The Millennial Myth
It is all too tempting to cast Millennials in the same stereotype of selfie obsessed, smart phone addicted, entitled brats (as even respected social experts like Simon Sinek have on occaision). It’s a much more complex story. How do we know? We host one of Canada’s largest and most diverse consumer panels with over 1500 Millennial members. We regularly engage them with surveys, interviews, polls and focus groups to uncover insights that are truly valuable to marketers.
Here are a few insights from our research that could help your brand do a better job at engaging this highly influential consumer:
- Millennials are diverse. From the upper and lower tier of the age spread (Approx. 17-37) their behaviour varies widely in terms of how they respond to advertising and culture. Geography, ethnicity, gender and income all significantly impact biases and behaviours. There is no one-size-fits-all Millennial.
- Millennials now account for 40% of all consumers, yet few marketers know how to connect with them more than just superficially. Brands tend to leverage only the obvious (and often stereotypical) attributes and that leaves a lot of Millennials cold. As advertisers we need to get better at segmenting our messaging to this diverse group. And to do that you need to do your homework.
Despite many differences, there is also a lot of common ground. And some of it surprising.
- Don’t be fooled. Millennials are very much consumers. But they consume differently. They prefer access over ownership and experiences over things. So they are happy to use Autoshare, but not that interested in owning a car - which will fundamentally change how cars are sold in the near future.
- There is significant lifecycle lag compared to Boomers. They are moving out from parents later, marrying later, buying homes later. Do not mistake this for lack of interest in the above. It’s going to happen, but from our research on an 8.7 year lag compared to their parent’s generation. And don’t forget they will be the recipients of some of the biggest inherited estates as their wealthy Boomer parents pass on.
- They are the most brand conscious generation of our times. Every purchase, every experience comes with the question “how does this enhance or detract from my personal brand?” Understanding the nuance of this insight can help a brand build a better narrative to answer that question.
- They care about values. 85% of Millenials surveyed say they want to know the values of the company they work for and 70% say alignment of values impact whether they will patronize a brand. So think about what your brand stands for and be transparent because the other important thing to know about Millennials is they have a highly acute BS meter.
- And as much Millennials are keen on values, it’s not always the values you expect. For example, they believe in sustainability, but are only half as willing as Boomers to actively do something about pollution and climate change. So again, be careful how you frame your position and your ask.
These are just quick snap shots of the years of research, testing and insight gathering we have done with Millennials on behalf of our clients. They are a great start in terms of assessing if your company and your marketing is doing its best, with this highly valuable and influential group, to build both engagement and affection for your brand.