by David Depman
Millennials are coming into their own, but who are they, and what are they thinking? Their reputation seems to precede them, if you believe what you hear: that they have an inability to make a commitment, a habit of jumping from job to job, a devil may care approach to credit scores and for the most part, an addiction to their cell phones. If you believe all this, you may think of Millennials as societies’ weakest link…. but is this really what Millennials are?
The millennial generation grew up in a much different world than any other generation and with it comes unique conditions and challenges. Millennials will spend thousands, if not hundreds of thousands on an education, and they will be entering an unpredictable and rapidly changing job market when they walk off the graduation line. The pressure to achieve is as high as it has ever been, but the conditions are very different. Many Millennials will find that matching expectations with the ideals of Boomers and Gen X’ers in terms of housing and career goals will be an entirely different journey. A changing population demographic along with downward pressure on wages and employment will be constant companions. Despite this, many Millennials tend to keep a positive attitude about the future and are doing it ‘their way’. In this regard, they are truely displaying a ‘can-do’ attitude.
The fact is, stereotypes floating around about Millennials, like all stereotypes, are simply untrue. Did you know that millennials are actually staying with jobs longer than previous generations? In the late 1980’s around 50% of 20-25-year-olds changed jobs yearly. According to the article, “The median length of job tenure for 25-34 year olds was 3.2 years in 2012, up from 2.7 years in 2002″. Additionally, Millennials will make bigger moves in the workforce, too. It is estimated that by the end of next year they will make up half of the workforce, and by the year 2020, they will make up 75% of the workforce.
Currently, the Millennials’ credit scores are in the average range, but they are expected to improve. It should be noted that education prices have increased significantly over the last ten years aiding to larger debt and lower credit scores among this demographic. Millennials also are rejecting credit cards due to not wanting to accumulate additional unneeded debt. Maybe Gen Xers should take some notes from the Millennials on credit card usage.
Millennials are expected to begin the next housing upswing. In some cases they are even being called the saviors. Zillow has predicted that by the end of 2015, millennials will make up the largest population of homeowners. 42% of millennials say they plan to buy a home in the next five years compared to just 31% of generation X. Many millennials are coming to the age where they feel buying a home is a good move, and in addition to that Fannie Mae and Freddie Mac have began backing mortgages with down payments of as little as 3% of the home’s price in efforts to aid first-time home buyers.
How To Market To The “Selfie” Generation
Marketing to Millennials isn’t hard, it’s just different. Millennials are driven by passion, diversity, discovering, sharing and a zeal for the pursuit of happiness. In order to market to Millennials, the key is to inspire them, help them envision their dreams and involve them in the process. This generation is very aware of marketing, and they don’t really like it, so reaching them needs to be done on their terms. This can make reaching out to them more difficult if your marketing is not aimed at their concerns and issues.
Here are three easy ways you can market to millennials without having to change your entire effort:
1. Get on social networks. Make sure you have a presence that is powerful and engaging on FaceBook, Twitter, and other social-media sites. The key is to not overdo it. Millennials will generally see right through ham-handed efforts. Be genuine, show that you are a real person who can be professional, trustworthy, and is approachable. Keep content focused and helpful while displaying a sense of concern and integrity.
2. Get creative. When your marketing is creative, it can very quickly gain momentum. While this may be hard for you to do as a full time commitment, you can share relevant information and content. YouTube, Instagram, and Vine are all interesting channels to share content. Keeping content fresh and creative will have Millennials sharing and distributing information about you and your business before you know it.
3. Pay attention and keep up. Millennials, some might say, are self-centered. Agree or not, if you want to reach this market, you need to be aware, be available and be awesome at follow up. This generation wants attention and action. Marketing online, particularly on mobile is key to getting your message in front of their eyes on the device of their choice.
Millennials are in the early stages of taking the reins in our society. The challenges to reaching them will be daunting for those that are resistant to change and entrenched in traditional methods. This generation is all about change, and keeping up will be a challenge.
How are you changing your marketing strategies to reach out to Millennials?