The landscape of generation and culture is changing. Businesses have to catch up with the market trend. If the Millennials are your target market, you need to understand what they value and their habits.
The Millennial Generation, also known as Generation Y, are accounted as those born in the years from the early 1980s to the early 2000s or people with ages range around 13-33 years old. A key characteristic about Millennials is that they tend to be more tech savvy than other generations. So, here are some key marketing facts about the Millennials:
- By 2015, their annual spending is expected to be $2.45 trillion and by 2018, they will surpass Boomers in spending power at $3.39 trillion. [Oracle]
- 41% of Millennials have made a purchase using their smartphone. [Edelman Digital]
- 32% of Millennials say they don’t like advertising in general, compared to 37% of the general population. [Experian Simmon]
- 43% have liked more than 20 brands on Facebook. [Mr. Youth]
- 77% participate in loyalty reward programs. [Aimia]
- 44% are willing to promote products or services through social media in exchange for rewards. [Aimia]
- they are more engaged in activities like rating products and services than older generations (60% VS 46%). [BCG]
- 84% report that user generated content on company websites at least somewhat influences what they buy [Bazaarvoice]
It is clear that the old forms of push advertising don’t work with Millennials, and one-way communication simply won’t do the trick. Businesses have to engage and connect on a deeper level on social media sites and the web. A website should be a portal where everything the consumer needs to know is presented in an intuitive and engaging way, making a mobile website or a mobile app a must for a business to attract this generation. In addition, Millenials tend to be more image-oriented and prefer to communicate via images, videos and gifs. Once you are able to reach the millennial market, you need to integrate what they value into your marketing to retain this market.
This Mobile Marketer’s article discusses how to market to this generation effectively.