Millennials, or to be more specific, ‘Generation Y’ or even simpler ‘Gen Y’, can be classified as those who have birth dates that go back to the early 1980s and stretch to the mid 1990-2000s.
We all think that we have the answer in regard to doing business with Millennials. The truth is that most of us are really still trying to figure them out. Even Millennials themselves are looking for the answer.
In actual fact, Millennials may well be the smartest generation ever. They are well educated, constantly asking questions and have money to spend on the things they want, so it makes them a great target.
Today we are going to dig deep into their behavior and look at 7 traits of behavior that should help you understand this huge target market.
They will take the time to use technology to find a brand that exhibits transparency in their dealings.
When they do find what they are looking for, they become brand loyal, which is what you are looking for.
To catch the eye of a Millennial you must give them all the information and have back up testimonials.
They tend to think things over and react to a logical presentation over an emotional one.
The price of housing is driving millennials to a sharing economy. Leasing cars and renting homes/apartments/condos are in style with millennials as they want to continue to be mobile and not have ties.
You can see the rise of bike rentals in every town as well as car-sharing programs.
Millennials lean heavily upon testimonials before they make decisions, especially in the food and travel industry.
Just look at Trip Advisor for example. This company has come from nowhere to be the authority on where to eat, sleep, and party.
Millennials marry at an average age of 30 years which is far later than their parents and grandparents did. The reason is that they are more focused on their job, living at home for as long as they can, traveling and the like.
You definitely need to adjust your message to fit this type of target market.
Life is different with the technology that is available to a millennial. You probably did not have a smartphone when you were a kid. You may look and say that all they do is look at their phones.
Well, you better change your attitude if you want to market to them. Get on the train with them or your business will suffer.
They have witnessed the struggles that surrounded their parents such as stock market crashes and the 9/11 tragedy. These experiences have led millennials to value their freedom, privacy, and lifestyle.
Marketing to them is a whole different stage so you need to become in tune with the millennial mindset if you want to play in their arena.
The conclusion here is that marketing to Gen Y requires a new attitude and understanding. They are constantly changing the rules and you need to be on top of these changes to succeed.
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