Millennials or Generation Y are the demographic group of individuals born between 1980-2000. However, this is not an exact definition. There are nearly 75 million people within this category in the United States. This generation is larger than the Baby Boomers and Generation X. In addition, they have a spending power of $170 billion. So, this particular group is placed within the bulls eye of many advertisers and marketers.
The Millennials are characterized by technology; some of the earliest digital natives come from this group. They are content creators and users. They spend lots of time on social media networks and their mobile devices. They are very health-conscious, civic, and they aren't afraid to express themselves. They align to brands with a purpose.
Millennials are unlike any previous generation. They grew up surrounded by technology and engage with brands on a much more personal level. Marketers and advertisers need to develop a unique approach to effectively reach them. How can this be done?
Millennials expect more out of companies and brands. They seek a mutual relationship that delivers unique and authentic experiences. A brand needs to offer a story and allow them to partake in it.
Brands can do this by encouraging customers to communicate via social media. By allowing them to submit comments, photos and videos, the brand is inviting them to participate and be part of the experience. There are many creative ways to spark engagement. Can you think of any? Share below!
Millennials care. They are eager to purchase a brand that supports a cause. They give to charity regularly and are overall an optimistic group. They like to give back to the community. In addition, offering an incentive, promotion, discount, or contest can inspire people to share.
Brands that actively engage its customers and give back will surely be the ones to come out on top.
So, tell us Millennials...What's your favorite brand?