Brands are pretty close to despair understand the millennials. The so-called Generation Y or Millennials, which includes those born in the 80s and early 90s, is the object of desire of businesses are the next big group in the labor market (which will become in consumer decision-makers as they will be those who are more spending) and they are one of the most attractive consumer groups by their characteristics to which it has had to face the market in recent decades.
However, brands and businesses do not understand these consumers. Millennials have little to do with their parents or older siblings and are diametrically different from previous generations. Those responsible for human resources, this is causing them great problems because they do not understand what seek these young people when faced with the labor market (their value system is different and value intangibles like happiness over things like high) income. For marketers, the situation is not them easier.
The millennials are changing how they buy and what they expect from brands. By change, they have come to change up as are supermarkets, which now have to meet very different demands on had been imposed years ago. Some experts have pointed out that brands fail to reach millennials because they base their communication with cliches and are not able to go beyond these preconceived ideas. Among those brands must do to attract millennials, it is the closest being, find it cool and, above all, abandon preconceived ideas about how are the members of the Millennial Generation.
There are 5 big myths about millennials, as shown by a column in Forbes that has been launched to extract and disassembly. And, as recommended, brands should learn to achieve success among these consumers.
The millennials are narcissists
This is one of the most common in the folklore about millennials. At the end of the day, as we recall from Forbes, they are the generation that has made selfies are trend and that the word has become part of the general vocabulary. But selfies limit to what is to be a millennial is a mistake, because in reality the Millennials shows a high interest in others.
Statistics show that millennials worry (much) about the environment, the global community and social justice. And that’s what they ask and require brands. A study showed that millennials Iniciative expect brands to do good things. And one of FUTURECAST concluded that these consumers are more open to buy products from brands that support causes. In fact, many of the brands that succeed among consumers of this generation are companies with a conscience.
Millennials move by cheap stuff
Big mistake: confusing brands are designed with shopping purchases only seek the lowest prices. Millennials are the most affected by the severe economic crisis. They are those who have lost their jobs, who have not come to be released in the labor market and those left without a clear and stable future. Therefore, when they buy, not waste money. Investigate and compare, which make smarter purchase.
That does not mean they are not willing to buy expensive things, they are, but they will only under certain conditions. They expect brands to offer added value, involving a profit and that fit their values.
Millennials are free spirits
Statistics show that millennials do not marry, do not buy houses (they are quite reluctant users of banking services) and who value travel and experience other cultures settle in one place and establish a path future.The millennials are therefore free spirits? Or maybe not.
The question, as noted in Forbes , is that brands still think to settle as they would with regard to the generation of their parents (stable job, marriage, couple of kids, house). Millennials settle for something different scales and things to do are different. The family, for example, is addressed in a different way: The millennials do not marry, but that does not mean they do not live with a partner or not having children.
Millennials do not make large purchases
And if you do not settle as traditional consumers, millennials are also not buying cars or houses, those acquisitions that fall within large purchases that move large amounts of money.
The truth is that statistics show that this is not exactly true. Millennials do make purchases that involve large outlays of money. For example, 42% of American millennials expect to buy a car for next year. What then is the difference between these consumers and those of previous generations that makes it appear that they do not buy this kind of product? The point is that before buying the car or the house was something that was taken for granted a kind of rite of passage. However, for millennials, it is only a response to a need. They just buy any of these items when you really need them.
The millennials are not loyal to brands
Not that millennials are not loyal to brands, it is that what makes them be is completely different from what keeps fidelize previous generations. For example, they value the changes and variety. They are not loyal to a brand that always offers the same. To get the millennials commit and keep the loyalty program of a brand, it has to promise benefits not only linear but also some surprises.