Note: This article is courtesy of Iris.xyz
By Efram Slen, Manager, Nasdaq Global Information Services
Take a look around, read the papers, use social media, surf the Web or watch commercials, and you’ll see it: the quest to target the newest influential consumer segment is pervasive.
The largest target market today is a specific group of consumers who have changed the rules and caused major disruption in nearly every industry. That group is made up of the all-powerful Millennials, now young adults and adults who were born anywhere from the early 1980s to the 2000s.
While the Millennial generation includes anyone from 18 to 34 years old, as a whole this group has a passion for the environment and social change. They want to make a difference in the world, and they’re certainly living up to that promise. They live differently, act differently, and shop differently than previous generations, and for obvious reason.
Millennials were the first to grow up with computers, and they can’t remember life without the Internet or a cell phone. They feel out of touch if they’re not on social media daily, and they value the recommendations of friends and celebrities over the advice of “experts” for everything from politics to purchases. Plus, they engage with brands online more than any other demographic. They “like” brands on Facebook, make and break restaurant reputations on Yelp, and Tweet about what they’re watching (The Walking Dead and Game of Thrones), what they’re eating, and what makes them tick.
This unprecedented level of “connectedness” has made them the driving force behind the success of innovative companies and brands that manage to find their ways into Millennials’ wallets are reaping the rewards. These winning companies focus the majority of their marketing dollars on Millennials for three reasons:
- Millennials connect with and recommend brands through social media.
- Millennials are highly brand loyal.
- Millennials have money to spend, and they shop…a lot.