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Millennials: Get To Know Thy Demographic

January 23, 2015
By Michelle Amodio - Telemarketing Software Contributor


The millennial generation seems to get mixed views from their predecessors. This generation has developed work characteristics and tendencies from doting parents, structured lives, and contact with diverse people. They’ve grown into adulthood with some personality problems that the baby boom generation lacked, including high rates of narcissism, materialism, unrealistically inflated expectations and a startling lack of independence. As consumers, they know what they want, and when they want it. But this is an important demographic for marketers to understand, and here’s why: they’re changing the way brands work.


Consider the statistics:

They have some money to burn: According to Boston Consulting Group, millennials in the U.S. alone account for $1.3 trillion (yes, trillion) in annual buying power. They have money to spend. Do you have something they want to buy?

They own gadgets: Nielsen says that 85 percent of this demographic owns a smartphone. That opens up not only marketing opportunities, but selling and buying opportunities. Everything can be done on a smartphone these days. Do you have a mobile presence?

They’re social: Pew Research Center says that 87 percent of 18 to 29 year olds use Facebook, with 53 percent on Instagram, 37 percent on Twitter (News - Alert) and 34 percent on Pinterest. It behooves companies to go where the people are, namely this demographic. There is a lot to be said about social lead generation and selling. If you’re not available to them in these mediums, you will lose out.

Speaking of being social… According to the University of Massachusetts Dartmouth, 66 percent of U.S.-based millennials follow a company on Twitter, and 64 percent “like” a company on Facebook (News - Alert) for discounts. Do you have discounts or coupons to give that could earn you some loyal business? Then expect to gain some customers via this popular method.

They get by with a little help from their friends: SocialChorus says that 95 percent of millennials trust their friends as reliable sources for product info. Gone are the days of old fashioned word of mouth. These types are socially connected, and will use their friend’s experiences to make their decisions. Presence is key. Experience is gold. How will your customer’s friends talk about you?

The millennial demographic is a bridge to future generations; through social media, mobile, the cloud, and other real-time technologies that haven’t even been invented yet. They are on the cusp of those inventions. They are graduating with both academic skills and buying habits that companies will need to engage with, in much more meaningful ways. Do you know your demographic? Ignore them at your peril.

 



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