September 15, 2016
Today’s modern market looks drastically different than it used to, whether it be the products available, the profile of consumers, or the marketing strategies involved.
One important audience that cannot and will not be ignored is the millennial generation. Millennials total 74.5 million, making them America’s largest generation. Additionally, millennials wield $1.3 trillion in annual buying power. This makes them a powerful and vital sector of the consumer marketplace.
However, there are many misconceptions and false stereotypes surrounding the millennial generation that you as a marketer should avoid indulging in.
Myth No. 1: Millennials are not loyal
Millennials have been labeled as tremendously picky consumers. On the contrary, millennials’ capacity for loyalty sometimes surpasses that of the average Baby Boomer. According to Experian Marketing Services’ Mosaic USA, one segment described as older millennials with mid-scale incomes are actually 2.5 times more likely than the average consumer to want attention from brands, customer service, quality relationships and loyalty.
Myth No. 2: Millennials will only shop online
While millennials are definitely the most “plugged-in” generation, they have not abandoned traditional shopping. Millennials that fit the category of “young family,” are actually 84% more likely to shop traditionally in comparison to other generations. However, they do seek out experiences that involve a social experience. For example, Urban Outfitters, a retail clothing chain, has launched coffee shops within their major locations as a way of capitalizing on this trend.
Myth No. 3 : Millennials are cheap
Marketers worry that consumers ages 18-34 aren’t worth a significant portion of their budget. Despite spending less than the national average compared to their Gen X and Boomer counterparts, they’re actually obsessed with trying new products. Not only are millennials the largest group of consumers, they’re also characterized as being try-sumers. Millennials like discounts and loyalty programs, and will buy online and pick up in stores to save on shipping. In fact, according to Mosaic, younger up-and-coming singles living big-city lifestyles (known as the “urban edge” segment) are the most likely to use the internet to plan shopping trips and save on shipping, 85% more likely than the average consumer.
Marketing to millennials may involve new strategies including the segmenting the market and utilizing knowledge of the trends. Keep in mind the millennial love for value, innovation, and the incorporation of the web to their experiences.
Get further insight from the original article here.
Brands have been making headlines with increased frequency for viral PR blunders. Learn how to avoid their mistakes… https://t.co/xD9vyoUhgv
April 11 - 9:04 pm - View on Twitter
Would you want your #ad to run before a terrorist propaganda piece? It happened to Hyundai & it could happen to you… https://t.co/G2i2mNgkef
March 28 - 8:31 pm - View on Twitter
Our Director of Video Operations offers insight into the world of #VirtualReality: https://t.co/VE4cO1iciV https://t.co/k81r8hNhpk
March 21 - 7:49 pm - View on Twitter
Did you miss this week's Insight Tuesday? Graphic designer Carrie Nestel explores the importance of packaging: https://t.co/uZ0XD7NY51
March 9 - 4:14 pm - View on Twitter
Check out our CEO's insight into the Ad-Blocking cold war that is being waged between marketers and their audiences: https://t.co/b8CSJw3IjT
March 1 - 7:10 pm - View on Twitter
Account Exec. Leigh Cesanek pulls together some of Sunday night's most memorable #ads & speculates who really won: https://t.co/uxFDg8YmtK
February 7 - 8:41 pm - View on Twitter
Our CEO reflects on reasons we are not achieving the level of clarity that big data should be providing. Read it: https://t.co/Xap3aIysa7
January 31 - 9:59 pm - View on Twitter
Our CEO offers insights into the benefits of 'non-investments,' such as the annual family vacation he takes. https://t.co/NSJtyKRbEI
January 18 - 5:00 pm - View on Twitter
Use #socialmedia to spark meaningful discussions about the things your company cares about: https://t.co/4LrNHuLUOa
January 10 - 8:00 pm - View on Twitter
Paul Federico talks about a unique art show he is a part of, in which the individuality of the artist can shine:… https://t.co/C9kbQf7g8n
December 27 - 8:00 pm - View on Twitter
The Princeton Partners team wishes you a joyful holiday season! Watch our holiday video here:… https://t.co/n6tlEOpmXO
December 21 - 8:29 pm - View on Twitter
We're in the holiday spirit! Take PPI's quiz on the hilarious holiday classic, 'Elf.' https://t.co/0uAbOsWsNl https://t.co/DLU01euQtk
December 20 - 9:08 pm - View on Twitter
Our CEO discusses the strategic planning meeting he attended w. @PHAnews & why the White House Garden inspired him:… https://t.co/NJGXmBVq8G
December 13 - 8:58 pm - View on Twitter
Our CEO created a brief quiz to test your knowledge of financial literacy in the US. The results may surprise you: https://t.co/uVwDP9ECzp
December 6 - 8:49 pm - View on Twitter
Associate Creative Director, Aaron, has come up with ten #gifts to avoid giving your #clients this holiday season:… https://t.co/BL1Q6G5lvk
November 29 - 9:15 pm - View on Twitter
Tim Burr weighs in on the the viral mess that New Balance is currently dealing with since a Tweet was misunderstood… https://t.co/j2B4UdrftD
November 22 - 8:00 pm - View on Twitter
Check out our CEO, Tom Sullivan, on the homepage of @NJBIZ this morning for an 'Industry Insights' piece:… https://t.co/WxFVAoUvK2
November 22 - 3:15 pm - View on Twitter
Check out the latest in our blog series the "Intern Spotlight" & get to know digital development intern, Gabriela.… https://t.co/cgazIIY6Fc
November 21 - 4:15 pm - View on Twitter
Following the election, many people are feeling anxious about the future. Our CEO suggests taking local action: https://t.co/xP9r4v2F6e
November 15 - 8:10 pm - View on Twitter
We had Chris's daughter, Ellie, visit us in the office today. She helped us with website coding and even took us ou… https://t.co/YUCgbBuLpi
November 11 - 9:33 pm - View on Twitter