Millennials – it’s more than just a buzzword you’ve been hearing for the past ten years. They’re more than generation “me.” They’ve become the powerhouse generation. Their demands have provided solutions; their adaption to adulthood has changed the world.
There’s a running joke that Millennials kill industries. It’s true their habits have set some value on products and services, but it’s important to know the majority of these “dying” industries are luxury based. For instance, Millennials are not getting married and the diamond industry has slowed down. They’ve changed the way we work and their schedule doesn’t really allow for golf. They still don’t make enough to sail around the Caribbean.
There’s a famous tweet from late last year that highlights the struggles of Millennials. “There should be a Millennial edition of Monopoly where you just walk around paying rent, never able to buy anything.” Understanding this is key to attracting the coveted cohort.
Understanding The World Millennials Face
In terms of population, Millennials are the largest generation. They occupy the majority of the U.S. work force. Yet collectively, they still rank third in purchasing power. They’ve revolutionized the 9-to-5 work week and adopted what seems to be a 24/7 life style. For most, they’ve incorporated their career choice into their life. They don’t check out at five and leave it at “see you in the morning.” They go home, manage relationships, study their craft, or even work a second job. Companies that manage to weave their way into their in-between moments are banking big. Starbucks offers them a place to grab coffee, have a meeting, and work. With Amazon, Millennials can do most of their shopping on their lunch break, on the ride home, or even while cooking dinner. The businesses that are thriving off Millennials are offering products and services to them that offer time efficiency.
Nearly 60% of 20-36 year olds are single and have never been married.The diamond industry is hurting. But 60% also do not have children. Why? The U.S. Department of Agriculture may be able to shed light on this. They report that raising a new baby to the age of 17 will cost a married couple over $233,000. They want kids, but they know they can’t afford one, let alone a family. To compensate, 44% of Millennials see their pets as “starter” children. That’s more than the amount who actually have children.
How You Can Benefit
When they say Millennials are unaffected by ads, we remember an adage from Marshall Mcluhan. He said, “Medium is the message.” Before a company worries about what they’re going to say, it’s best to know where you’re going to say it. Someone could run the greatest Millennial-targeted ad, but if it’s on the 6 o’clock news, it may fall flat. With so many media options, it may seem daunting deciding where to go. Just keep in mind, it’s more productive to go to them, then to wait around for them to come to you.
The Greatest Generation, a term coined by journalist Tom Brokaw, fought and won World War II. Ads that targeted them always had a message like “You’ve earned this…” Their generation fought through the war and earned more than just peace. The phrase resonated with that audience and worked well for brands. Baby Boomers had a similar message, “You deserve this…” and “You’re worth it…” People laugh and say that Millennials are entitled, but because of the hardworking ethic and war winning attitude of the Boomers’ parents, messages that appealed to entitlement were successful on Baby Boomers.
Currently, there’s not a set phrase or feeling that captures Millennials. Companies could start changing the way we view them and focus on the short and long term obstacles Millennials face. Provide a service or product that fits into their busy schedule, create solutions to their problems; bring them closer to their friends, families, or even pets. That could be the mindset of your phrase. Though, knowing where to put your message is sometimes more important than the message itself. So, focus on where you’re putting your message, because it’s just a matter of time before a phrase catches on.