The word millennial has been buzzing around a lot lately. What is it? In fact, you need to refine the question to- who is it? Popularly millennials are known to be the youngest of the working generations today. Attaching the prefix ‘millennia’ to the word millennials attributes to the fact that the people of this generation hit the adulthood in the 21st century, which was the beginning of the new millennium. Although, technically they are the people born in the date range of 1980-2000. Millennials are also known as the Y-Generation.
Well, knowing all that about Millennials brings us to the next question- why there is so much buzz around them with the marketers? A single fact could probably answer that question and that is- the annual spending power of these millennials, which is a whopping $200 billion, the highest spending power of a generation till yet. With every changing generation, marketers have to change the way they market. But this time there is a huge change. Marketers are not only changing the way they market but are setting their brands up to target the millennials. And not only there are new brands sprouting to cater to these Millennials but, there is a paradigm shift with the already existing brands too, to evolve as millennial-friendly brands.
If you want to build a millennial-targeting brand, here are some key factors you need to focus on:
1. A Precise Introduction
There is a difference between existing and living and this difference is spotted very well by the Generation Y. The millennials seek a meaningful existence and that is why they like to get associated with a brand which defines itself with confidence and expresses itself precisely despite a long list of humdrum things.
Millennials trust a real and authentic brand. Now the question is- What is a real and authentic brand? A brand’s authenticity is perceived by the consumers, not by the quality of the product or the service it provides but by several other factors like delivering what it promises, respecting the privacy of the customer, transparency, and integrity with the customer. Millennials care about the brand’s action rather than the sales pitch it gives.
Either advertising needs to be replaced completely or the way of advertising has to be changed. If we go with the latter one, we need to be more real and authentic with our beliefs and our doings in order to be a millennial-friendly brand.
A very fundamental thing about communication is using a common medium. Unless you use a common medium, communication is not possible. And this common medium is the language. You need to use the language which your targeted group or audience understands. The same applies to millennials. They are a completely different mass and pitching to them is a whole different thing.
With a whole generation changing, everything has changed. There was a time when TV, radio, and newspapers were the widest and the most effective mediums of marketing. With the advent of technology and rise of the internet, the scenario completely changed. According to a survey, the current picture is that 62% of millennials would not be motivated to buy after watching a TV commercial, instead, they are more likely to become customers if they are engaged on social media. Another survey says 33% millennials rely on blogs for product reviews and recommendations.
These figures show that there is a shift in the decision-making process and so the contemporary marketing mediums do not hold the ground. Social media has become a strong medium to influence the millennials and their decision making. Platforms like Facebook, Twitter, Instagram, YouTube, Snapchat, and others are the new TVs, radios, and newspapers.
With the Millennials setting in and the rise of the internet, the game has changed. There is an altogether different audience which is distinct in every aspect as compared to their predecessors and all this has changed marketing rapidly than ever. To pace up with the changes we as marketers need to evolve, as Darwin propounded, the one will survive who adapts.