June 9, 2022
To Stop the CMO Revolving Door, Bring Brand and Performance Together
“Target” is a key word in marketing. Perhaps our most important word. Who are you speaking to? There are a variety of ways to think of targeting in marketing: behavioral, psychographic, demographic, geographic. And while all of these are important, it’s also crucial to understand how to talk to people from different generations. In this Marketing to Generations series, I’ll be covering digital marketing to Gen Z (1995-2010), Millennials (1980-1994), Gen X (1960-1979), and Baby Boomers (1940-1959) so you can know if you’re reaching these groups in the right place and with the right message.
We have already covered marketing to Gen Z, so we are moving onto our next generation: Millennials.
There has been a lot of talk about Millennials in recent years, mainly because this group now is the largest generation, having replaced the Baby Boomers in size. They’ve also taken on a reputation for being digitally savvy, health-conscious, and debt-laden.
But is that really true? Boiling Millennials down to a few adjectives is easy to do, but doesn’t really represent the full picture.
Millennials were the generation to grow up alongside the digital transformation (a notable variant from Gen Z, as this digital world already existed for them). To sum it up nicely: Facebook was created by a Millennial. During Millennials’ childhoods and early adulthoods, they saw cell phones, Google, Amazon, and Apple make their rise. And thus, this generation is very tech savvy.
Millennials have more education than older generations, yet they also struggle with rising costs of education and housing, leaving many of them ridden with debt. Thus, getting started on the next stage of life is taking longer. Millennials are waiting to get married, buy a house, and have kids until later in life.
And though some might take this as a less than positive trait, many millennials are self-oriented. They’re idealistic and value their own individual freedom. They’re health-conscientious, which explains the more recent surge in vegetarianism, veganism, pescetarianism, and avocado toast. And, very importantly, experiences often have more value to Millennials than material goods.
A study by McKinsey & Company found that Millennials tend to fall into several distinct consumption behavior clusters:
It is important to note that despite the fact that Millennials often express concern over their financial future, they are willing to spend more on premium/quality products that will last them longer and have a bigger benefit for their health.
Great! So we know who Millennials are (including what consumer categories they tend to fall into), how do we reach them?
So we now know where we can find Millennials. The next step is figuring out the best way to speak to them. Make sure you know who your target audience is out of the three types of consumers highlighted–it will help when crafting your messaging.
Of course, all this is just a starting point. Narrowing all members of a generation down to a few bullet points is a way to sum up the main ideas, but these vary even more within the different industries and unique audiences your brand is seeking to bring in. For more help crafting a digital marketing solution to reach and convert your Millennial audience, talk to our team!