What's all the fuss about Millennials? One minute people are saying we're lazy, entitled, and narcissistic. The next minute, those same people are targeting us, all 80 million of us, with their Facebook and Instagram ad.
"Every generation has it's couch potatoes and hustlers. We just operate differently in the way we work, the way we communicate, and even the way we shop," Chelsea Krost, a Millennial marketing strategist said. "We're a generation unlike any other because of the resources and technology we have at our fingertips."
Why should you market to Millennials
Not only are we easy to find online, but we have the largest combined spending power of any generation. It's not that we're all rich and throwing money around. There's just a lot of us and that adds up.
"The average millennial graduating has $30,000 in student loan debt, but we make up the most consumer market," Krost said. "Millennials, people ages 18 to 35, are the largest population on the planet."
That's why we're important. So, let's debunk those negative stereotypes right now because if you think negatively of this generation, you will never market to us effectively. If you don't change your way of thinking today, you'll be forced to by 2025 when Millennials will make up 75% of the workplace.
How do you market to Millennials
So, how do you market to Millennials? Krost calls this the "golden question". In a word, digitally.
"The older companies are trying to take their voice and change it to work online, but the startups are already there," Krost said. "You have to think mobile first and being on social media to engage the market."
The most common mistake people make when marketing to Millennials is assuming we are all the same. We don't like the same things, are not influenced by the same things, and do not purchase the same things.
"The values, pain points, and income of a 19-year-old college student is very different from a 29-year-old mother of two," Krost said. "You have to know who your micro markets are."
What are the micro markets
18-23: Generally speaking, these are college students.
23-26: These are the so-called "boomerang babies" who either head back home to live with mom and dad after college graduation or find a job and start working.
26-29: Most Millennial hustlers and aspiring entrepreneurs fall into this group.
29-32: Millennial parents and first-time homebuyers usually fall into this group.
32-35: These are the cuspers who either identify as Millennials or Gen Xers.
35-38: These people don't fall into the definition of a millennial, but they feel like Millennials at heart.
So, now that you know who to target and how to target them, get to work!