The Power of Millennials
Millennials are the most extensively researched generation in US history. Despite the vast quantity of research, speculation and media coverage of this generation, businesses still don’t accurately understand them or how best to reach them. In fact, Millennials are well on their way to becoming the main driving force in the US and global economy. With over 80 million Millennials in the United States, the generation is now larger than the Baby Boomer generation. Businesses cannot afford to overlook the power of millennials. First, companies must seek to understand the driving force behind millennial decision making and then harness the power of their scale.
The Millennial era is no longer “the future of the American economy.” The Millennial time is now. As the generation graduates from college, enters the work force, and earns promotions, their hold on the national economy strengthens. The Millennial generation is the largest in our current workforce and control more than $600 billion in spending each year. Not only does their own buying power grow with salary increases, Millennials are set to inherit over $30 trillion from their Baby Boomer parents, making them the one of the most powerful generations in recent history.
With their power in the economy, it is imperative for brands to cater their message to tap into the Millennial market. Millennials are breaking the mold on what works in advertising. They are the technology generation, who have endless amounts of digital content, are file sharers, and cord cutters. But, despite their continuous connection to the world around them, reaching Millennials in a genuine way poses a challenge.
Millennials and Media:
1. 75% of Millennials see advertising as disruptive and intrusive
2. 77% of Millennials actively tune out online advertising
3. 63% of Millennials use ad blocker online
How to best reach Millennials:
1. Create content that makes them smile. Be funny. 53% of Millennials say they appreciate a well-designed and executed ad campaign.
2. Make your advertising part of their search for knowledge. Don’t have it disrupt their content flow, instead have it become part of the content flow.
3. Don’t rely on stereotypes about millennials. Think of ways to interact with Millennials outside of a screen, and allow them to engage with your brand in meaningful and authentic ways.