Each generation has specific characteristics that make it different from the previous ones. We all strive to differentiate ourselves from the generation of our parents because we believe that we can approach situations in a different way, as any future generation will look for some new solutions. Although Generation X was different from baby boomers and baby boomers from pre-war generations, no generation is as notorious as millennials. Generation Y, popularly called millennials, encompasses all people born between the early 1980s and the mid-1990s.
Millennials are credited with destroying many industries that ruled the market in their parents’ generation. Even though, it is not fair to blame an entire generation for diminishing the importance of certain industries, the fact is that millennials have changed the market with their behavior and encouraged many major brands to take a different approach to consumers. Since only those who can adapt to the market can survive, by introducing these aspects to their business, the affection of millennials will not fail.
1. Social networks
Millennials find everything on the Internet – love partners, wanted products and medical advices. Given that Generation Y is the first generation that has grown up with Facebook and later Instagram, it is not surprising that they have moved most of the offline activity into the online sphere.
Although millennials are often attacked for destroying the offline world, their online presence makes them more accessible than a generation before. By using Facebook or Instagram makes it easier to target the target audience and to transmit the messages you want.
Most millennials use both Facebook and Instagram, while members of the post-millennial generation Z are escaping from Facebook and finding new social networks like Snapchat and TikTok. Since most millennials are financially independent these days, they are an interesting consumer category to be approached by using social networks, and if there are any doubts between Facebook and Instagram, the characteristics of each are listed in a previous blog post.
2. The Experience of Economy
Millennials are the first generation to shift the market focus from product to narrative. A good story about the product to millennials means more than the product features.
Also, since the industrial uniformity of things is a negative phenomenon in the eyes of every Generation Y member, product authenticity is the key to sell it. Moreover, authentication is most successful if each customer can personalize a product to enrich his or her own identity.
Aside from the specific expectations of the products they buy, millennials are the most different from every previous generation in their spending habits, which are primarily oriented toward gaining experience rather than owning things. Creating an engaging experience with which they can boast with on social media is a fundamental way to reach millennials.
3. A Socially responsible business (SRB)
Generation Y is inclusive to all groups of people who have been marginalized by previous generations, so it is important for them to see messages of inclusion and communion from the brands they consume.
More and more companies are recognizing this, so successful advertisements are no longer just marketing, but also a social message. As millennials are socially engaged in the fields they consider important, they expect the same from favorite brands.
A socially responsible business is a key tool in spreading the message to the target audience, because it shows that the values of the company are much broader than market interests, which is most often demonstrated by organizing actions that contribute to the quality of community life where the company operates. Millennials recognize the social commitment of companies, which is the reason why they are more likely to choose companies with social values that are close to their own.
By daily online presence, millennials have made themselves the most commercially available generation. Although they are being blamed for destroying many industries by their consumer habits, the truth is different. Millennials are pretty good consumers, but they have different expectations from brands, therefore it is necessary to adjust company business to their expectations and success in the market will not fail.