Advertising To Millennials – After the subject of how to market to millennials comes up, many in the advertising industry simply scratch their heads. It can be troublesome to comprehend what’s going through the minds of 80 million Generation Y members, however for merchants and other businesses, it is, and will continue to be, critical due to their achievement. That is a lot of head scratching.
Rather than pulling out your hair all, perhaps a much better idea is to know what makes this group tick in order to target the largest generation in U.S. history.
One of millennial group (which most agree are people born in 1981 to 1996), 27 percent of girls have earned a bachelor’s degree. This group can be regarded as the first true “digital generation”, as they were increased on notebooks, cell phones and the internet. This changes how they receive their information and the immediacy of that information.
And in accordance with the National Chamber Foundation, 11 percent of Generation Y members possess a minumum of one immigrant parent. Promotion using images reflective of this diverse population is a significant consideration.
Although previous generations characterize the Millennials as lazy and unmotivated, this is not true. In reality, Generation Yers have lofty expectations for both their personal and professional lives. Regarding work, they have the objective of doing work they’re passionate about rather than only a job that pays the bills. In addition, they’ve grown up in an era where their parents placed a high importance on creating their self-esteem and personal improvement. With this groundwork laid, Millennials are more optimistic than other generations within their own ability to realize their objectives, a 2011 study by Gregory Bresiger clarified.
On the other hand, the confidence in building their potential is at odds with the economic reality with which they are faced. Millennials average $35,000 in student loan debt. While this is a paltry sum in comparison to what the current college kids will owe after four decades, it is still a significant burden which alters their purchasing decisions and patterns. Combine this with the fact that Millennials have 7 percent less average wealth than people of same age group residing in 1983, (Steuerle, McKernan, Ratcliff, and Zhang, 2013) and you’ll be able to begin to see a picture of a group that is extremely motivated to be thrifty and find fantastic deals.
1 myth that has arisen about the Generation Y crowd is that they have forsaken brick-and-mortar shops entirely in favor of internet shopping. But in a survey by Accenture they found just the opposite: that Millennials really prefer shopping at stores vs. buying online. Much like generations ahead of them, GYers liked to be able to feel it, hold it, and smell it.
This doesn’t indicate they like to purchase online. They do. A 2016 report by ComScore proves that this 18-34 group makes entirely 54 percent of the purchases on line, which will be 5% more than any other creation. Neil Saunders, CEO of retail investigation company Conlumino, sees this as having a big impact on the future of shopping. “The millennial effect is critical.
Not only are millennials buying online, they are getting online to examine product reviews and price-comparison store, then looking at customer feedback about a shop’s service to triangulate information prior to purchasing anything. In addition they expect to discover the very same prices in stores since they find online and also for brick-n-mortars to match costs by retailers such as Amazon.
False: Still another myth of Millennials is that they are not brand-loyal. Accenture found that in a survey of retail industry execs, 40 percent said their principal concern about Millennials is that their lack of brand loyalty. However, Millennials tell another story. They are prepared, and have shown, to be very loyal to companies that treat them. This means being supplied targeted promotions and great discounts for being a loyal customer.