Why You Need to Market to Millennials
"Just because you're an adult doesn't mean you're grown up. Growing up means being patient, holding your temper, cutting out the self-pity, and quitting with the righteous indignation." - Brandon Stanton, Humans of New York, Millennial
Eighty-five million of us. Millennials, rather. When I tell people about the population I work with, I hear things like, “Oh that’s such a difficult population to work with I bet” or “Yeah I have millennials at work and they are so lazy”, or my favorite: “Instead of boo-hooing about it, why don’t they work harder”.
Millennials began chasing the American Dream right when the American Dream changed. Millennials are the most educated generation of all-time, which sounds awesome, and sure, it used to be. However, with so many people having college degrees, the college degree is becoming the equivalent to a high-school diploma. You’re expected to have it, which makes getting a job, and a well-paying one at that, that much more difficult.
Not only are millennials expected to have a higher degree, but they also bring along the debt that comes with it after everyone telling them needed to go to college for this degree. In fact, 80% of college graduates are in debt with $30k or more. So, millennials are educated, in-debt, and can’t get a job that is fulfilling or that supports the piece of paper of a degree they are carrying around.
Because of this, millennials are doing everything that the American Dream tells us we should do much later. Millennials are waiting to get married, waiting to have kids, waiting to buy homes, and waiting to make big purchases. They are working to pay their monthly student loan payment, rent, insurance, utilities and groceries, yet they still buy the things that matter to them, that are important, and a few luxury items. This is why you need to solidify your marketing plan to market toward millennials--not against them.
What Does This Mean for the Economy
Because millennials are the largest generation, they have about 80% of the buying power. What this means for businesses is that they better understand how millennials work, what motivates them to purchase goods, or what value they get from a service. Businesses need to learn how to communicate with millennials in a way that provides three things:
Authenticity - Millennials want to purchase things that are not necessarily based on the label. They no longer want tennis shoes just because they are Nike or no longer need the Michael Kors purse. They do, however, want to know the purpose behind the brand. They want to know who the business owners are, why they built the business, and what they stand for. They want genuineness. They want to be heard. They want to be seen.
Value - Millennials pay attention to what they buy...most of the time. They have to be in order to get their basic needs met with their thousands of dollars in debt. They want to get as much bang for their buck as possible. They are going to buy things not because of how great it is necessarily, but because it’s coming from a business that gives back to society, is a non-profit, or has meaning behind it. They are more likely to purchase a pair of shoes that came from recycled clothing from a business who donates half their proceeds to saving the environment than the name-brand Nike. They like seeing good being done in the world and want to purchase items from someone else who wants to see that too.
Trust- Millennials are people who may not purchase something based on an ad. They are likely to use the internet they grew up with to research the brand, look at reviews, and look at what people are saying about the brand in order to validate that they have made a good service. Providing great content online and on your business’s website will help millennial consumers learn about you and trust that you will provide them with what they need.
So, Millennials. You may love them. You may hate them. You have to work with them at some point. It can be difficult learning from or teaching to a generation who is completely different than anyone we have seen so far. If you are a business owner or supervisor who needs help on how to best work with, hire, or keep millennial employees, call today for a free consultation. You will be provided with tips and resources on how to get your needs met in your business and increase productivity and sales simply by changing the way you interact with your millennial employees.
Robin Helget, LMSW, CPT
Millennial Consultant & Coach
785.408.7529
robin@kcresolve.com
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