I was raised to never judge a book by its cover. Never use a label because it never tells the whole story about the person or group of people being discussed. Yet, today we hear so many labels, especially Millennials and Baby Boomers, everywhere we go. Are we in a challenge or competition that I wasn’t told about? Why are these two labels being used so much lately? Why are they so important to understand and how does this effect us?
For all my baby boomer listeners, the stats are in. We have been invaded and Millennials have taken over…for real! As predicted, it happened . . . Millennials (age 18-34) now outnumber Baby Boomers! There are now 83.1 million Millennials in the country, compared to 75.4 million Boomers. For all my business folks listening, that means Millennials now represent $1.3 trillion in consumer spending and they’ll account for one-third of the U.S. population by 2020.
Is your head spinning with all these stats? All this means is that based upon Millennials’ influence and spending power, your brand needs to engage them to be successful. But, you’ll have to kick traditional advertising to the curb (say it isn’t so…it’s just so comfortable) because 84% indicate they don’t like or trust traditional advertising. Your brand needs to be where they are, in-person and online, and show you understand their values. Bottom line, your brand needs Millennials!
Today your host, Connie Whitman, will discuss marketing to Millennials with Fran Lytle, a Behaviorist, Brand Strategist and Co-founder of Brand Champs. Fran is an expert in gender and generation behavior and helps brands grow their business by embracing behavioral insights when developing their marketing plans.