Marketers are wasting too much of their efforts and money in attempting to reach a large portion of the Millennial market. This is because they are different than past generations. The Millennial market is more diverse than we thought.
If we are to believe this recent article published in Mashable, then it does raise the question of how exactly do we market to Millennials. After all, this is one large market segment and any business that is able to make a strong impact in this market can be assured of a more profitable future.
Unfortunately, many of these efforts are based on assumptions and impressions that are not exactly representative of the Millennial market as a whole. Only by understanding what makes Millennials tick do we have any chance of reaching their many points of interest.
Basically, Millennials are shaped and defined by three areas: economy, globalization, and social media. Jobs and salaries are the main interests of marketers when they advertise to Millennials. Their income levels will determine the sub-category in which marketers and advertisers invest into their target market. Most of the assumptions made by companies is based upon what is termed as the ‘boss babes’ and the ‘brogrammers’, both job categories that may spend lots of discretionary income.
Unfortunately, this only applies to a small subset of Millennials. Many of them are stuck in so-called ‘economic purgatory’, the over-educated but under-employed majority that are unable to secure jobs that allows them to demonstrate their full potential.
Aside from economics, globalization plays a big role in the life of Millennials. The most common of these effects can be gleaned from the increased interests of Millennials in trying out foreign cuisine and travel to foreign lands. Millennials are quite into foreign immersion, and businesses that are geared towards travel or food preparation may want to extend some effort into getting their products or offers across.
What is interesting to note here is that Millennials who earn more (which indicates a focus in their jobs) are more inclined to dine out. Millennials who earn less (which indicates a less focus on work) are more inclined to travel.
Lastly, there is the social media factor which, so far, plays a huge role in how Millennials interact with the world. Millennials are focused on the way people view them on the web, whether through posts, tweets, pictures, or videos.
Millennials are divided into two classifications. The ‘exuberant’ ones (which is only comprised of a small number of Millennials……..those who announce to the world their experiences) and the ‘collectors’ (the bulk of Millennials who are only interested in hearing the experiences of others). The ‘exuberants’ are not that receptive to marketers compared to ‘collectors’, but ‘collectors’ are not that inclined to spread the word about a specific advertising promotion.
The Millennial market is like a puzzle with many different shapes and sizes. The only way that marketers are going to successfully reach this market segment is to discover the best way to reach out to the different portions of this demographic. This may involve a multi-pronged approach because the Millennial market is more diverse than we thought.