Generation Y: an insider perspective

Millennials are certainly causing a stir in the business world. This population, also called Gen Y, are currently aged 20-35, or born between 1980 and the end of 1994. People have called us narcissistic, lazy and entitled yet are still desperate for us to buy or read their stuff. Millennials are the first generation of digital natives. We cannot be seen as a single group, but I believe that we share some traits. #yolo

Values:

Flexibility
Meaningful work
Authenticity
Friendship
Living first, working second/ Work-life integration
Fun
Instant access to information
Experiences over things
Getting to know the world
Diversity
Social causes
Customization

Beliefs:

Business success should be measured by more than profit
Self-expression is more important than self-control
Respect must be earned; it is not freely granted based on age, authority or title

Behaviors:

Hate to be sold anything
Want to start a business
Driven by a desire to make a difference
Actively research prices and read reviews before making a purchase
Trust peers first and parents second
Delay or forgo home/car ownership, marriage and children
Travel as often as possible
Want to be online all the time, using smartphones and social media
Wish to follow their passion for work
Less engaged with religion and politics

Consequences:

Traditional Advertising is dying (and that's OK): if brands think of themselves as publishers instead of advertisers, they must start to create content optimized for conversation – not content optimized for broadcast. 8 in 10 Millennials want brands to be entertaining, by: answering questions and comments in real time via social media (33%), sponsoring entertaining events (32%), and creating online content such as videos, photos, games, and blogs (31%). 

Moving away from broadcast TV: Millennials don't care about cable, preferring on demand services like Netflix and Hulu instead. We are 64% more likely than the average adult to simultaneously multi-screen. Moreover, about three in 10 Millennials would rather give up broadcast television rather than give up their mobile phone, compared to just 7% of Boomers.

Word of Mouth matters: 70% of Millennials value non-celebrity endorsements, particularly from influencers that they consider peers. User-generated content (a product review, blog post or status update written by a consumer rather than a company) influences our decisions more so than any advertisement (84%). 

(Over)sharing is the new normal: I tweet, therefore I am. Digital has lead to the democratization of celebrity, with the rise of new influencers through blogs, Instagram and YouTube. For Millennials, sharing is now the new form of being connected to friends. Marketers can target more easily, since 60% of Millennials are be willing to provide details about their personal preferences and habits, whereas Baby Boomers are much more protective of their personal information.

No longer just Consumers, but also Co-Creators: 4 in 10 Millennials want brands to allow them to influence their products. This way, we are able to customize our experience and to feel we have control over our favorite products through direct involvement. For example, Oreo created a “custom taste experience” machine at SXSW, where festival-goers were able to create their own custom cookies (color, flavor and design) based on what was trending on Twitter. The custom Oreos, which only took two minutes to create, were so popular that customers waited in lines for up to three hours just to get a cookie.

Access is replacing Ownership: with the rise of the sharing economy through companies like ZipCar, Uber & AirBnB, Millennials are increasingly preferring to pay to access things only when they need them.

Everything is about Lifestyle: use and functionality have taken a back seat to lifestyle. It’s all about being part of the “club”. Everything is an experience that must fit who we are, whether it is work, travel or dining out with friends. When it comes to brands, Millennials don’t want to just engage with them, they want brands to take an active role in helping them improve our lives. 77% of Millennials would like brands to provide them with financial assistance (such as grants and scholarships) and 75% would like brands to provide them with the opportunity for more life experiences (such as travel).

#foodforthought:  Gen Y is not hard to decode, but if you do have a hard time recruiting or marketing to Millennials, let Millennials handle the task themselves.