The Millennial revolution is well underway and can either advance your business or leave it in shambles. The key to advancing with the speed of light is to learn the language of the Millennial. However, before you can speak their language, you must first gain an understanding of this wired generation.
Meet the Millennial
Millennials or Generation Y, which make up the largest generation the U.S. has ever seen, are defined by the majority of demographers as those between the ages of 18 and 37. With the American population being comprised of approximately 25% of Millennials or roughly 86 million, the Millennial generation dwarfs the Baby Boomer generation by about 3 million or 7%.
Meet the Millennial Buying Power
Now you’ve met the Millennials, it’s time to understand their jaw dropping buying power. By 2015, Millennials are expected to wield annual spending power of a staggering $2.45 trillion. By 2018, the spending power of the Millennial generation is projected to trounce the spending power of the Baby Boomer generation. Because businesses have failed to learn the language of the Millennial, their previous marketing efforts have been lost in translation. However, it’s time to scrap what you think you know and learn how to engage a Millennial from the perspective of a Millennial.
1) “What You Talking About Willis”
On the hugely popular 1980’s sitcom, “Different Strokes,” Arnold (Gary Coleman) used this catchphrase to indicate his brother was undermining his intelligence. Since Millennial practically birthed, nursed, and fueled the Internet’s global domination, we are wired and privy to quickly Google everything. In other words, cut the crap and give it to us straight. Instead of ostracizing Millennials with bogus or misleading information, use expert writers to provide valuable information without the useless frills.
2) Social Talk Isn’t Cheap
When it comes to engaging Millennials on social media, you can trash the old adage, “Talk is Cheap,” Instead of trying to create campaigns to simply go viral, it’s much more effective to use expert writers to engage Millennials into conversations. While Millennials do appreciate witty viral ads, if it doesn’t add valuable information to our lives, the ad will start and end on a Millennial’s Facebook wall. Instead, hire expert writers to create a dialog around your product, instead of offering a quick laugh.
3) You Want Me to Go Where?
One of the signature facets of the Millennial generation is being connected with smartphones, tablets, and several other wireless devices. As a result, we are not only comfortable making purchases online; we prefer it. When making a purchase, if the vendor isn’t located between WWW and .COM, then you may miss the Millennial business. In addition, you must make shopping online as simple as possible.
4) It Will Benefit Me How?
Simply put, you must show the Millennial generation how your product will benefit our lives. While the funny or cute video may be shared, retweeted, and laughed at, it will not sell products. Your marketing must demonstrate how your product’s features will enhance our already full, multi-tasking lives. In other words, Millennials want to know W.I.F.M or what’s in it for me.
He wants it straight, he wants it on his terms, he’s wired in, and Elliott C is most definitely a Millennial. With his formal education in Finance and Marketing, Elliott looks to help marketers understand how to communicate with his generation.