by Karen Bruhn
The two things in life that are givens are death and change. My business, marketing, is undergoing the biggest change in history, at least that I’ve ever experienced. It used to be a simple process, produce a great campaign, buy an ad, some radio or TV and people would buy your product…then along came the Millennials.
Millennials are the biggest generation in history at 92M and they aren’t following our rules. They ‘re putting off buying a house and instead are choosing to live with Mom and Dad into their adult years. In 1970, the average age of marriage was 23. Now, Millennials are typically waiting until they’re 30. It’s not only homes that they are not buying, it’s everything: cars, music, etc. They are giving rise to what is becoming known at the Sharing Economy. They don’t want to be burdened with the hassles of owning stuff. They’ve grown up with technology and use it as part of their daily lives. Brands are no longer that important and, with cell phones, over 57% of them price compare at the point of purchase. The audacity, they want value (price vs. quality)!
So now the million dollar question, how do we market to them? The first thing to know is that they don’t want to be sold, instead they want to be part of the marketing effort. They’ll buy products that their friends recommend. If they find a great new restaurant they’ll take pictures of the food and post it on social networks. The viral marketing effort is becoming even more important than ever before. Millennials won’t be swayed by an advertisement in a magazine but will look to industry expert bloggers to help them make decisions. A lot of their socialization is taking place online, FaceBook, YouTube, Instagram, etc. is where they connect, share ideas and insights. In marketing and advertising the media mix is becoming even more important. We’re seeing that in the ROI of online vs. traditional tactics. The companies who have an agency/partner who understands this and can push the envelope has an incredible chance to succeed unlike ever before. But it’s much more than simply getting people to like your Facebook page, it’s about employing the online world in new and creative ways, being smarter and trickier than the competition. Don’t get me wrong, the right messaging will always be critical but getting that message out and embraced in the digital world is where it’s at.