It seems as though everyone has their opinions about the Millennial generation. Almost everyday I read a new article describing how we're lazy, antisocial, disloyal, etc., when in reality, that couldn't be farther from the truth. I've compiled a quick list of assumptions you have to overcome if you're going to market to the Millennial at all.
1. Millennials Are A Monolith
First things first, if you’re making sweeping generalizations about nearly 100 million people (the number of Millennials in the U.S.), you’re going to be wrong. Once you get over the psychological anchors that you have held against Millennials, you’ll immediately find yourself becoming better at communicating with them. If you go into a conversation with false pretenses that they’re “lazy” or “entitled,” they will live up to those expectations. Go into every conversation with a Millennial knowing that they have value to provide to you.
This is probably the most pervasive myth about millennials. Everyone seems to think that we have a different set of values than the previous generations, but as the study above shows, this is completely untrue. The study asked Gen Y (Millennials) and Baby Boomers to rank what was most important to them 20 years ago versus today, and compared the results with Millennials who were asked about what their values are today and what they will be in 20 years. The results speak for themselves, and as you can see, this new generation has many similarities to their predecessors.
3. Millennials Aren’t Loyal Consumers
A recent study of retail industry leaders found that nearly 40% said the number one concern they have about Millennials is their lack of loyalty. What these industry leaders failed to recognize was that Millennials just expect a different consumer experience than their parents. Almost 95% of Millennials say that they want their brands to actively court them. Loyalty programs, sales opportunities, and quality customer service are all aspects of a business that Millennials believe are just as important, if not, more important than the price of the products they’re buying.
4. Millennials Are Bad Communicators
Many “experts” believe that although we are the most technologically savvy generation, Millennials are not as good at communicating as the previous generations, which really couldn’t be farther from the truth. Sure, Millennials have a lower rate-of-return on emails and phone calls, but that’s because those technologies are already outdated! Millennials value personalized experiences, so emails that offer no personalization are often deleted before they are read. Instead, Millennials have started to move towards more immediate forms of communication. Text messages, popular social media applications (i.e. Twitter and Facebook), and video chat platforms are the communication tools of the future, so if you’re not adapting to the needs of this generation, don’t expect them to come flocking to your law firm.
5. Millennials Can Only Be Marketed To On Social Media And They Are ‘Over’ Traditional Marketing
Though I just discussed the value that these new-age forms of communication can provide, that doesn’t mean that you shouldn’t market to this generation through traditional channels as well. Though Facebook is often looked at as a cheap and effective way to market to millennials, it has quickly become arguably the worst social media platform for marketing. Even if you’re lucky enough to be one of the nine brands that Millennials follow (on average), they still only see your posts about 16% of the time (by Facebook’s estimates, so it’s most likely lower). So what else can you do if these social media platforms are already choosing profiteering over user friendliness? Well, the good news is that a recent Nielsen study found that 92% of Millennials are influenced in their choice of retail brands by direct mail! This just shows that though many people think that you have to make completely innovative marketing strategies to reach Millennials, all you really need is captivating content and inherent value to capture their business.
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The downside of Marketing on Facebook