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.
September 15, 2016
Written by Brandon
In this week's Marketing Insight, Director of Brand Innovation, Manish Patel, sheds light on what up-and-coming job… https://t.co/L5Ai5ecJws
March 8 - 6:53 pm - View on Twitter
In this week’s Marketing Insight, CEO Tom Sullivan discusses behavior change through the lens of Social Accountabil… https://t.co/HlOOBLiGdW
February 1 - 6:59 pm - View on Twitter
In this week's Marketing Insight, CEO Tom Sullivan shares a ten-minute talk about his unique approach to developing… https://t.co/7yaFXSnx8Z
January 10 - 4:41 pm - View on Twitter
There's still time to "gift" back this holiday! Check out our top 10 cause-based picks for the undecided shopper. https://t.co/HpVeLNHuGn
December 18 - 4:20 pm - View on Twitter
In this week’s Marketing Insight, CEO Tom Sullivan puts a spotlight on five successful, inspiring companies whose c… https://t.co/ZEWZw42Okq
December 13 - 7:32 pm - View on Twitter
In this week’s Marketing Insight, CEO Tom Sullivan shares some personal reflections on how to respond to today’s of… https://t.co/43WRKaYkI5
December 6 - 6:06 pm - View on Twitter
In this week’s Marketing Insight, Director of Brand Innovation, Manish Patel, discusses the impact of digital gamin… https://t.co/fYfSgLRRCk
November 29 - 5:09 pm - View on Twitter
At PPI, we love all things spooky. Check out our Halloween Video for a creepy treat! https://t.co/tKQHPyuvpm
October 31 - 2:33 pm - View on Twitter
In this week’s Marketing Insight, Director of Brand Innovation, Manish Patel, shares a personal anecdote that sheds… https://t.co/xc9uCVFHFK
October 11 - 6:50 pm - View on Twitter
CEO Tom Sullivan discusses several approaches for developing an informed, data-driven content strategy to boost the… https://t.co/0Nbz61DCd9
September 27 - 5:15 pm - View on Twitter
In this week's Marketing Insight, CEO Tom Sullivan continues to explore what we can learn from FAANG's Walled Garde… https://t.co/JeUvsfcDSb
September 19 - 4:30 pm - View on Twitter
In this week's Marketing Insights, CEO Tom Sullivan discusses the Walled Garden approach that FAANG companies, and… https://t.co/vRDzMWoAs9
September 12 - 3:26 pm - View on Twitter
In this week's Marketing Insights, Associate Creative Director, Tim Burr, discusses how a focused approach to marke… https://t.co/5loRgrFdUS
September 5 - 4:44 pm - View on Twitter
Check out our last installment of our Voice "mini-camp" series where VP of Marketing and Media Strategy, Chris Sull… https://t.co/6yxEmeYu9G
August 30 - 3:13 pm - View on Twitter
In our third Voice Marketing Insight, VP of Marketing & Media Strategy, Chris Sullivan, explores how marketers can… https://t.co/vjHPQEcWbe
August 16 - 3:50 pm - View on Twitter
VP of Marketing & Media Strategy, Chris Sullivan, discusses the importance of persona development and Audio Identit… https://t.co/fYSbIZGLED
August 7 - 4:41 pm - View on Twitter
In the first Insight of a "mini-camp" series on voice marketing, VP of Marketing & Media Strategy, Chris Sullivan,… https://t.co/tFgqjVh11C
July 31 - 7:05 pm - View on Twitter
CEO Tom Sullivan explores the recent succession of CEOs in the Fiat Chrysler Automotive and Ferrari families, and h… https://t.co/yIoeSKdhov
July 24 - 3:05 pm - View on Twitter
Check out my latest #podcast https://t.co/eFFLCk7uYn on #Podbean
July 23 - 9:02 pm - View on Twitter
Check out my latest #podcast https://t.co/D9dl82LjkP on #Podbean
July 23 - 8:52 pm - View on Twitter