Remember that rowdy bunch of kids who first-hand witnessed the rise of technology? The ones that were only small school children during Y2K? Those people are the Millennial Generation. They were born somewhere between 1980 and 2000 and they make up nearly a third of the US population in 2013!
They are more educated than any other generation and they have seen few limits for the things they want. As a whole, they know there are hundreds of options for every product, so brands that acknowledge and accommodate these attitudes are the ones that will stick around.
Simply put, millenials are responsible for 21% of the United States discretionary purchases –said to be worth over a trillion dollars in direct buying power. They are hungry to spend their money, but they won’t drop their hard-earned dough on just any old company.
They are independent and want the opportunity to build their own world. They crave the ability to find and support up and coming companies and being the first to try out a brand. Think of how wildly successful KickStarter is. Young people want to try new things. They are willing to support your initiatives if you’re willing to let them.
With that being said, there are certain industries that may not need to change up their marketing just quite yet. Millennials are just starting to enter the real adult world. They may not be in the market for a vacation home. They aren’t ready to invest thousands in a brand new air conditioning unit or big time renovations.
So, what do they want from us? How can we cater to their needs on our current budget? 80% of Millennials want brands to entertain them. They want you to tweet them back, and like their Facebook reviews of your brand. They want interaction with authentic organizations. Gone are the days of using spin to create good PR. Tomorrows leaders want the truth, and they want it now. More than 80% say that user-generated content on a website has at least some effect on what they buy. Your digital marketing efforts have a very important impact on the coming generation. It’s time to take a look into the not-so-distant future.
So what can you do? Interact with this new market and take the time to understand them. Determine if your brand has something to gain by targeting this demographic. Expand your online presence. Call on a team of digital marketing experts to help your business across platforms.
Because the hype around these young people isn’t for nothing. This generation has already made an incredible impact on the marketing world, and they are only just beginning.