Generation Y, Millennials, Echo Boomers, Generation Next or The Unreachables. Call them what you will, but the impact they have and will have on the economy is worth getting their attention now. Births ranging from early 1980′s to late 1990′s, make this a group of roughly 71 million. Not only are they a large group, they have a spending power of over $200 billion dollars a year. This generation is currently ranging from 10-27, with the youngest gearing up for teen years and the eldest on the pursuit of successful careers. More importantly, this group is about to become the largest percentage of the workforce.
There is a lot of talk about Generation Y and their lack of attention to the media. We hear that they do not watch TV, they do not read and they tune out advertisements. So, how exactly do we, as marketers, reach them? First, it is important to understand who they are.
Millennials are the most optimistic generation we have ever seen. They believe that whatever they dream possible truly is possible. They believe they should be able to experience life and work a successful job. They do not believe in working at a job they are not happy working at. They believe in helping the environment and the community. This group grew up with the Internet. They are easily familiar with emails, searches and even social networking. Millennials are connected constantly, but want to know they have flexibility to do the things they love. This generation was told constantly that they can be whatever they want to be and they believe what they were told.
It is important to know what Millennials look for. They want low cost, high quality, fast service and possibly most important, they want to know they are getting an experience.
Here are some things to consider:
- Social Media: this is where Millennials are spending more time online than any other generation. They are watching more videos online, they are talking to their friends, leaving comments and likes on blogs and learning about various topics around the world. These things that interest them, that they spend free time doing is also being shared through sites like Facebook and Twitter.
- Buy into the market: this market tends to turn off ads. If you want to reach them, invest in them first. Show them that you are different than the other companies, that you deserve them and that you think like them. It could open a lot of doors. Try tying your company to a cause and show that you are getting involved based on client interaction or new venues such as video game competitions, extreme sports and tattoo conventions to reach the target in a new way.
10/02/2010
Millennials and Marketing « Harrington Insurance Agency's Blog
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