Millennials … or how companies can take advantage of this new generation?
The evolution of mentalities and technological changes have transformed consumer habits and led marketers to question themselves and to adapt to the expectations of this new generation constantly connected: the Millennials. New practices in communication had to be adopted by companies to cope with technological changes and the virality of information. Facebook, Twitter, Instagram are other than means of communication that affect the reputation of the institutions. Measuring positive or negative impact of an event is done in record time and the image of a business can be affected very quickly. For this reason, marketers have to be constantly on the lookout for information and must be creative and differentiation seems unavoidable to meet the demands of this new generation.
Millennials … Have you ever heard this term? Who are really the Millennials and how their consumption habits are changing the marketing codes?
My first article will aim to enlight you about this subject and to allow you to understand how marketers can take advantage of the advent of this new generation addicted to technology.
If you were born between 1980 and 2000 and have grown up with the Internet boom, the explosion of mobile phone and other digital screens, you are part of the first generation of consumers practically born with a mobile device in their hands: THE MILLENNIALS. Don’t worry, you’re not alone! According to the website Smart Insight, you’re being part of the 3.419 billion internet users and 2.307 billion users of social networks in the world. As editor of this article, I identify myself totally in this definition. I admit that I can’t stay one hour without sending a sms, sharing content on my Facebook page or publishing the last landscape I’ve just contemplated in my “story” Snapchat. Generally, I spend about 3, 4 hours per day on my smartphone, which is equivalent to one day a week or 50 days per year. We can see in the diagram below designed by Kantar NS that the generation of millennials spend an average 3.2 hours per day on their smartphone and 2.4 hours per day on social media.
What marketers needs to know ?
Us, the Millennials would be more individualistic and narcissistic than previous generations but we are possessing a social and environmental conscience more developed than our elders. We have the spirit of adventure and we know how to adapt to a new culture of work. Marketers must therefore adapt to the consumption of this generation seeking further customization, sharing and transparency. Indeed, they are mostly in search of well-being, fun and entertainment, on which brands should be particularly careful. Companies must earn the trust of this new generation in the long term because their reputation is at stake.
The Millennials are looking to establish an emotional connection with the brand. They look for a brand that gives them a voice, allowing them to express themselves, to assert, to exist in a community, have fun and learn. They also appreciate the benefits, gifts and promotional discounts if they are quick and easy. Companies can engage their customers through the Internet in order to create a close link. This is called the “engagement marketing“. For instance, for the launch of its new Danette cream, the food group Danone has asked French consumers to choose their favorite flavor.
To meet their need of differentiation and rapprochement with the brand, product customization is a very effective way to attract them. Nowadays, it’s important for companies to establish a communication strategy in which every individual is able to recognize and to project himself while being recognized. Who had never bought the bottle of Coca-Cola with his name written on it?
Today, companies must be active on social networks and on the internet in order to interact directly with this new generation. For instance, Coca-Cola YouTube channel has got approximately 1,023,600 subscribers and has got video content that has been seen over one billion times.
Companies are spending more and more money to impress the generation of Millennials.
But how far will go the ongoing adaptation of companies to attract new consumers increasingly demanding?
If you don’t understand yet who are Millennials, you can watch this very brief video : https://www.youtube.com/watch?v=XYhmxDyHl0Y