It is common today that many businesses are interested in reading up on how to market to millennials. Many companies already have preconceived stereotypes of this demographic, and find them a difficult audience to target. There are many assumptions that are drawn about millennials’ technology habits, brand affinity, and other behaviors. Here are some of the common misconceptions about marketing to millennials.
Myth #1: Millennials think and act alike.
Millennials are statistically the most diverse generation in U.S. history. Yet although they are proven to be a diverse group of individuals, they are grouped together as a single entity that has the same opinions on everything. According to a Carat research study surveying 14,000 millennials, only 42 percent considered themselves “hyper-connected optimistic digital extroverts.” If businesses go in with the mindset of targeting this specific kind of millennial, they are missing out on over half the demographic. Instead of generalizing millennials to one large group, make sure to understand and differentiate between the subtleties of this age group.
Myth #2: They are constantly connected to the point where they lack interpersonal skills.
Another common stereotype is that millennials are too distracted by technology to listen to a brand’s message or pay attention to advertising. Their connection online can be viewed negatively, as some businesses believe they are too glued to their technology to the point that their personal and professional relationships suffer. According to Medallion Retail, maintaining strong personal connections with friends and family is extremely important to millennials. Although social media and technology is a natural part of daily routine, they value the importance of interpersonal skills.
Myth #3: Millennials only shop online.
It is easy to assume that in this digital era that most people shop online. It is true that a multi-channel marketing approach is the most effective, but the NPD Group Inc. reported that 81 percent of millennials’ retail spending happens in stores, in comparison to 19 percent online.
Myth #4: Millennials are not loyal to brands.
It can be assumed that millennials do not share the same brand affinity generations previous have had. This is a false assumption, as millennials are loyal to brands that are valuable and offer good deals. Forty four percent of this demographic say they are loyal to specific brands, while 52 percent will choose quality over price, according to a research study conducted by IRI. Companies should look to be authentic and dedicate time to establish themselves as a brand in order to reach this coveted market. Millennials are looking for a partnership with a brand where they can communicate and exchange ideas.
As marketing to millennials is becoming highly crucial to the success of businesses, it is important to disregard the stereotypes and nuances in order to truly understand this specific audience.
