Millennial tagged as the selfie generation these days is composed of the biggest part of the living population across the globe. They are readily occupying the vacate space created by the baby boomers. Millennials are actually the consumer set with maximum purchasing power at this point of time and hence is one the most important and vital aspects for any company . No business would like to avoid knowing more and more about the strongest prospects and purchasers.
This generation is pretty unique in its own way owing to strong association with self, optimism towards life and more open ness towards the various stages of life. Their approach towards adulthood is different and unique in its own way.
Key aspects towards millennial marketing.
- Brand connect with millennial: Brands actually feel that it is difficult to connect with the millennials with little understanding on their part actually that millennials are quite straight forwards to connect to . A brand actually needs to build a connect to the value that actually drives them – passion, uniqueness, innovativeness, happiness, joy and liberty. Secondly the brands need to understand their actual lifestyles which are based on freedom of expression and should actually find ways to magnify this. And most importantly with millennial just doing a straight marketing will not work. This is one generation which wants to be involved and well informed.
- Diversity in demographics: Millennials happen to weigh very high on demographic diversity. One can find a single mother or a single father, a joint family, a nuclear family, live ins, DINKS in a single population mix. Marketers should actually be focusing on the segments more rather than the demographic as a whole.
- Hyper connectivity: Millennials has actually been a generation that grew up with technological gadgets being invented right there in front of them. They have always been connected and this connectivity has actually enhanced in current times. Without technology they actually feel handicapped and helpless. Hence brands need to put in effort to stay connected to them all the time. It is now 24 X 7 X 365.
- The social media savvy: This generation is always connected to others through various social media platforms. For a brand to be successful, it is important that it should also be an actor on social media platform so that it connects well its audience. Companies doing cutting edge marketing make it a point that they are always sharing things on online media and always look in for new ways to engage on social arena.
- Viral marketing : Since millennial tend to be well informed and high in sharing , they trust the fellow consumers more in comparison to the promotional campaign by the brands . Brands need to create more of a viral influence and hence should contribute to the social cause as a whole
- Less on loyalty: Millennials are experimenting class of consumers. They will never stick to one brand. Brands need to realign the fact that they can’t expect loyalty from millennial. But if wooed properly that also have a tendency to stick to you for a longer time.
Conclusion: Marketers need to adapt to millennials which is making up the bulk of the workforce. Learn what they respond to and what matters to them. It could just be the breakthrough your business needs to move forward into the future.