I know, I know. Another post about Millennials? Are we not done with them yet? Since Millennials make up one-fourth the U.S. population with almost $1.3 trillion in buying power, their influence is not going away anytime soon. What does need to go away are certain misconceptions that businesses use to target this demographic. Here are 3 Millennial myths to let go in 2018:
Millennials Are A Monolith
We have all heard the descriptors. Millennials are “lazy,” “entitled,” and “tech-obsessed.” While these traits are true for some Millennials, it does not describe the entire demographic. Thinking in these terms does a disservice to Millennials as well as your business. Millennials are characterized as people born between the early 1980’s and the early 2000’s, creating an age range of 18 to 37. I don’t know about you, but what I wanted when I was 18 is vastly different from what I want now (though purple convertibles are pretty classic).
Millennials are not a monolith. Do not buy into this narrative. Do not use blanket strategies based on assumptions and stereotypes. This leads to mediocre results. A smarter tactic is to segment this demographic based on specific traits, such as education or interests. This not only creates a more manageable marketing plan, but also provides a competitive advantage that means more money for your business.
Millennials Do Not Have “Real” Responsibilities
The idea that Millennials are not “real” adults is one of the most pervasive. Millennials need constant hand-holding, more concerned with their phones than becoming contributing members of society. In reality, 87% of millennial workers have management positions, and 54% have either started their own business or would like to in the future. Millennials are decision-makers, responsible for entire departments and companies. They do not just embrace responsibility. They seek it out. To ignore this characteristic is to ignore a huge marketing opportunity.
Also, many Millennials are parents. This means they are often the hand-holders. Believing Millennials are simply overgrown college students hinders your marketing. Acknowledge their adulthood. Address their challenges with useful resources. Show how your brand can make their lives easier. Your bottom-line will thank you.
Millennials Only Care About Technology
Millennials’ are the first generation to grow up in a digital world. As a result, Millennials have made technology an indispensable part of how we communicate. However, do not disregard the power of personal interaction. Digital marketing is effective not because it occurs online, but because it creates community. Take this concept offline. Try sponsoring a nonprofit event or hosting an open house with free swag. Find ways to connect that go beyond a hashtag. This does not mean you should abandon your online marketing strategies (that would be madness!). Just go beyond the confines of a screen every once in a while.
The most important takeaway is to embrace Millennials’ diversity. Connect with those who make sense for your company. Leave these Millennial myths in 2017 where they belong.
One characteristic that is definitely true for Millennials is their love of individuality. Featuring bold colors and unique products, our UltraViolet collection is a great place to start when developing your next marketing campaign. For additional questions, contact us 478-741-8888 or firstname.lastname@example.org.