Millennials. We’ve heard the reference so many times. A generation much different from the rest. There are many mixed stereotypes about this group, but one thing is for certain – they’ve made a big impact. They are one of the largest populations of consumers reaching almost 90 million! Millennials, sometimes referred to as Generation Y (Gen Y) are defined as being born from the 1980s through the mid-1990s/early 2000s. They are known to be referenced as “echo boomers” because they are generally the children of the Baby Boomer generation. Their habits are unique enough to make it difficult for many other generations to understand, because of this many businesses have had to adapt to their ways. They are technology-driven with their need for social media and all things electronic.
The key to cracking the code of this generation is finding what resonates with them. One of their biggest differentiating traits is their need for convenience.
The University of Southern California states that Millennials’ spending is focused on convenience and socialization.
The Key Aspects of Connecting with Millennials include:
- Aesthetics – Millennials want many of the same things other generations before them have had – nice cars and nice houses. Their preferences are not much different from the rest, they just have fewer funds to buy these things (and these large ticket items only continue to get increasingly more expensive). Marketing needs to portray a look/feel that Millennials will connect with while offering it at a price they can afford.
- Purpose – they prefer purpose-driven brands, ones that make an impact or difference. This type of brand has a higher chance of winning over this generation.
- Convenience – it seems the definition of convenience has morphed over time. What used to be considered convenient is no longer deemed as such. Millenials bring a whole new set of expectations to the table. They have grown up with services and products available to them at the click of a button, available whenever and wherever. Often referred to as the “Amazon Effect”, these services now provide products within a day or two instead of weeks or months. Consequently, Millennials will avoid having to go somewhere to pick something up if they can just have it delivered to them.
- Technology – As we stated above, this generation is technology-driven and much more advanced than previous generations. As things continue to progress with technology it proves that future generations will follow in step, preferring to shop online. Nearly 40 percent of the time, this age bracket confirms they buy online and pick up in-store when available. The sales channel isn’t what’s important for them, it’s the convenience of the shopping experience. It’s been proven that over 30 percent have confirmed being members of at least one retail subscription service.
For a company to be successful in marketing to this generation they need to be able to deliver on – price, quality and most importantly speed.
With Millennials charted to spend nearly $10 trillion over their lifetime and almost $200 billion annually, they have earned the means to dictate how businesses evolve to meet their needs. It now seems like almost a requirement for businesses to have a ship to store, ship from store, same-day delivery, buy online and pick-up in the store, or even scheduled delivery options available.
Teaming up with Triadex to target Gen-Y, as well as other demographics has demonstrated a way to meet the need for convenience. We have found that our plastic postcards with pop-out gift cards as well as our digital marketing services including CTV have proven to be great marketing tools,