20/09/2016
‘Millennials’ – the advertising buzzword, creating a never-ending head-scratch for marketers across the globe. Millennials, millennials, millennials – how can we market to this lucrative generation?
Wait, first of all, who are millennials and why do they matter? Millennials, or Generation Y, are the those born from 1982 to 1997, so today’s 18-35 year olds (and yes, I am one). We matter because of our credentials; nearly 50% of millennials have or currently are attending University, making us the best-educated generation yet. We are the most tech-savvy generation with computers becoming a household necessity during our childhood, and according to almost every study conducted, we are the most tenacious, ambitious and information-hungry generation yet. Okay, so I’m a little biased, but you can’t argue with stats.
As a generation we struggle to say no and prove to exhibit liberal spending habits (tick, sorry bank account). We are constantly on the lookout for the latest upgrade (not the iPhone 7 though, that’s pants) or the nicest meal to post on Instagram.
So why aren’t you making us your marketing priority?
Well, while we spend more money, inflation has not increased in-line with wage packets so we’re also more likely to spend time researching the best quality and price for the product we’re seeking to purchase. A lot of industry professionals talk about the difficulty of marketing to millennials and perpetrate questions like ‘how can you sell to a generation so tech-savvy, that are desensitised to advertising’? Personally, I think it’s far easier to market to a group that’s looking for the best, opposed to a noncommittal, blasé audience – because at least you have an angle.
It’s simple really, if we are your target audience then make us your priority and tailor your marketing efforts to us. Research our spending behaviour so you know when to market to us; study our topics of interest so you know where to advertise; analyse our lingo so you know how to sell to us; and find out what we care about, align your company or product with that, and we’ll want to buy from you.
There are, however, a few misconceptions about millennial spending behaviour that need to be addressed.
Myth 1: Millennials aren’t Loyal Customers
Yeah, we’re often cited as being tremendously picky bunch. But, that does mean that we pay far more attention to your advertising, your brand and the narrative you are telling. We, like any other generation, will be loyal to good customer experiences and quality products; nobody wants to waste time shopping around, we have socialising to do.
In fact, according to Experian Marketing Services’ Mosaic for the USA, older millennials with mid-scale wage packets are actually 2.5 times more likely than the average customer to want attention from brands, customer service, quality relationships and exhibit loyalty.
Personally, I have had my phone contract with the same network provider for 10 years; I started with Orange and stayed with them through their merger to become EE. Why? Because I’ve always experienced fantastic customer support when breaking or losing my handset, and an easy upgrade transition – I’ve no need to look elsewhere.
Myth 2: Millennials Only Buy Online
Incorrect. This is not true. While we will use our tech-savvy qualities to extensively research a product or
service online, that doesn’t mean we have abandoned brick and mortar shopping altogether. Anything of real value should really be vetted in the flesh before purchasing.
I would however recommend having a stellar website, because we will judge you on that. If the quality of your website is poor, what does that say about the quality of your products?
Myth 3: Millennials Are Cheap
I discussed this earlier, we earn less and spend more but prefer quality over quantity. Saying we are cheap just simply isn’t true; we’re strategic. Millennials are the generation that’s moving away to University, kitting out first homes, organising weddings and having children (well, most of us anyway, sorry mum). We are the generation with the most reasons to spend.
Obviously, if you own a private denture repair clinic then millennials probably won’t be your main demographic, and this blog may have been a monumental waste of your time – but the main principles still apply to any business or organisation. Research your audience, find out what they want and adapt your marketing to make your product or service become it.
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