Marketing to Millennials

Looking at the news headlines today, it would be easy to fall into a state of deep despair. Stories of extreme climate change, preventable diseases, economic inequality, social injustice, and the failure of our key institutions—government, banks, and corporations—dominate the news cycles and social media feeds. However, millennials are not playing the role of the victim; rather, they are seizing the opportunity to do something about it—to help make things better, while redefining societal norms and disrupting business as usual.

Who Are Millennials, And Why Do They Matter? 

Millennials (those born between the early eighties and the mid-nineties) are the largest generation of adults in the US. Consider these statistics: Millennials in the United States number 80 million and have a combined annual spending power of $600 billion (and a staggering $2.45 trillion globally). And according to the 2015 Cone Communications Millennial CSR Study, 91% would switch brands to one associated with a cause, more likely to purchase a product with a social or environmental benefit, and volunteer for a cause supported by a company they trust.

Millennials –– Empathetic and Empowered 

For many in the media and marketing worlds, Millennials have been viewed as the “me” generation. However, for a generation that has proven to be connected and compassionate to the experiences of others around the world, a more appropriate title may be the “we” generation. Growing up in a time when traditional values, politics, and economics are collapsing and being redefined around them, Millennials are experiencing a unique confluence of empathy and empowerment. Connected via myriad social media platforms and mobile devices, this generation has been able to see and share experiences of troubles and unrest in real time, creating a “glocal” sense of shared struggle with their peers around the world.

What You Need to Know To Reach Millennials

Millennials are living in a New Era with New Expressions and New Expectations (The New3)

 New Era: The world is in a state of flux. We are living in times that are unique; an era where everything from the political landscape, values, gender norms, economy and notions of sports are in a state of constant change. Within this New Era, success is defined by resilience; the ability to fail, learn from failure, overcome obstacles and become better. It’s an era that is shaped in large part by fear and anxiety along with a hopeful and pragmatic outlook. People are proactively seeking to affect change at both micro and macro levels. 

New Expressions: Their identities are more fluid and multi-faceted. Race and gender norms are proactively being blurred & deconstructed. Through social platforms we are carefully curating channels to express our multi-faceted identities and ourselves. People are looking for brands & institutions that are listening to them & readily align with their values, passions and expressions of self-identity. 

New Expectations: Expectations of ourselves, brands and institutions are at an all-time high. This generation viscerally understands that in order to get what they we want out of society, institutions and brands that there will need to be dialogues which include citizens as integral stakeholders and agents of change. There’s an overarching sentiment of, “We know we are valuable, here’s what we do for you…what are you doing for us?”

Experiences Not Things 

Millennials want experiences over products, sharing versus sole ownership, and entrepreneurship versus employment. And these shifts in values are for good reason: these younger generations have seen their parents’ generation work themselves to the bone to— quoting finance expert Dave Ramsey—“Buy things they don’t need, with money they didn’t have to impress people they didn’t like,” only to see them lose it all to financial crises and downsizing.

Conscious Employees 

According to the PWC “Millennials at Work: Reshaping the Workforce” report, by the year 2025, Millennials will fuel approximately 75% of the US workforce and 50 percent of the worldwide workforce. Increasingly, Millennials want to work for companies that have a higher purpose than just making profit—the kind of ethical, stakeholder-driven companies that think about people and the planet, not just profit. According to Deloitte’s 2015 Millennial Survey, a staggering 84% of Millennials say making a positive difference in the world is more important than professional recognition. And six out of ten millennials said a sense of purpose (more than just making a profit) is part of the reason they chose to work for their current employer.

There are 5 Key Values that Define The Millennial Generation 

Discovery –– They seek to uncover new things in every facet of life (social, political, cultural, technological). 93% want to experience something new and blood rushing

Connectivity –– Millennials have an insatiable desire to stay connected, entertained and informed.

Versatility –– Being able to adopt, adapt and assimilate to different cultures and contexts is a skill that is held in high regard. 7 in 10 say they float among multiple cliques for diversification and inspiration

Openness –– They value exploration and embrace other cultures, beliefs and attitudes. 93% believe it’s our responsibility to treat people with respect regardless of race, gender, religion, political viewpoint or sexual orientation

Expression –– They highly value making “statements” through pastimes, fashion and communities of like-minded individuals. 63% of Millennials want to be the first to share news and information