There is an interesting devotion to Millennials. Depending on whom you talk with, characteristics, statistics and facts on the “species” vary from source to source. Millennials love to spend. Millennials are more conservative than previous generations. Millennials are lazy. Millennials are more entrepreneurial than generations before them.
To help others better understand this generation, global investment banking powerhouse, Goldman Sachs, conducted its own research and created an interactive infographic dedicated to Millennial statistics. (Understandably so, being that this research greatly benefits the financial industry.) According to the research, Millennials are projected to “reshape the economy.”
Unfortunately, one thing that Millennials won’t reshape anytime soon are the stereotypes. “Entitled”, “tech-savvy”, “adaptable”, “spoiled”, “innovative”, “independent” – whatever you want to call them – the stereotypes are not going away anytime soon. And brands either greatly relies on them now or could in the near future.
Even though Millennials are labeled as the most brand-loyal generation, it can still be a head-scratcher when it comes to effectively marketing to them. How do you get them to purchase your product, use your service, engage with your brand or, better yet, become a brand devotee?
The first step: Identify what kind of Millennials you’re trying to reach.
The generation currently ranges from 18-34 years old. Talk about varying characteristics, lifestyles and life stages. Clearly, all Millennials are not of the same breed or fall from the same tree. The generation is segmented. And the best way to effectively reach them is to understand which segment(s) to tailor your marketing effort to. (We can help with that.)
Google “Millennial Segmentation” and you’ll discover a slew of categories equip with descriptive definitions. I like to think of the segments as: Extremely Millennial, Sometimes Millennial and UnMillenial. I’ve found home in the Sometimes Millennial segment. To be honest, 85% of my screen time is work-related. I don’t have cable, Netflix, Hulu or HBO Go and rarely watch TV. I’m on Facebook sometimes and use Instagram often. When it comes to my phone, I figure, the fewer apps the better. I prefer calling, but also text a lot. On either extreme of that, there are Millennials that refute social media and its entirety, while others cannot unplug at all. Ever. From any screen.
The second step: Reshape the way you market to this audience.
Because of the segmentation, you don’t always need to dump all of your marketing dollars into the digital advertising bucket– leverage digital with some traditional advertising to effectively reach the Millennial audience that isn’t, well, 100% Millennial.
Tap into the perspective life stage within the generation, you’re trying to reach. The “older Millennials” are starting families and receive information different than a recent college grad.
The third step: Watch your marketing pay off.
Carefully-crafted advertising targeted to, not just a generation, but a lifestyle and life stages, well that’s either #priceless or priceless. You decide.