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This newsletter article discusses how Millennials differ from other target segments and require marketing efforts that fit their particular perspective. Building on this general knowledge, learning how target prospects in this generation specifically connect with your brand is key.
The Millennium Generation, often referred to as Echo Boomers, Generation-Y, and sometimes the “Entitlement Generation,” has, in general, very different needs, goals, expectations, values, and styles versus preceding generations. As such, they differ in how they use products and services, respond to advertising, spend their leisure time, view their jobs, communicate with others, and perceive themselves and the world around them.
Although precise definitions vary, it is generally accepted that Millennials are those who were born between 1980 and 2002, representing approximately 76 million people in the U.S. – comparable in size to Traditionalists born 1925 to 1945 (75 million), slightly smaller than Baby Boomers born 1946 to 1964 (80 million), and substantially larger than Generation-Xers born 1965 to 1980 (46 million). Demographically, Millennials are a highly diverse group racially and ethnically (1 of 3 is a minority). They are children of Boomers (90%). More than half live at home with their parents. They tend to change jobs often (two years is perceived as long-term), associating no stigma with this behavior. In fact, employee loyalty is a concept many Millennials view with skepticism.
The oldest Millennium Generation members, currently in their 20s, are key target users or prospects for many companies. However, the same marketing strategies and tactics used for older target segments are often applied with this segment, leaving marketers wondering why similar responses are not obtained. Millennials resemble the older segments in some aspects, but mostly have vastly different needs and mindsets.
Key characteristics that make these Millennials distinctive include:
Being cognizant of the generalities regarding the Millennial target is an essential starting point, but appreciating who they are on a more human level as they relate to your brand is key. It has significant implications for product and creative development, promotional activities, and other marketing efforts to ensure that all elements, in fact, resonate with this customer segment.
Various research tools and techniques are available to refine your brand’s young adult target profile. Techniques such as ConsumerDialoguersSM, Focus Group Exploratories, and ConsumerographiesSM are designed to help maximize our grasp of the relationship between your target and brand. And using projective tools such as VisualagesSM, Depth ChainsSM, Product Sorts, and Psycholage, in conjunction with in-depth probing, help to dig beneath the surface to get at that emotional bond. Gaining this understanding of your Millennial consumer in relation to the rest of your target audience and brand will prove to be invaluable as the foundation for your entire marketing program.
More information about these qualitative strategic brand tools and techniques can be found on our website: http://www.MARAstrategist.com.
Sources: Lancaster, Lynne, and David Stillman. When Generations Collide: Who They Are, Why They Clash, How To Solve the Generational Puzzle at Work; Armour, Stephanie, USA Today. "Generation Y: They've Arrived At Work With a New Attitude;" Breakey, Patricia. thedailystar.com. 'Entitlement Generation' Expects It All; Johnson, Meagan. datakey.org/ mhedajournal. Zap The Gap--Managing, Training and Maintaining Your Sanity With The New Millenium Generation
This article is from Strategy Matters, a periodic newsletter from MARAfriedman Brand Strategist, which covers brand strategy issues and associated research toolbox options. More information is available at www.MARAstrategist.com.
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