The Millennial market is one of, if not the most important consumer segments to marketers right now. They represent a tremendous shift in the way consumers interact with brands, mostly built off of the growth of the internet and social technology over the last 10 years. For years marketers have been relentlessly searching for the best ways to market to Millennials; however, a new study conducted by my company is showing that perceptions of what Millennials want are different than we had originally thought.
[Disclosure: I am employed at Mr. Youth]
Take a look at some of the findings from our study, Millennial Inc., which shed some new light on old perceptions.
It’s not always about price
It used to be thought that price was the ultimate driver of purchases, but now research shows that longevity is a stronger concern. Millennials don’t always have the most disposable income, but they are willing to pay extra for a product that will last.
I’ve felt this way for a long time, but it’s taking some time for marketers to realize that Millennials don’t care that much about being “green”. This generation is definitely concerned about the environment, but you can’t sell products that way. In fact, only 20% of respondents in the international study were concerned about the effect their lifestyle has on the environment.
Celebrities are not good spokespeople
If it was the 90’s I’d be all for celebrity endorsements, but it’s 2010 and you’re not going to get Millennials that easily. Celebrities have great pop image value, but they don’t have the same impact they once did in marketing – not even Robert Pattison.
Uncertainty is no big deal
Millennials don’t have the employer loyalty that Boomers have. The average college graduate only stays at their first job for around a year, while many others are willing to wait to find the right position. The research shows that 37% of Millennials sought out their last job because they “just needed a change”. As Millennials age it will be hard to find 20+ year company veterans.
They’re not as lazy as you think
Millennials, especially those younger on the spectrum, have a notorious reputation for being lazy. Most participants in the study said that they prefer to work in a challenging work environment while also stating that they would like their work to be rewarding, interesting, exciting and relaxed.
Everyone doesn’t hate “The Man”
Although the Millennial generation was the group that made Facebook in to what it is today, only 1% of participants in the research study cited Facebook as a company they aspire to work for. Other low-ranking companies include MTV, Red Cross, Apple and Pixar while the highest ranked companies were Google and Microsoft.
The Internet is not the only source of information
Most marketers seem to think that Millennials live and breathe by their internet connection and that they consume all of their information online. As it turns out, Millennials rank word of mouth as their #1 source of information, followed by TV and webpages.