Change is inevitable, especially in these times, when you are marketing to a range of people whose interests keep evolving. There is a new set of people, soon coming to charge and unless, you buckle up and know who they are and what they want, your brand can be in hot waters. They are the ‘Millennials’ and here’s what you need to know about them:
Who are the ‘Millennials’?
They are the Generation Y, with birth years ranging from the early 1980s to the early 2000s. Now, before you pooh-pooh them as a bunch of selfie-obsessed, social media crazed brats, know this: In the United States alone, there are 74.3 million millennials with a purchasing power of $170 billion! Interested yet?
Why do they matter to me?
If you think your brand will survive another ten years, they matter to you because very soon, they will form the majority of your consumer pool. In surveys, at least 45% of them think that brands play an essential role in their lives and yet, most 16-24 year olds complain that brands don’t take them seriously. The thing about this bunch is that, they know more about marketing and about their value as customers. They know that their activities online, can make or break a brand and they are not afraid to wield the wand. continue reading...
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