Milliennials. There are a lot of them. 80 million in fact. That makes them the largest single generation in history – eclipsing the Baby Boom Generation.
So how are you thinking about them and planning for them in your digital marketing plans?
You should know this – millennial mania has overtaken the business community. Figures – right? Where there are sheer numbers – there has to be a huge purchasing power.
Well – here is a fact to ponder. The millennial generation in the U.S. has less wealth and more debt than other generations did at the same age, thanks to student loans and the lingering effects of the deep recession.
And are they really more “digital natives” than older generations? Yes – but only by degree.
Early in June, the research firm Forrester published a report titled: “The Kids Are Overrated: Don’t Worry About the Millennials.”
In this study, authors point out that consumers in their 20s are, in fact, overwhelmed with college loan debt while baby boomers are more affluent and bigger spenders – and numerous.
So what’s a marketer to do?
Look at the big picture…
Really study and understand generational differences. Understand spending patterns and anticipate generational needs. And remember – the future of all commerce is with the internet. Make sure you and your team understand the vast array of digital tools available to you (websites, PPC, social media, video, etc.) and know how to use those tools. And think mobile. Everything you do digitally from this moment forward must be fully responsive – or your business’ health will suffer.