The chances are that you are marketing to Millenials and you may not even realize it.
If your client was born between 1980 – 2000, that person is a Millennial.
When it comes to determining the psychographic characteristics of Millennials, the best plan is to survey your clients that fall within that generation. They will tell you exactly what they like, don't like, and what they do when they're not thinking about work.
The Hierarchy of Needs
Millenials represent the largest generation in US History. Being the largest means that they are your client, or they soon will be. This means that to survive in business, you'll need to learn how to craft your message so that it appeals to them.
So what are Millennials interested in?
According to my research, it appears that they're more interested in experiences rather than in stuff.
In an infographic created by Goldman Sachs, they stated that Millennials are “putting off major purchases – or avoiding them entirely” because it just isn't a priority for them. Here's a quick screen capture of the portion about needs:
What does this mean?
It means that if you're selling “stuff,” then you need to figure out a way to turn it into an experience.
Accenture put out a great article debunking myths about Millennials. Here's a quick summary of their findings:
Myth 1: It's all about online shopping
Millennials are used to online shopping because it's what they know, but that doesn't mean that they don't shop at brick and mortar institutions. This indicates that they expect congruency between their online and physical shopping experiences. If you've got a special promotion online that isn't honored in-store, then you risk losing the sale.
Myth 2: Loyalty is lost
Loyalty isn't lost with Millennials; it's just earned a different way. In the past, customers may forego a mediocre experience for a lower price. However, Millennials aren't necessarily concerned with the price. Their loyalty will go to whoever is courting them and is producing the best price possible. They want to feel welcomed and valued, so when you're crafting your marketing messages, make sure that your message conveys warmth and value. Also, be consistent with your marketing because you do risk losing the Millennial customer to another company who makes them feel more valued.
Myth 3: Social Networks
Millennials may use social media different than we think. We talk a lot about making social media about relationships, but the reality is that many millennials view social media as a place to communicate and a place to “get deals.” So if you're looking to attract millennials on social media, then you need to offer them what they're looking for – a good deal and a positive experience.
How Millennials think
Here's a great video where Simon Sinek was asked “the Millennial Question” during an interview with Tom Bilyeu on Inside Quest
His advice to Millennials? “Too many companies you will work for are not built to take care of you. Until that changes, please take care of each other.”
Are you currently working with Millennials and have some insight you'd like to share? Please leave a comment and let us know.
And then to lighten things up, here's a fun video about Millennials. WARNING — the tune is catchy!
- Link to view Simon Sinek's video on youtube: https://youtu.be/vudaAYx2IcE
- Link to Accenture article: https://www.accenture.com/us-en/insight-outlook-who-are-millennial-shoppers-what-do-they-really-want-retail
- Link to Goldman Sachs infographic about Millennials: http://www.goldmansachs.com/our-thinking/pages/millennials/
- Link to Micah Tyler's video on Millennials: https://youtu.be/hLpE1Pa8vvI