Published On: 06/04/2013
The millennial generation has proven to account for $900 billion in spending power in 2013, and is growing rapidly. Millennials are the first generation to outgrow the baby-boomer generation – and the boomer generation of businesses and marketers have on the whole not adapted as quickly as they should have.
Millennials spend 25 hours a week online – largely on their smart phones. They’ve proven to be radically different from their parents and grandparents before them – not marrying, still living with parents for a few years out of college, and focusing more on their own individual paths as opposed to ones laid out for them by past generations. Millennials like having options. This has created many great marketing opportunities – and challenges.
Bonnie Fuller recently wrote for of how many baby boomer CEOs with whom she has spoken conceded to being overwhelmed by the growing number of digital media options as their disposal – the same ones millennials have grown up with, grown accustomed to and in some cased, created themselves.
As a result, many advertising campaigns are being handed over to agencies which still focus most of their attention on traditional media, and while that remains a pivotal factor, it leaves the digital front underserved in many cases. One CRO told Fuller, “There is a perception that digital doesn’t do a good job at branding as traditional media.”
The problem is traditional media doesn’t connect to millennials on a regular basis the way digital does. And not just the legacy brands, which often gets more attention in digital advertising campaigns. Demographic-focused content sites, which offer specifically tailored content to audiences, are proving to be the most popular way to reach millennials.
The bottom line: aligning with the right medium is crucial when it comes to reaching this ever growing demographic.