Over the past few years, you’ve probably noticed how there’s a LOT of emphasis placed on marketing to millennials. Why does it seem as though this is the only demographic that matters? Do all of your efforts need to be placed on pleasing the 23-38 age group?
The “marketing to millennials” issue is on our mind a lot here at YellowDog, so we’ve decided to examine this topic in our newest miniseries. First up, we’re taking a look at the first question on our minds – some of the primary reasons marketers make millennials their top priority.
Why are Marketers So Obsessed?
We’ve been in our fair share of meetings where the entire conservation was focused on “well, what would the millennials think about this?” It’s true there are 83 million millennials in the US alone, and they are taking over the baby boomers as the largest age demographic. This would make it seem obvious why marketers would be quick to jump on the millennial train. Additionally, millennials have recently surpassed baby boomers as the generation with the most spending power. These factors inspire marketers to seize the opportunity and reach this demographic while they’re fairly young…and keep them!
“Millennial” is a Broad Term
Oftentimes, marketers can get carried away with the whole “millennial movement” and forget this is an actual demographic, not just a stereotype. For example, a millennial is often viewed as a person who is tech savvy, addicted to their phone, obsessed with social media, and arrogant but uninformed. Some marketers may be forgetting to consider fascinating data such as: more than 40% of millennials are parents, a greater share of millennial women have a bachelor’s degree than their male counterparts, and millennials are the most diverse generation yet. Instead of focusing on key (non-stereotypical) traits of this generation, many marketers are simply trying to reach the largest demographic group. Basically, they’re hoping to see big results with minimal effort.
The Millennial Perspective
You’ve probably attended a meeting that includes an inexperienced person who has recently graduated college, and everyone can probably guess why they’re there…to provide the all-too-common “millennial perspective!” Unfortunately, some marketers can get carried away with a desire to please the “hip and cool” generation without really understanding who they are. In fact, when the question “do you think the millennials like it?” is posed, that usually translates to – “is this cool right now?” It’s easy to get caught up in what is trendy at the moment, which is why it’s common for marketers to make millennials their primary target.
Let’s Get Marketing!
By now you probably have a good sense WHY marketers place so much focus on millennials, but now the question is, are millennials actually the generation you want to reach? Millennials have certainly changed the face of marketing, but instead, maybe we should focus on how can we reach “the people of today?” We’ll examine that in our next installment!
- 60% are often or always loyal to brands they currently purchase
- 84% don’t trust traditional advertising
- 49% say word of mouth is a greater influence of their purchases than TV ads
- 70% are more influenced by bloggers than celebrities