Extremely tech savvy, socially liberal views, and a keen interest in smashed avocados is what typically defines the modern Millennial. A phrase referring to the chunk of the population born between the early 1980’s to mid 1990’s, Millennials (or Gen Y) are soon to surpass Baby Boomers as the largest portion of the adult population (1). And, with incredible purchasing power and more influence over their peers than any generation before, brands are faced with growing pressure to understand their behaviours and needs in order to win them over.
Why so different?
While it may just be a few years that separate Millennials from their Gen X predecessors, the changes in social, economic and environmental factors over this time have been huge — leaving many marketers struggling with how to bridge the gap.
Millennials are digital natives, being the first generation to experience smart technology, the internet, and social media as a way-of-life from childhood. This means that the way this group find, consume and act on information — especially targeted advertising — is completely different from past generations (2). They are also the first generation to have experienced “ad fatigue,” and have found plenty of ways to avoid advertising: They install ad blockers, delete spam mail and ignore commercials as they swipe through their newsfeeds.
Connecting with Millennials
Brands need to think outside the traditional marketing mix in order to penetrate the Millennial market. Which is where we find the pot of gold at the end of the Gen Y rainbow: experiential marketing. By creating memorable product experiences, brands are able to evoke customer loyalty, build a sense of community, and foster long-term positive brand association. Experiential marketing is also an effective path to purchase, with 78% of Millennials saying they would choose to spend money on experiences over a product (3).
How to use the power of experience
From in-store promotions, sampling and pop-up stores, to trade shows, events and exhibitions, the world of experiential marketing is vast and quickly evolving. However, there are some key components that can help ensure your activation (whatever it may be!) connects with Millennials:
- Be genuine: Millennials are sharp and immune to the smoke and mirrors of advertising that previous generations have fallen victim to. A recent study revealed that only 19% of Millennials trust most people (4), far less than other generations. So cut to the chase, avoid obvious marketing spin, and give them the facts.
- Be relevant: Social media may have given us the curse of digital clutter, however, it also provides endless insight into your product, industry and customers. With a wealth of information at your fingertips, there's no excuse for broad-stroke marketing — Millennials may not be as squeamish about their data being captured, but in exchange they expect brand communications that are personalised, hyper-targeted, and relevant.
- Be shareable: Nearly 7 in 10 millennials experience FOMO (3), so take advantage of it! This group communicate with each other far more than any advertising campaign can, with peer review and recommendation having a huge influence on purchase decisions. Make your product experiences snap-and-share-worthy, and expand your reach beyond the physical.
