Marketers salivate at the mere mention of the millennial generation. According to GenerationY.com, there are 1.75 billion millennials in the world, with a multitude of consumers in the group.
The challenge for marketers is to capture the essence of this generation by knowing how they think, not only as a group, but also as people.
Millennials are different from earlier generations in terms of their beliefs and their workplace experiences. They have greater access to more information than any previous generation.
The Internet defines them. Social media consumes them. Communication connects them. Success often hinges on the fragile yet powerful buzz that can either make or break a brand.
The foundation for marketing to this $1.68 trillion group comes from understanding their values, rethinking the elements of the traditional marketing mix, and re-defining customer service. Understanding millennials characteristics is essential knowledge in the modern workplace.
The confluence of the recession, the late start on careers, and their unrealistic optimism about their future world, yet realistic assessment about government retirement programs, give this generation one more defining characteristic: they’re careful with their money.
Bloomberg BusinessWeek (April 25, 2014) states the average annual salary ($34,500) of a college graduate with a bachelor’s degree today is the lowest starting pay in the United States since 1998. And that same graduate owes an average of $30,000 in college loans. These consumers buy what they need, and what they want, but they buy more cautiously.
Millennials are used to working together and making friends with people at work – they will continually need Social Media
Millennials’ buying preferences include trusted sources, best value, convenience and a unique shopping experience. Companies that want to attract this group need to create a positive buzz through the use of technology and the social media sphere. Finally, make sure the social media conversation is ongoing and consistent. If you’re not talking to them, someone else surely is. Build value by educating them about benefits. In other words, show them how using your product/service saves money or will last a long time. Help them to continue to feel good about their purchase by making sure your company has a good global reputation, by building excitement, and by facilitating the conversation.
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