Why Millennials Matter!
December 5th,, 2014.
Millenials-the generation more plugged into the Internet than any other generation in history. Millenials-the kids who grew up on smart phones and tablets and Millenials, the generation that is forcing Banks to revolutionize their services. They may not have the same kind of privacy concerns as other generations and may become forerunners of how green technology goes mainstream. Will they choose capitalism over the environment, or recognize the long-term implications of sustainable practices on the future generations? So many questions.
Millennials in fact, will revolutionize and drive the information age like nothing the previous generations would have been capable of, since they in a sense, are the first generation that not only grew up with the Internet, but are privy to the first signs of machine-learning, internet of things and Big data analytics in the work-place as well.
Who better capable of than influencing the smart wearable tech fad that has hit the markets? Who better to change the way online shopping, social networking and the entire construct of digital engagement takes place?
That Millenials make up a significant portion of your Online audience and that their expectations are particular can be key in understanding for many businesses and providing services for this important market.
With youth unemployment rising in many countries of Europe and even here in North America, Millennials also may be squeezed into being better consumers than any generation before. Better consumers also mean more ruthless ones, if your online presence or brand or website is not up to the grade.
What is important to take into account about Millenials:
- Mobile is the platform of choice for the millennial generation.
- Less tolerance for poor user experiences means that the importance of creating great online experiences is higher than ever.
- Millennials generally prefer to be in control, so favor website self-service solutions over assisted service; give millennials the power to resolve their own problems.
- Expect millennials to talk about your brand on social media, so engage in the conversation and learn from it.
- Millennials seem to prefer city living, are marrying later and seem reluctant to take on mortgages — factors that have led to declines in home ownership, an upswing in renting and a well-documented construction boom in apartments across the state.
- Millennials also prefer more open, more collaborative workspaces and take a more digitally focused approach to shopping. Both are already affecting designs of new office and retail buildings.
- Traditional Advertising simply won’t work well on them, especially if you are thinking TV or Radio. Think mobile apps, video games or advertising on social networks.
- They are more into cost savings and have less brand loyalty.
With aging baby-boomers, Marketing teams have to refocus their lens on to the Millennials who have intrinsically different purchasing habits. They may put off getting married, owning a home and traditional goals and instead focusing on travel, expanding opportunities for self-growth and other special projects (they were told to follow their dreams).