If you aren’t one of them, millennials can be a tough generation to comprehend. This social generation loves to collaborate and find adventure. But more importantly, millennials are about to become the most important audience that your business wants to reach, so it’s a good idea to get a better understanding of your new consumers.
When forming your marketing strategy becomes all about Millennials (consumers born after Gen Xers, roughly from 1982 to 2000), you’re not necessarily doing anything wrong.
Millennials are the most important generation to come along in the last 100 years, according to a recent Adroit Digital study. However, although Millennials are a population of more than 80 million, don’t forget the Baby Boomers when creating your marketing messages.
This evolving cultural set wants to look good, buy luxury goods and carry smartphones. They also have a bit of a self-esteem problem. So what makes these luxury buyers different from other luxury buyers who buy quality over brand name?
What do moms of young kids want more than anything? Solutions to their problems.
These moms are time-pressed, often stressed and will spare no expense when it comes to purchasing products or services that help them get through (and make the most of) their children’s early years.
If you aren’t between the ages of 18 and 34, you might feel a little lost when marketing to this group of fulfillment-seeking, digitally-social consumers. But you better figure it out: Millennials (or Gen Y) are the largest generation in the United States, larger even than the Baby Boomers.
They are projected to have more spending power than any other generation as well—$200 billion annually by 2017, and $10 trillion in their lifetime.
Not only are there currently more Americans over age 65 than at any other time in U.S. history, but seniors ages 85 and older are the fastest-growing segment of the population.
Learning what turns seniors into consumers for your business could open up a new market for you. Just as you would never use the same marketing tactics to reach newly married couples as couples who have been married for 20 years, marketing to seniors means understanding they have different needs and wants than younger customers. It all depends on a number of factors, such as financial and employment status, health, gender, and social and family environment.