Today, in 2015 Millennials
make up half of the workforce and by 2020, they’ll make up 75%. Just given the
sheer number of Millennials in the workforce, we’ll see lots of changes.
Millennials
are self-focused and at the center of their own global communications. It is
vital for them to have a positive self-image while finding a sense of belonging
when purchasing consumer goods. They desire self-preservation and a personal
connection to a product or service. Yes, you are “right” Millennials take more selfies than other generations, labeling them the
“selfie” generation seems to miss the mark, especially as it relates to their
attitudes around identity and lifestyle. The number one value to this
generation is happiness and they
approach their futures knowing they have several options in front of them.
Marketers are disconnected when marketing to Millennials. They
have misunderstood Millennials, in part, because Millennials aren’t
approaching adulthood the same way that previous generations did. Why? Well,
the economy for one—the milestones of adulthood (getting a job, buying a home,
getting married, having kids) just aren’t as feasible for many Millennials
given the ramifications of the recession. But their less-than-rosy financial
situation is only part of the equation. Millennials grew up in an expanding
world of choice and options for just about everything they ever needed or
wanted. Because of this, they view life very differently. They don’t see just one
path available to them—they see limitless possibilities to make their life
their own.
Furthermore, they experience life differently! In fact everything they
do is about well… “the Experience”. Buying a product or a service is all about how
does it make them feel. And as a result, they are
misjudged and misunderstood—called narcissists or assumed to be in a state of
perpetual stunted adulthood. In reality, it’s because a lot of these aspects of
adulthood aren’t as available as they were in the past and, more importantly,
because they know they have a lot of alternative options for what adulthood
looks like.
The Millennials is
a massive generation with a population size of 76.6 million, surpassing even
Baby Boomers. NOT understanding them, NOT finding ways to be relevant or
engaging to them, NOT adapting to their new expectations— it’s the easiest way
for a brand to fail. Brands need to stop waiting for Millennials to “grow up”
and fall in line with what past generations have done. A lot of them already
have; it just looks different than it did in the past. Brands and marketers need to shift and adapt to
this reality, instead of waiting for one that won’t come true.
Many brands feel
that connecting with Millennials is extremely difficult. But, in reality,
connecting with Millennials is pretty easy. There are three key strategies that
brands should keep in mind when engaging Millennials. First, understand and
speak to the values that drive them – happiness, passion, diversity, sharing
and discovery. Second, understand their realistic lifestyles and experiences
and find ways to amplify their reality. And, finally, make sure they feel
informed and involved, not just marketed to. By following these three
strategies, brands will find more opportunities available to them to gain this
generation’s affinity.
Let us hear from
you and how we can help you target this generation. info@vivo360inc.com
Resources:
Patrick Spenner,
Contributor with Forbes Magazine
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