What is a Millennial and How they can Change your Business

What is a Millennial and How they can Change your Business

 

Who is a Millennial? The defining birth range of a millennial is varied by sources but most agree those included individuals range from being born between 1982-2004. These individuals are grouped together due to their shared experiences while growing up which has led to common tendencies as adults.

These experiences are a generalization, there are individuals who will not fit these criteria. Often millennials have been known to quickly say they do not want to be generalized but in marketing we need groupings of some sort.

Why Millennials are the way they are? Millennials grew up during an electronic-filled age and the invention and popular growth of social networks. The changes in technology and cultural shifts have been rapid for them. They were also encouraged by helicopter parents to be anything they wanted because they were special. Though these encouragements were meant with good intentions it did alter their perception in comparison with prior generations. However, these same encouragements led to individuals who are innovative, tolerant and optimistic about the future. Millennials are striving to make changes for a better future now.

Interesting Facts about Millennials: WARNING! YOUR PERCEPTION MAY BE SHIFTED

  • 20% percent have at least one immigrant parent.
  • Nearly a third have put off marriage or having a baby due to the recession.
  • 75% see themselves as authentic and are not willing to compromise their family and personal values.
  • 84% say that helping to make a positive difference in the world is more important than professional recognition.
  • 92% believe that business success should be measured by more than profit.

Where are the Millennials? Millennials lives revolve around digital whether it is a smart phone, watch, tablets, laptop, etc. most own and operate multiple devices daily. They are active in 4 or more social networking sites. Millennials are on their devices 24/7, a majority admit to even breaking employee rules of using devices or social media during the work day. They are active in their community though it may not be the traditional manner that older generations are used to.

The advertising struggle: This group having grown up bombarded by advertisements tend to be skeptical about promotional material of any kind. Instead the majority of their decisions are made based on social connections including friends and family rather than a promotional message. This shift applies to not only purchases but also employment choices.

These bases for decision making is why social media marketing and digital marketing work well, they encourage the sharing of opinions on brands, products, services, etc. Ads on social networks can slip in as natural pieces of a news feed. They can also be a reminder of a good experience that a user will share.

Facts about Millennials as a Consumer:

  • 63% stay updated on brands through social networks
  • 48% of MilleMillennialsnnials who say word-of-mouth influences their product purchases more than TV ads. Only 17% said a TV ad prompted them to buy.
  • 41% of Millennials have made a purchase using their smartphone.
  • 32% of Millennials say they don’t like advertising in general, compared to 37% of the general population.
  • 43% have liked more than 20 brands on Facebook.
  • 77% participate in loyalty reward programs.

Millennials are not the Next Generation. We are the now generation, striving for a better future by making changes in the present. We don’t have one American dream but a set of values and desires that we use to guide our lives.

Millennials are just coming into the peak of their buying power but that means they have a long reign ahead. At Media Venue we want to be your marketing partner to reach this new group. Call, email, tweet, Facebook message, LinkedIn connect, etc.  whichever your generation prefers to contact us.

 

Written by: Holly Dunbar, Social Media Manager