By Russ Gannon VP LeadDolphin
Millennials Generation Y, otherwise known as Millennials, were born between 1980 and 1994. This generation is known for their multicultural diversity, and environmentally conscientious attributes. Along with numerous generation-specific qualities and influencers, Millennials statistically become wealthier at a younger age than their generational counterparts. Today, there are approximately 80 million Millennials who are quite possibly entering the stage of their lives where their spending habits are at their highest. This is because those born in 1980 are now in their mid-30s. They may be settling down with their families, or expanding their families. At this point, leading age Millennials have found the majority of their success in regards to financial stability and employment. It is because of this, that their growing demand of consumption has statistically come into its own. Similarities and Differences Between Millennials and Boomers Believe it or not, there are many similarities between Baby Boomers and Millennials. Each have a love for bargain shopping, leaving comments and engaging in promotions, and both have no issues with making online purchases. However, it is not the method of the purchase, but how they became interested or knowledgeable of the product, that boasts the major differences between the two. For example, Millennials are far more likely to make a purchase based on an offer sent to their email. They are also more likely to use digital coupons, whereas Boomers prefer print. This comparison between Millennials and Boomers is important to note, due to their importance to sales and engagement. Understanding the key similarities and differences is where the most success is found when it comes to marketing strategies. Generational Influencers and Popular Attributes Millennials have been influenced by specific cultural awakenings, societal downturns, and economic ups and downs. They are heavily influenced by 9/11, the rise of social media, and the resurgence of pop culture. They were witness to the dawn of the World Wide Web, and saw the rise and fall of the dot com flood. These are influencers that impacted this generation, and taught them about the fragility of our society, and in all honesty, taught them how to buy in bulk, how to buy cheap, and how to let others know whether or not they have found a good deal. Millennials are all for their community, and are the most proactive generation for human rights and equality, including LGBT rights, women’s rights, minority rights, and so on. They are technically literate, and are at the forefront of social media communications. Understanding the behavioral patterns common among this generation will undoubtedly lead to a major uptick in engagement and sales among Millennials.
To learn more about generational marketing download LeadDolphin’s e-book on Generational Marketing here goo.gl/8TRAfE