At 77 million, Millennials account for about 1.4 of the US population and yield about 1.3 trillion annual buying power in the US alone. They are big, they are influential and they have very specific tastes. Reaching them is not like reaching any other demographic. They are digital natives, and live in an omnichannel world. And they do it a lot: on average, they touch their smartphones about 45 times a day. Here’s what you need to know about marketing to them.
1. They’re Not Your Fans
Millennials do not see themselves as fans. They see themselves as active participants, able to shape opinions and inform the conversation. Their parents were fans. They are players and see themselves as owners of the things they choose to engage with.
2. They Get Marketing
They grew up with it. They’re savvy, smart and know a lot of the old marketing tricks. And they don’t like it. They’re attuned to it and weary of it. You must respect their intelligence.
3. Experiences Make Them Rich
Millennials are in a financial bind. They’re in debt (in 2016, the average college student graduates with $37.2k in debt), they can’t afford houses and are staring down the barrel of some pretty epic changes to the workplace, namely automation. Saving for a big house doesn’t make sense. Spending $800 on a primo festival experience does.
4. Knowledge Is Everything