Marketing to Millennials – What the Data Tells Us

In order to market to a population, you first need to understand them. This has never been more true than with millennials.

You might be thinking – aren’t we done talking about millennials yet? Yes, it’s been a buzzword for a while. But this generation is extremely important for businesses, and here’s why:

• They are the largest living generation. Born between the early 1980’s and early 2000’s, roughly, they makeup ¼ of the US population. A total of 77 million, according to Nielsen.
• They have unparalleled buying power. Millennials have an annual spending power estimated to be in the trillions.
• They are hard to market to. Marketing to millennials presents a challenge, as they are extremely savvy, both technologically and otherwise. They are famously wary of traditional advertising, and they demand more from modern brands.

Your Quick Guide to the Millennial Mindset

Voccii®, just like everyone else seems to be, is in the thick of studying marketing to millennials. Here is some of what we’ve uncovered, so far:

Millennials demand more than product quality.

It seems that for this highly educated, free-thinking generation, the right product at the right price simply isn’t enough. Millennials care where products come from, what’s in them, whether they were bought or made using fair trade practice, if workers are treated well and whether raw material use is sustainable. This demographic group is very mission minded. They want to impact their world to make it a better place, and that includes how they shop.

Millennials want transparency from brands.

Millennials are constantly connected and they interact directly with brands more than any generation before them. They are not shy to ask a brand’s stance on political issues, press them to change a policy, or call out poor working conditions. All this on a public online platform for all the world to see.

Millennials question everything.

Because they’ve grown up with instant access to endless information, this young generation doesn’t hesitate to ask questions. They compare products, they read blogs and scour reviews before making a purchase. They will use all the information you give them to make a buying decision. Millennials are the reason for today’s prolific online size guides, spec sheets, detailed product descriptions, product-in-action videos, real-time chat support, and more.

Millennials like a flat hierarchy (or better yet, no hierarchy).

For this generation, collaboration and idea sharing was rewarded. Schoolwork was done in teams. Work was divided based on skill, ability and harmonious contribution. As a result, hierarchy chafes. Titles are limiting. Millennials love to see the underdog win and the small mom and pop company compete against the big corporation.

Millennials are winners.

They grew up at the height of the ‘self-esteem’ revolution, receiving praise and positive reinforcement for everything they did. In sports and in school, everyone got a trophy. This group thrives on feedback and they love to be a part of the process. They believe any good business should learn from the opinions of its customers.

They expect authenticity and diversity.

Millennials expect authenticity and diversity from everything around them. If you’re in the food industry, for example, you have to provide not only flavor and convenience, but also healthful, nutritious food. Because they are risk takers, millennials also love to try new ethnic foods and food trends. This globetrotting generation views cultural discovery and adventure as a vital part of a fulfilling life.

They expect quick results.

Thanks to social media, millennial consumers expect you to be on all the time. They want answers and they want them fast. Customer service happens less and less on the telephone, and more by Twitter, Facebook and online chat. Savvy brands need to figure out which channels their customers prefer using to ask questions and get help, and then develop systems there.

While these factoids may explain some of the mysteries of millennial mindset, there is so much more to be discovered! Remember, of course, that your particular target audience is unique, with unique pain points and purchasing behaviors.

If you’d like to learn more about marketing to millennials or any other target audience, we’re here to help.