Millennials-The Rise of a New Generation and How to Gain their Trust and Revenue

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