At 80 million, Millennials make up the largest demographic group.
Though some argue that change within industries should cater towards the spending power of the older generations, the younger millennial group, seems to be the focus of new studies, conferences, and recommendations on how brands should conduct a proper strategic plan to attract their attention and gain their business.
In order to execute a proper marketing strategy towards Millennials, generational stereotypes must be avoided and customized products or services with outstanding experience must be the main focus.
However, Looking at Millennials as a generation can be misleading:
1. We are all Millennials
The Millennial word has become synonymous with some broad cultural trends: digital, mobile, social, collaborative, socially conscious. This is a simplified way of describing behaviors related to the new cultural trends and they are as much driven by the impact of technology as they are by a generational mindset.
Of course, it is plausible that because of high familiarity with technology accounts for the use of the word Millennial, previous generations are becoming more comfortable with technology, so the behaviors are spreading. Every business needs to be addressing these trends and pay less attention to the age of generations.
2. Millennials is too broad for marketing
In general, Millennials are defined as being born between 1980 and 2000. Some will be in high school and college, while others into their careers in their mid-30s. the point here is that the gradient scale of categorization is entirely too broad for targeted communication.
This brings in to question of what we know, which is that Millennials are seeking personalization, therefore, making targeted segmented marking plans counter-intuitive.
3. Focus on a generation provides a limited view
Regardless of generations, technology has decreased the complexity of connecting people to their interests or concerns.
As an example, before social media platforms, many issues concerning the industrialization of food had been held on the fences of social issues. Now, these issues such as the use of additives and high fructose corn syrup have erupted into a public craze since the rise of social media. Now there is an explosion of exploration within the organic foods and artisan brands due to the decline of interest in industrialized foods.
All things considered, it is important to focus on what’s important—and what is important is what is right in front of you. The consumers that you currently have are truly important and you really need to start understanding what their needs are while identifying opportunities to satisfy those particular needs. Create the value their looking for and be adaptable to change. You can only do this by listening to the market and responding.