Social commentator Mal Fletcher states that “Millennials aspire to marry the blue skies
thinking of the Boomers with the grass-roots mindset of GenX.” But what exactly is this
A millennial is commonly known as a person who has reached adulthood during the 21st century. The term is thought to be conceived by the likes of William Strauss and Neil Howe, authors of ‘Generations: The History of America’s Future, 1584 to 2069’, where they deem millennials to be individuals born between 1982 and 2004. These civilians have grown up in a time of fast paced change and thus tend to be tied to an electronic and social network world. This is evident by the notion that millennials send a median of 50 texts per day.
In the current day, the millennial demographic has well surpassed any generation, obtaining 92
million members in comparison to 77 million baby boomers. This large force in population has
the ability to create large amounts of revenue, the purchasing power is currently estimated to be
$170 billion per year.
Now the big question is, How do I catch the attention of a millennial who has tons of
stimuli going by them throughout the day?
Lets first start off with where to market. It’s been said that Millennials spend on average 17 hours a day consuming media. The shock factor continues as 71% of Millennials agree that they use social media daily. The fascinating aspect of this is that during this time, a person is not just on one media source, but multiple at the same time.
For example, during a one hour period, a Millennial could check Instagram for twenty minutes,
answer emails on Gmail for twenty minutes, check Facebook for ten minutes, then check Twitter
for ten minutes. Even though it was only an hour of exposure, there were many channels that the
person was exposed to. This means that not only should you attempt to create a marketing
scheme which is evidently different than your competitors, but you should also take advantage of
marketing on multiple channels of media.
For example, if you are a sock company with an 18 to 24 year old female demographic, utilize social media influencers who you know also share your same demographic, as they will have the ability to spread your product on multiple platforms. The influencer and blogger can also create a feeling of organicism, something Millennials love, as they have already created a trusted bond with the person whose content they view. The bond and trust evidently creates the notion that if this person enjoys the product, they likely will too.
Because there is such a plethora of stimuli out there it can be common for companies to make the mistake of taking a general approach to marketing. Even though this may seem less time consuming, the drawback is that there is a lack of personal connection. Millennials tend to positively react to marketing strategies which feel marketed towards them. For example, the trend of tailored marketing has been on the rise. An example of the tailored marketing would be FaceBook’s targeted ads. They successfully track a user’s browsing in order to match up the consumer with products they believe match up with their interests. This makes it much easier to connect, as the Millennial demographic is so large and diverse that its difficult to market for the whole entire group. This is why it is also important to have a clear demographic within the
Even though Millennials seem to be a sweet spot for heavy spending, there have been
studies done to show that yes Millennials do like to spend money, but seek out more of what
known as a sharing economy. The sharing economy focuses on the notion that Millennials are
more interested in access than ownership. Examples of this are rideshare services like Uber and
Spotify create an ability to still enjoy services used everyday, but don’t take the commitment that
is associated with owning a car or buying music. The takeaway from this is that in order to draw
a larger scale of millennials to a larger demographic it must be seen as both easily accessible and
lack a feeling of permanence.
Even though it can be scary to attempt to market such a large audience, know that if you
have the passion and commitment to your brand people will see that. That is another major
influence over the Millennial decision, a feeling of both passion and commitment. This
authenticism will shine through, if you let it. The last thing you need to remember is a quote
from social media expert and entrepreneur Melonie Dodaro, who states that ‘People don’t care
about your business. They care about their problems. Be the solution that they’re looking for.”