Millennials represent 80 million people worldwide and control almost two trillion euros in liquid assets.
Before explaining the keys to understanding Millennials and how to direct advertising and marketing towards them, it is necessary to understand who they are and what their characteristics are. Millennials are defined as “people who were born between 1981 and 2000 and whose lives have been shaped by technology and the digital age”. Millennials represent 80 million people worldwide and control almost two trillion euros in liquid assets. Their aspirations and ideals are different from the traditional ones and impact on their way of life and consumption in a direct way. Some of its characteristics are the following:
- They cannot live without the Internet. Millennials have always been surrounded by the latest technology and can’t conceive of the world without their smartphone or tablet.
- They live in the present and don’t worry so much about the future. Millennials prefer to work for what they love rather than for material interest, to engage in something they are passionate about even if they have to live with their parents late and do not have a stable income.
- In constant job mobility. When a job no longer brings you anything, you will leave it and look for a better one. They are also multitaskers, i.e. they do several things at the same time.
- Critical and participative. They like to share their knowledge, information to be free and distrust what companies say. That is why they search the web before making consumer decisions.
- They do not accumulate assets. They are not interested in owning a house or a car but prefer to travel and invest in experiences, except when they have to buy a smartphone.
Having seen these characteristics, we can now set out how we should approach them in terms of marketing and advertising:
- As smartphones are an extension of themselves, all companies have to focus their techniques on new technologies and the internet. They search for all information through search engines and social networks. You must also be prepared to be able to answer all their questions in a short time.
- The digital character that defines them shows that traditional advertising does not work for them, as they spend most of their time surfing the internet and playing with their smartphones.
- They are not just looking for good service, they demand personalisation and expect the company to adapt to their preferences. It is about harnessing the amount of information and digital trails that are shared, disseminated and generated on the web. Companies must harness the potential of big data (research, analysis, evaluation, etc.) to see how their customers behave and anticipate their needs.
- The heavy use of social media means that they share much of what they do and find amusing. That’s why a brand must provide them with an experience they love so that it is shared and remembered.
- Los Millennials son los mayores consumidores de vídeo digital, por eso es muy importante realizar campañas de vídeo en redes sociales para atraerles y convencerles. They do not like long advertising that does not contribute to them, they like clear, concise messages with values.
- Find an influencer. If millennials trust anyone, it’s influencers. It is becoming increasingly common for brands to collaborate with an influencer to promote products or services. In this way, brands can reach a wider but well-selected audience by conducting preliminary research on potential influencers that may be of interest to our audience.
In short, Millennials are one of the most difficult audiences to conquer, as what they are looking for as consumers is very different to what previous generations were looking for, but this does not mean that it is impossible… it is just that it is a great challenge. The key to not getting frustrated when implementing a marketing strategy for Millennials will be to approach it as dynamic, fun, collaborative and flexible; treating our audience in an individual and personalised way.