Marketing Myths about Millennials
Here is an example of how important market research is when you’re targeting a specific group or niche market. They are perhaps the most diverse of generations, yet — Millennials — are grouped together as one, and because of this, we are constantly fed a stream of ideas on how to market to them as homogeneous. While some of those suggestions are good, a lot of it is junk. Let’s clear up a few of the marketing myths:
Myth #1: Millennials Prefer Connectivity to Interpersonal Relationships
Just because this was the first generation to grow up with smartphones does not mean that they hate human interaction. Not all Millennials dream of working in a room filled with technology and no people. In fact, one recent study showed that Millennials prefer interacting with others at work rather than performing tasks remotely. While this generation appreciates the tech they have grown up with, personal relationships with family and friends are still among the most important things in their lives.
Myth #2: Millennials Are All Identical
We really shouldn’t make such a blanket statement about any generation, especially when it comes to Millennials. Socially, institutional, and even racially, this is the most diverse generation to date. So why do we insist on creating a stereotype for marketing purposes?
Millennials have the stereotype of being:
- Always connected
- Extroverts… at least when online
That stereotype describes a little less than half of Millennials according to a recent survey. If you want to lose out on reaching over half your audience between ages 15 and 34, be my guest. I’ll be focused on still reaching my targeted demographic within this generation.
Myth #3: Technology Is Priority One
Yes, Millennials love their phones and tablets, but don’t let that fool you into thinking that they couldn’t live without them. Nearly half of Millennials responded exactly the opposite in a recent survey, saying that they could function smartphone-free. In fact, less than half said that they are at the forefront when it comes to new tech. Less than a third were using their smartphones to make purchases, which puts them well behind several other generations.
In fact, more than 80% of shopping done by Millennials takes place in brick and mortar stores. A far cry from the idea that Millennials will only shop from their devices.
Myth #4: Millennials Have No Loyalty
This is the worst of the marketing myths. We’ve dismissed an entire generation of potential lifetime customers. Surveys show that over half of Millennials choose quality over price, and that is with two-thirds of Millennials admitting to being on a tight budget.
In summary, don’t sell this generation short or any other when there’s so much market research available. For example, Millennials love human interaction and are shopping in your brick and mortar stores, and may be loyal for life if you provide a decent product at a reasonable price.