Generation Y – The Millennials are the generation that’s growing in wealth fast. They’re the consumer audience not to ignore. Many businesses focus solely on this one generation simple because it supports their entire business operation. If you think you know this valuable consumer group, ignore the stereo types and think again.
Profile Description
Born 1977 to 2000 (25% of the US population and 21% of Consumer Discretionary Purchases
Whether born between 1982 to 2004, or 1977 to 1994, or 1980 to 2000, you’re a Millennial. They have a huge influence over older generations.
Here’s some other stats:
- 53% have children within the household – 1 in 4 are parents today
- 64% dads and 50% moms believe that they have equal responsibility of child care
- 50% will make a purchase that supports a cause
- They care about brands that stand for more than their bottom line, even if it means they will pay more
- 46% on FB have over 200 friends (compared to 19% non-millennials
- Over 2.5X more likely to be early adopters of technology than other generations
- Known as content creators and users and post more original photos and video’s online that they themselves have created.
- Value brands that enhance their lives, and New tech must serve a purpose in order to be considered “cool”.
- 80% want brands to entertain them
- 40% want to participate in co-creation of products and brands
- 70% feel a responsibility to share feedback with companies after a good or bad experience
- The Millennials are known to crave adventure.
Ignore the stereotype for Millennials. They are not all lazy, narcissistic, open-minded, and supportive. Millennials represent a wide range of people but all share similar life-stage experiences.
This large segment of the population shouldn’t be ignored. They are confident in their use of their smart phones for booking flights, making reservations, and trading stock investments. Virtually whatever you can do on your desktop, they’ll do, or try to do, with their cell phone.
They’re not responsive to the hard sell. They grew up in a culture of sharing. One of the best tools to reaching this consumer segment is on social media. It enables the Gen Y to share their experiences, both good and bad. Include things like sharable coupons to find new customers.
It’s also very important to be authentic. These consumers will tune out traditional advertising and will focus on the information that they deem to be authentic. Create content that they can learn from, or be entertained by. You also want to create content they can interact with. This engagement will help you keep your brand and message in front of them, especially if they get a sense that your business shares their core values.
Because they share, they’ll response better to words coming from their peers. So, any opportunity to create messages that enable this consumer to share with others the better. Be sure to listen to them, interact in every way possible, and empower them to discover your brand on their terms.
As of today, the year 2020, 50% of the world’s workforce is made up of millennials. Given the sheer size of this Generation, you cannot assume they are all the same. But, the majority value technology when it brings them value. They are master fact finders and do their research. They also have the “bs” detectors up at all times.
You can create loyalty with this audience by remaining authentic, and helping them feel they are a part of the community. Strive to create person-to-person engagement across channels and deepen relationships.
Since they grew up consuming media and are skeptical of many marketing efforts, BB Direct’s recommendations are as follows:
Go minimal and get to the point. With a shorter attention, you need to keep it short. Make ad copy with bullet point rather than paragraphs, include header tags for easy scanning, and use more images to convey your story.
You should also attempt to communicate across all devises. Focus on the experience, not the tangible, and how it adds to their life. Don’t talk at them, talk with them and keep it casual.
Where possible, use visuals to tell the story. Use real photos that reflect who you are as a company and what you do. Be sure that every visual element is of high quality.
Use UGC, User Generated Content, where ever possible. UGC is authentic, and real. It breaks thru the clutter of what some perceive as a sales pitch and helps with trust.
Simplify site navigation – keep your menus simplified and easy-to-find locations.