‘Millennials’ is arguably one of the most used words in any marketer’s vocabulary. The term, representing modern society’s young adults born between 1980 and 2000, is often associated with words such as ‘tech savvy’ and ‘free spirited’.
Although you could easily argue that these adjectives can also be applied to other generations, it seems that millennials remain in a league of their own in terms of buying habits, their loyalty to a brand and much more.
So many marketers are obsessed with the millennial generation. Read on to learn why and whether or not this fixation is worthwhile to a brand…
Why are Millennials so Important to Brands?
Research has found that there are more millennials in the workforce than any other generation, while in the US alone there are around 80 million millennials.
Businesses are placing a particular focus on this huge demographic as a way to boost their profits and this is due to the long-term potential that this generation possesses.
While many millennials continue to pay off their student loans and begin a family, they are certainly heading towards their peak purchasing power. According to research carried out by the consulting firm, Accenture, millennials are expected to spend $1.4 trillion per year by 2020. As they exit the younger part of their lives and enter the more ‘grown up’ part, their spending powers are getting more and more influential.
Businesses are therefore doing their utmost to appeal to this generation now, in time for when their purchasing habits really kick in.
But what’s the impact of this on other generations?
Focusing too heavily on a mobile-first mindset and over-appealing to millennials and their obsession with technology will quickly cut out other generations, which could reflect negatively on your brand. It could also make ‘outsiders’ reconsider their commitment to your brand if you come across as too fixated on millennials within your marketing. And the last thing you want is losing customers.
What’s the alternative?
Instead, you need to find a way to remain appealing to your complete target market without alienating anybody. Keep your campaigns broad and varied to ensure they are targeting a range of demographics. It’s not necessary to target your marketing exclusively to millennials, because if you do this, you run the risk of coming across as needy and desperate. Alternatively, by catering to every group simultaneously, you will be better able to experience more brand loyalty, stronger profits and greater long-term success.
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*Photo credit Rosalind Chang
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