Highly educated, technology savvy, and curious about everything, millennials are also very brand loyal once they find that brand that gives them the openness, honesty and thoughtfulness that they’re looking for. If you want to attract millennials, you’ll have to learn about what makes them tick and what drives their behavior.
Traditional Advertising Is Out
Instead of advertising, it’s best to offer information about your product or service that is realistic and hopefully proven by other customers. To them, ads are just more spin and lies and don’t actually reflect the truth of what the product does. They will believe their friends over an advertisement any day, no matter how slick.
The Sharing Economy
Business like Uber.com, Airbnb.com, and Renttherunway.com (and you can even borrow a dog too in some cases) are the way millennials like to enjoy the large life without having to put out a lot of cash. Many cities have bike rentals and other means that millennials can use to share instead of buy outright. While a lot of millennials have cars, many lease them instead of own them, and they often prefer to rent homes over buying because it’s not as usual to stick to one place as it used to be.
They Research before Buying
Millennials like to do a lot of research before making purchases, even for small items. They’ll not only read blog posts but they’ll also use social media to ask their friends, often while shopping. If they can’t find enough good information about the item in question, they’ll pass it by.
People Not Logos
They don’t care one bit about a big corporation and put zero trust in that company over individuals. If an individual blog owner posts something negative about a product they’re interesting in, even if the company has a lot of information out there, they’ll trust that blog post by the individual over the info put out by the company.
Less Money to Spend
Due to having less money to spend, despite their education levels, growing up in a troubled economy informs much of what they do. This is why they’re great with keeping their ownership light and like to focus on experiences over ownership.
Even the introvert is social and connected today thanks to social media which millennials grew up with, and in some cases created. They are less private and like to share their entire lives, which is why they value authenticity and openness over money and things.
Slightly Commitment Phobic
That’s why leasing is better than buying in their minds. Encumbered with a lot of debt, largely student loans, many millennials live with their parents, share houses with their friends, and tend to borrow, lease, or rent the things they do have. That way they are not encumbered by more responsibilities.
Older Age to Reach Milestones
The ages where people get married, have children, buy property and that type of thing has increased drastically for millennials over other generations. The average age of marriage is about 30 for this generation. That means you, as a business, need to redirect your marketing to take into consideration these new demographics.
Millennials lived a different life than many generations. They probably saw their parents lose everything in the stock market crash, even parents who “did everything right,” and they may find themselves making far different choices based on their perceptions that success and life is fleeting. Instead, they opt to have more experiences and settling down later in life.