Millennials have been regarded as the most innovative, inventive, and digital generation in history. The definition of a millennial varies from one source to another. Yet, everyone has at least a vague picture of what a millennial is, as well as how they behave and what they like. This group of people has become the leading contributor to the global economy, meaning, that their purchasing power and value are simply immense. With more products on the market than ever before, businesses are targeting millennials with smart and elaborate strategies.
Who are millennials?
Different sources suggest various age ranges for millennials. Some suggest that to belong to this group, one should be born from 1980 until 1995. Others offer a more wide spectrum of age, spanning from those born in the late 1970s up until the early 2000s. Whichever of the versions we choose, the fact is that these individuals were born and brought up on the verge of a new millennium. The rise of the 21st century, a completely new era, is what truly determines this generation.
Millennials are more diverse than any other generation, including boomers. This plays a big, bold role in how they react to different events, concepts, and phenomena, including marketing. From the importance of civil rights among them to the negative attitudes towards consumerist behavior, approaching a millennial is most certainly a tricky task for marketers across the globe. However, we should not forget their power and importance but rather remain eager to find the right way.
It is estimated that more than 25% of the population in the United States are millennials. This number is similar in Europe while being significantly larger in emerging economies across Asia and Africa. A significant portion of these people already have their own families or run households with minors. All in all, they are the most diverse and structurally complex demographic group in the world. So what have marketers done about them?
Millennial marketing and how it works
The marketing industry is one of the most important and highly digitalized sectors of the modern economy. There is an ever-increasing need for well-tailored marketing strategies and there is a specific niche targeting millennials. This should not be surprising as this group is extremely diverse and requires a complex approach. Without concrete and targeted steps, selling products to millennials is extremely difficult. There is no one layer strategy that could benefit the business aiming at the millennial customer base.
To start off with, the most important factor in millennial marketing is that this generation has gone completely online. It goes without saying that millennials can not be found sitting in front of TVs or listening to the radio at home. Rather, they are active on social media and the internet in general. The global web is where to find them and a range of sectors are taking advantage of this phenomenon.
A number of industries are now in the phase of rapid digitalization in efforts to attract more millennial users. The gambling industry which used to be traditionally physical and exclusive is now leading the way in terms of the digital revolution. Gambling businesses in Australia are being particularly innovative. The vast majority of new online casinos in Australia are not only digital but they also feature some benefits that are important to members of this age group. For example, they offer accounts that allow saving money for longer or the use of cryptocurrencies. On the other hand, digital casinos in Australia advertise themselves by positive user reviews, rewarding those who bother to write one. The latter brings us to the next important aspect of millennial marketing: recommendations.
Unlike any other generation before them, millennials are invested in double and triple-checking information before making a purchase. For this very reason, they always look for blogs, recommendations, ratings, and reviews online. Looking back, everyone can notice a big increase in the number of such contents online. Even without the internet, reviews and recommendations were certainly a thing, placed in newspapers and magazines. However, they were usually overviewing luxury products and high-end dining venues. Therefore, an average Joe did not care enough to read them.
Today, the situation is drastically different. Reviews now are some of the most powerful tools for promotion. No millennial trusts a business without conducting proper, comprehensive research about them. Therefore, the number of online platforms exclusively for reviews and recommendations is increasing. Social media networks have added options to review businesses as well. Facebook recommendations now influence millions around the world.
Millennials are also eager about civil movements and the protection of minority rights. After all, these are people born right after some of the biggest breakthroughs in great civil movements. Today, businesses in western nations actively support civil rights. The vast majority of those are probably completely honest. However, everyone agrees that for many companies, supporting human rights is more about marketing and attracting the attention of millennials. Millennials have always been passionate about events like pride marches, sponsored and supported by big corporations like Apple, Google, and others. However, the youngest generation born after the year 2000 is now protesting against identity politics which benefits businesses instead of people.
These are only some very few examples of how millennial marketing is taking over the world. Despite the presence of other consumer groups, millennials remain to have the biggest purchasing power and thus an outstanding impact on the global economy.