power, it’s more important than ever to understand the upcoming generation and how to market in a way that will speak to them.
The Facts About Millennials
Born between the early 1980s and the early 2000s, Millennials share common attitudes toward technology, data privacy, and rewards that may change the way you market. Keep these facts in mind when making your marketing plan:
* Millennials consider friends to be their most reliable source for product information. As many as 95% of Millenials rely on friends for product advice.
* Online advertising doesn’t cut it for Millennials. 94% of them don’t find advertising credible.
* Information exchange for a deal works half the time. 51% of Millennials will give a company information if they get some kind of incentive in return, and 56% will share their location in return for coupons from a local company.
* Incentives for social media connections work. Approximately 65% of Millennials will follow a brand on Facebook or Twitter for a coupon or discount.
* 5 out of 6 Millennials connect with brands they like on social media.
* Millennials are the most well-educated group of young adults in U.S. history. 1/3 of 26-33 year olds have a college degree.
* Over 85% of Millennials own smartphones, and they touch their phones an average of 150 times a day.
The most important thing to remember about Millennials is that they don’t identify as a group. If you treat them like individuals with shared experiences, you will get much farther with your marketing message than if you lump them into one group and assume everyone in the generation thinks identically. Many millennials don’t care to conform to the standards of a traditional nine to five environment. They don’t necessarily conform to the suit and tie wardrobe and prefer more casual settings. If you sell to them like they are individuals who are more than capable to learn on the fly and handle an assignment, than people who need to be told what and how to more forward, you will reach more of this market.
Learning, independence, and creativity are keywords to keep in mind when talking to that a millennial.