Four Facts You Need to Know About Millennials

Four Facts You Need to Know About Millennials:from New Research on Lead Generation through Web 2.0 Media | Marketing ... by Jeff Fromm and Andrea Franz
Millennials are often referred to as an “elusive generation,” but you probably know more about them than you think you do.
First, this generation consists of individuals born between 1977 and 2000, though for our research we focused on those born between 1977 and 1995. Millennials comprise roughly 2% of the population and are not only key influencers with their peers, but with older generations and the brands they purchase.
Millennials have a direct annual spending power of an overwhelming $200 billion paired with an indirect spending power of $500 billion. That indirect spending power is largely due to the influence Millennials wield with their parents.
Millennials also have a vested interest and in-depth knowledge of social, local, and mobile technologies. The members of this generation are widely considered to be experts in social media and new technology despite a lack of “formal training” often necessary for non-Millennials. The most common and frequently used social media tools and today’s Millennial generation practically grew up together. Consequently, Millennials have a natural inclination toward using those platforms.
Millennials are currently aging into their peak earning and spending years. This proves vital for brands and marketers as they need to learn how to target this powerful demographic. To understand Millennials, brands must understand that they value their image, strive to achieve high status, and actively seek success. The chart below confirms this notion as it shows how Millennials value success and status as compared to Non-Millennials.

Four Key Takeaways About Millennials

1. Millennials seek peer affirmation

Millennials value the thoughts and opinions of their peers. Having that third-party endorsement from a friend ranks high in importance when Millennials are asking for advice on a new purchase or their most recent Facebook profile picture. Millennials are able to reach out to their peers and have a discussion instantly via online and social media. Millennials learn to form opinions and make decisions with the help of their friends. In the words of the ever-popular teen movie, Mean Girls, “You wouldn’t buy a skirt without asking your friends first if it looks good on you.” Brands and marketers should plan accordingly.
2. Millennials seek information via social media

Millennials have more friends on social networking sites than non-Millennials. Having more friends provides Millennial users with a wider variety of information that each friend can uniquely provide. Whether searching Facebook to check in with friends or scanning Twitter to catch up on the news, Millennials are customizing their intake of information from social media. Because Millennials are so actively involved in social media and the online space, they expect brands to have appropriate levels of involvement.
3.  Millennials are digital natives

With new technology, Millennials are 2.5 times more likely to be early adopters. This generation grew up at the forefront of the rapidly developing world of technology. Because of this, it’s a much easier transition for Millennials when exploring a new type of technology. Millennials are less concerned with the old adage of “If it isn’t broke, don’t fix it.” Instead, Millennials welcome the latest version of the IPhone even if their current version is functioning just fine. Similarly, Millennials are more likely to engage online through blogs and establish an online persona. Millennials are also more inclined to voice their opinions online—be it to rave about a new restaurant or complain about a defunct product they recently purchased.
4. Millennials will buy products from companies that support causes they care about
Millennials have a certain “can-do” attitude and the desire to affect the world around them. When there is an authentic and transparent effort to support a cause that aligns with their values, more often than not, Millennials will support the brand. The chart below details the cause marketing programs most well known to Millennials.

To learn more about Millennials, Boston Consulting Group, Service Management Group, and Barkley prepared the following short video.
Jeff Fromm and Andrea Franz work at Barkley, an independent advertising agency in Kansas City. Jeff is the founder of the Millennial marketing conference, Share.Like.Buy, and is the co-leader of this research. Andrea is a real-life Millennial and helps guide Jeff through the ever-changing technology world daily. To reach Jeff, email him at jfromm@barkleyus.com.