MARKETING TO MILLENNIALS? GET INSIDE THEIR HEADS

Shot of millennials with digital tablet, smart phone, and laptop
Larry Lubin Feb 12 ,2016

The millennial generation is a force of nature that cannot be ignored by any brand. They are the proverbial “economic curve ball” businesses need to catch. Their mindset is vastly different than previous generations and that’s why marketers and strategists struggle to engage this consumer segment. The largest generation yet, millennials are game-changing the way we do business, for good.

Multi-Generational Snapshot

  • Baby Boomers (1946-64) focused buying decisions on their long-term-needs
  • Generation X (1965-80) was about medium-term goals
  • Millennials (1980-2000) live in the now. They focus on their short-term wants.

Disruptive Forces Behind the Millennial Mind

Millennials, now age 16 to 36, are the product of volatile times. Economic and political turmoil and rampant technological change are their norm. They’ve learned to embrace disruption, and guess what? They like it!

Unfortunately, they live in a financial conundrum. The most educated generation to date, they earn less than previous generations, have lower employment levels and carry more student debt. However, Millennials are embracing the new economy and many are making a career out of their mastery of social channels.

social channels

What’s Different About Millennials?

  • Debt is their lifestyle
    They satisfy their short-term desires but forgo big-picture purchases like homes and vehicles.
  • Social is their influence
    All social and only social. They crowdsource opinions before making a buying decision or standing for something.
  • Sharing is their way
    It’s not only cars and music anymore. Millennials now share designer clothing, designer handbags, and apartments (Airbnb).
  • Too soon for marriage
    Commitment is on the back-burner while they get their lives in order.

Tips on Reaching Millennials

  • Businesses must position themselves to catch this giant economic curve ball now or stay in the dugout.
  • Get into what Millennials are into. Take an interest in their interest in social media, sharable and authentic content, and social responsibility.
  • Make it social. Make it about them. They ignited the share economy – so participate in it in a way that fits with your brand.
  • Millennials don’t need to buy everything. They just want access to it. The brands who succeed give them what they want.

Source: Goldman Sachs Global Investment Research

millenials

About the author: Larry Lubin

Larry Lubin

Larry Lubin is founder of BlueRush and has over 30 years of experience providing strategy and solutions to many of North America\’s leading financial firms. Many leading applications for financial institutions were developed by Larry and teams he has worked with throughout his career. As CEO of BlueRush, Larry is providing a much needed vision for a new age of Fintech bridging the realities of legacy and the regulatory environment with unlimited possibilities through advancement in digital technology to empower the consumer. BlueRush is a digital solutions company specialized in financial service and healthcare solutions.

Subscribe

Recent Articles

Omni Channel vs. Multi-Channel Marketing: The Key Differences

Dec 24 ,2020

Multi-channel and omnichannel - which one is right for you? What do they mean and how are they different? The...

Read More

Must-Read Customer Experience Management Books

Dec 15 ,2020

Are you looking for something to both add to your summer reading list and increase your knowledge of customer experience...

Read More

How Video Marketing Drives Customer Conversions

Dec 10 ,2020

We’ve seen how well video performs in a well-planned customer acquisition strategy, and know your company can use video content...

Read More

The Data Is In – Here Is The ROI Of Personalized Video

Oct 09 ,2020

Many companies have digital acceleration as a primary goal Digital Acceleration is the drive to improve the online customer experience…...

Read More
test //