In today’s world of marketing, if there is any target market that wields much influence, they are the Millennials.
In a literal sense, Millennials are persons reaching young adulthood in the early 21st century. Giving it some nuances, they are the “Generation Y,” “Generation WE,” “The Boomerang Generation,” “The Peter Pan Generation.” Looking at the calendar, they were we born roughly between 1980 and 2000.
They have achieved a lot for the world. They made Facebook, SnapChat, WhatsApp and many other innovations that have shaped the way we live and relate in modern times.
However, if you are a marketing person and you need to connect with this interesting population, here are some traits they possess that you need to have a good understanding of:
They are multi-taskers – Millennials have redefined the way we work and play. They can joggle many things together at the same time while claiming to give optimum priority to all.
As a marketer, Millennials can interact with many web banners as possible or watch TV, video-chat while working on their assignment. However, research has proven that this claim is not true.
As humans, Millennials are simply switching attention with biases dictating what item or information is worth spending more time on. The simpler and less obstructing your information is, the better for them.
They are the most connected people on earth –They are active and most addicted users of at least three social media platforms. They also have fringe websites and forums that take their time with over 70% of their average day spent online.
As a brand manager, you will only do yourself more harm when you are not doubling your effort on digital and social media if Millennials are your key target audience.
They want instant gratification – Millennials are not engineered to wait for a benefit. They want all the good things of life now or never. As a brand owner, Millennials are not likely to take your brand seriously if they cannot see what is in it for them (to gain as value) if they choose you over your rivals.
This is the more reason serious financial brands are developing and customizing products that solve everyday problems Millennials confront rather than push generic packages.
© SBI Media. This article was published by SBI media in their Nextgen newsletter of August 20, 2018