Millennials (ages 18-33, approximately) are stereotyped as being lazy, arrogant, and carefree. Young people are obsessed with the idea of becoming instantly famous, which contributes to the growth and popularity of social media with this generation. Impatience is prevalent and expectations reflect this.
Millennials are the largest generation in the United States and a huge market for companies to tap into. If anything, millennials changed the marketing game by being so attached to the online world. Because of this behaviour, companies had to make a very quick transition to selling product online.
That’s all old news now; the real question is what are millennials going to dictate next? The general attention span of a millenial is limited, but they are aware. Transparency is very important to this generation. I mean, I think transparency is important being at the tail-end of that generation. Since millennials have become more conscious spenders, they see through any gimmicky marketing techniques that attract their attention. Therefore, it isn’t enough to use traditional marketing marketing techniques and slogans; creativity and original content that creates conversation is idea. Building relationships is a key concept here. Converged digital marketing is a great example on effective online marketing to millennials.
But first let’s determine how a millennial makes a purchase decision.
Some studies say that millennials continuously spend more than they make and other studies say that millenials are frugal and careful with their money. Personally, I think it’s a bit of both, with a slight lean towards the latter. Millennials like to enjoy life and don’t see anything wrong with spending some money for personal use. However, the middle of the generation experienced a huge economic downturn in North America during the 2008 recession. I believe that this period of time made millennials more aware of how current spending could affect their future options.
There are two factors that I take into consideration when making a purchase: quality and incentives. I have great relationships with businesses that value me and provide me with a product that makes a difference in my life. And there’s not much more to it than that.
And here’s my favourite infographic that sums up marketing to millennials.