When is the right time to consider targeting a new audience? Sometimes we get so focused on our target audience that we lose focus of our emerging audience. Do you know what audience is next for your brand? The Baby Boomer generation has been the apple of brand’s eyes for decades, it’s now time to consider the next group to build a relationship with. It’s time to learn about the Millennials, who they are and what they are all about.
The Millennial Generation is Made Up of 86 Million Americans
Generations differ just like people differ. Life experiences, cultural shifts and technology carve habits that help define a group of people. Consumers are made up of people who spend money, and this generation of Millennials is ready to spend and spend they will. A group that ranges in age from 18-37 (born between 1981-2000) is also known as the Y-Generation. This group is arguably the most misunderstood audience, and also a generation that brands need to learn about.
With such a large audience with plenty of spending potential the value is there for brands now and down the road. Lets take a closer look at an INFOGRAPHIC that highlights The Rise of the Millennials, and what marketers need to know about them.
Millennials Are Not Loyal to Companies, They Are Loyal to Brands
- 77% participate in loyalty reward programs
- 95% want brands to court them actively
- 48% say word-of-mouth influences their product purchases versus 17% are influenced by TV Ads
- 80% wants brands to entertain them
- 70% say they always come back to brands they love
Millennials Are Part of The Social, Sharing Generation
- 63% stay updated on brands through social networks
- 44% are willing to promote products or services through social media in exchange for rewards
- 51% social opinions influence their purchase decisions and they trust “strangers” more than friends
- 55% share bad experiences
- 43% have liked more than 20 brands on Facebook
- 32% say they don’t like advertising in general
What Should Marketers Know About Millennials?
Who better to answer this question than a Millennial? Ryan Donegan offers up 5 tips for marketing to Millennials from a Millennial:
- Don’t Insult Their Intelligence
- Don’t Disguise Your Ad
- Make it Easy to Purchase Online
- Be Socially Conversational, Rather than “Viral.”
- Quality and Service Matter Again
Depending upon the product or service you sell you might not think you are ready to start spending marketing dollars on Millennials just yet. If so, I hope that you are a bit more educated on the future potential for this generation, and not lose sight of them. Start making inroads with this group with a strong foundation around a marketing strategy that includes social media engagement and relationship marketing. Respect this groups ability to see through marketing speak and talk to them, not at them. Why? because overwhelming statistics show that Millennials interact with brands on all the popular social media networks from supporting brands to making purchases.
Emerging audiences are sometimes neglected but this audience in particular should not be ignored. Their large population and the longevity of their customer lifespan ensures that Gen-Y Millennials will be leaving a mark as consumers. Who wouldn’t want loyal spenders as their future audience? Perhaps, this next generation is more like the now generation for your brand. What do you think about the Millennial generation?