Millennials are not shy and tell us exactly how they want to receive information and how they want to be targeted. Brands do not necessarily listen and frankly that is unacceptable.
The technology that is available in the marketplace has never made it easier for brands and marketers alike to design personal information streams tailored to the individual. Organizations are struggling to understand what is happening in their world. In past years, brands created campaigns designed for the masses.
Traditionally campaigns were targeted at a specific segment of the population, but that is as far as it went. There was no thought or plan targeting the consumer at the individual marketing level. Millennials count for 2.5 billion people, nearly 35% of the world's population and have undoubtedly ushered baby boomers out of the "buying power" seat with social media as their biggest ally. The estimated millennial spending in 2015 is expected to reach $2.45 trillion globally. All those dollars up for grabs it is no wonder companies are feeling the pressure.
As the whole world is going digital, it is not surprising Millennials or otherwise known as the "Y" Generation have rapidly transformed the way brands interact with the customer. The main focus of organizations is to create marketing strategies that will engage customer behavior through their desired communication channel. The advancement of technology has transformed the way millennials expect brands to accommodate their wants and needs. Millennials want a brand to have socially conscious platforms that are committed to making a difference in the world. Millennials want it all and are not afraid to ask for it. Above all, they want to buy from a company who makes them feel special and values their loyalty.
Millennials are shaking up the way organizations communicate with customers and compelling companies to update their entire business strategies to stay relevant. Organizations that embrace the changes millennials are demanding are seeing an increase in customer acquisitions and retention. A brand that is going to give them the personalized treatment they expect will be laughing at their competitors all the way to the bank.
3. Born between 1980 and
2000.
Also known as......
Are over 1/3 of the global
population accounting for a little
over 2.5 billion people.
The most culturally and
ethnically diverse generation
ever.
4. They have more buying power than the
"baby boomers".
First generation of digital natives.
Globally are expected to spend at least
$2.4 trillion by the end 2015.
57% of will compare prices and buy from
brands that give them the most value at the
lowest cost.
Almost 90% will buy on-line as compared to
the rest of population which only 50% will buy
on-line.
7. The first generation
that have so many
choices to deliver
and receive
communication.
First generation of
digital natives and
most likely to share
if they find value. Use Social Media.
8.
9. 78% will buy from a brand based on the
their loyalty program.
52% of will share their information for a
reward or an incentive.
34% will like a brand more if the brand
uses social media.
25% will share their personal information
for more targeted advertising.
10.
11. Over 22% will exercise daily as compared
to 13% of Genxers.
In 2013, 83% disapproved of people 18 or
older smoking 1 or more packs of cigarettes
a day up 14% since 1998.
Less than 30% will fall sick as compared
to Baby Boomer where nearly 50% will fall
sick.
72% disapproved of more than nearly two
drinks a day.
13. think it is important
to own a house.
Only 23% will marry before
they are in their 30's. A
decrease of 33% since 1968.
Only
think it is important to
own a house.
74% want a family, but it can
wait until later.
30% do not intend to purchase a
car in the near future and 25% of
the 30% will only if they really
need it.
Equally 30% thinks it is important
to own a luxury hand bag or a TV
but not a big priority.
14. TAKEAWAY
Millennials pick their path. They want their cake
and eat it too. Like no other generation in history,
they have redefined the way brands interact and
sell to them.
1. Do not assume you understand Millennials.
2. Know and understand the facts.
3. Develop strategies supported by results.
4. Be prepared for change.
5. Embrace technology.
6. Encourage innovation.