Millennials already represent 20% of the current world population. They are young people currently between 18 and 34 years old, a consumer group estimated to move 1.3 trillion dollars a year, according to the Boston Consulting Group.
To connect with Millennials, companies must promote strategies that not only use their language but involve them in all creative processes and make them feel part of the brand. In this sense, social networks have become the best ally of companies as a channel to generate dialogue and gather the opinions of these consumer groups.
It is important for marketing bc data taiwan professionals to study and understand these consumers in order to reach them, create strategies that can reach Millennials, generate connections with brands and be more successful. Below are some details and characteristics of how Millennials behave:
Passion for technology: For Millennials, technology is like television is for Generation X or radio is for Boomers. Although the Millennial generation still prefers physical stores, the Internet has become their preferred medium for searching for information. Before going to the point of sale, these consumers search, compare and choose the product or channel that best suits them. During this process, it is worth highlighting the role played by social networks, which constitute an essential component for sharing comments and opinions.
They are “prosumers”: Millennials are not only consumers, but they are also generators of ideas aimed at improving products. Prosumers are influencers and cause changes in markets, in the case of Millennials especially through social networks that have become their main spokesperson.
Social Consumers: Millennials are extremely social and constantly stay connected, sharing information and watching what others are doing, listening to or buying. Social media is not just a means of communication for them but is a key part of their social life.
They are critical and participative: Millennials have a great critical capacity and do not believe things easily, but rather investigate and contrast information to form their own opinion. In addition, they prefer tools that encourage exchange, such as forums and social networks, and consider it important to make their opinion known.
They live in the moment: Passion governs most of their decisions and they are people who are open to change and have a great capacity for adaptation. They seek to take advantage of the present, live in the moment and seek happiness in everything they do.
Work-life balance: When a Millennial feels that their job is no longer challenging, they leave to look for other opportunities. In fact, a young person will change jobs about 15 times before the age of 38 in the United States. This is a major challenge for companies, since in order to retain their youngest employees, they need to create a dynamic environment that encourages personal and professional growth.
The importance of experiences: Unlike Boomers or Generation X, Millennials prefer experiences to the accumulation of physical products. Some of the experiences that most motivate this group of consumers include spending time with friends, traveling abroad, spending a weekend in a country house, trying sports or extreme activities, among others.
Millennials are one of the most difficult and complex audiences to win over today, since what they are looking for as consumers is very different from what previous generations were looking for. In addition, the speed at which technology changes means that this generation changes its opinions, preferences, needs and tastes very quickly, much more than in other generations, which causes them to be increasingly complicated and demanding consumers. Having said all this, I believe that marketing professionals have a great challenge in terms of how to carry out their marketing and communications strategies when it comes to the Millennial segment.
