By N.D. Brown
Too late! They’re already here.
Maybe you missed it because there wasn’t a “one if by land” and “two if by sea” warning. The ‘Y’ generation got renamed Millennials and at light speed they became the next big thing.
And if you are not one of them, or even if you qualify to be one, you need to start understanding them and thinking like them.
Who are they?
Like the Baby Boomers who were defined as those born in the late ’40s and ’50s, the Millennials are defined by the decade in which they were born – the ’80s and ’90s. They are twenty to thirtysomethings.
The Boomers are often described as the bulge in the population progression but the Millennials are right behind with a new, more powerful bulge. As the “Greatest Generation” dies off, the Boomers are close behind taxing the healthcare system and frustrating the work force. They are too healthy to worry about an overburdened healthcare industry and tomorrow is not as important as today.
Check out the obituary pages. It used to be unusual to see a nonagenarian listed but now it is almost a daily occurrence. We all know that Americans are living longer and the Millennials are right behind the Boomers, shoving them aside to take their deserved place.
Here are a few facts to consider as you look at your customer base:
- In the U.S., there are about 80 million Millennials versus 70 million Baby Boomers. That is about 25% of our population and probably close to 70% of your target audience!
- Every year, almost 400,000 are turning 21.
- This vibrant, better-educated, and more socially aware group makes up almost half of the workforce and that means they are spenders.
More important than the immense size of the Millennial Group is the shift in their attitude toward work, life, and brands.
Are you sure your small business (your brand) is positioned to answer what this population segment wants?
Motivational guru Zig Ziglar (now deceased) used to say, “You can have everything you want if you will just help other people get what they want.”
Is your business ready? Because the Millennials want things their parents wouldn’t have thought to expect.
As employees, they want to work with companies not for them. They expect to be listened to and heard. We all are motivated by money but this digitally knowledgeable and talented group wants meaningful work where they understand and are included in the bigger picture. They want to know how their efforts affect the end result.
Their lives are filled with digital objects so they are willing to shop a wider marketplace evaluating more brands than their parents ever thought to consider. And instant gratification is too slow.
We have all sat in darkened movie theaters when, in spite of the multiple requests to turn them off, a smart phone lights up pulling all eyes and minds away from the screen. Are they that important that they must see and respond to every message and every tweet that very instant? Yes they are.
A friend of mine who teaches marketing and advertising at the college level recently wrote a blog about the possible demise of TV. I suggested TV was still the most powerful selling tool a marketer has. The difference is, TV is moving from the living room to the hand.
A well known director of popular films, David Lynch, amidst a flurry of expletives, railed against watching one of his movies on a phone! Too late David! The medium is still the message but the device has changed. This new group of consumers seems to be satisfied with whatever will allow them to be connected to the most people in the fastest time.
Is your business addressing the “new” ways to get your message into the right hands at the right time? As a small business, one of your key benefits is size and speed. Your business should be a perfect fit for the Millennials.
Are you sure your brand fits into the life expectation of this socially conscious group. They participate, they feel power, they want their voices heard, and they expect action when they express an opinion.
Are you green? Does your customer base know it? Does your brand demonstrate your participation in social issues?
Millennials expect the products they buy and use to have a face. They do not and will not trust anonymity in the products they buy. Are you on Facebook, Twitter, LinkedIn, YouTube, Instagram, etc.? Your customers want you there and if you are not, you are in danger of being dismissed.
Don’t expect loyalty. These people are arrogant. As buyers, they expect to be in charge of the purchase process. They have been taught to be creative, to think outside the box, to push the envelope, to see the big picture. They live the whole lexicon of clichés but would never admit it. Why? Because they think of themselves as individuals even though they relish being like others. Does your marketing strategy account for that?
The Millennials are here. They are big, powerful, and ripe for the benefits of small businesses.
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N.D. (Don) Brown is a Principal of Brownchild Ltd., Inc. located at 3754 Sunset Blvd., Houston, TX 77005. You can reach him by phone at 713-807-9000-O or 713-822-8370-C. Email him at [email protected] or visit his website at www.brownchild.com.
