When it comes to Millennials, one size does not fit all.
Today, marketers are starting to see this scenario being played out in a variety of ways. Many marketers are dividing this group into two subsets: younger Millennials between 18 and 24 and older Millennials between 25 and 34.
The differences in these groups may at times be slight, it does warrant taking a look at the subsets to ensure marketing tactics for your brand (or company) garner the best results.
Younger Millennials usually want to be the first to know and then share that known information with their friends and family. This group is also just getting started in their careers or gaining additional education. Younger Millennial females are very fashion conscious, which at times translates into being very brand aware. Magazines assist in keeping them current on the latest trends. They also have a penchant of following their favorite celebrities. Wearing fresh styles is more important than quality to this subset. They will bargain shop to acquire name brands. African-American Millennials can be seen at the forefront of many trends, especially fashion and music. Other media consumption habits include higher usage of the internet and social media.
Older Millennials like to be in the know as well. They are more established, and use the internet and social media slightly differently. Female Millennials in this age range are more apt to use apps on their tablets to shop for fashion items. They also are keen on customization and will spend more money to get it. Unlike their younger counterparts, these women will spend more for quality items. They are also more exposed to out-of-home advertising than their younger subset.
One commonality (with both young and old) is they actively use their mobile devices. Smartphones, in particular, are very important to this segment. Most Millennials would prefer to lose their wallet rather their phones. It would bode well to ensure that strategic marketing plans are developed with mobile and video top-of-mind.
Small business owners should consider whether going after a subset of Millennials makes sense. After all, if your product really only appeals to a specific age group, then it makes sense to eliminate advertising waste.
Consider using programmatic buying and how it can best serve even the thriftiest budget to achieve the customer that is most desirable. It’s time to recognize that the Millennial group is no longer homogenous. As Millennials continue to age, expect their behavior to adjust to their maturing taste palate and fluctuations in their life.
One must be ready to adapt and capitalize on any realized nuances to get ahead of one’s competitors.
Adele Lassere is a marketing/advertising consultant with 20+ years experience, freelance writer and author of “Elements of Buying” (self-help advertising guide), available at Amazon.com. Adele was listed as Black Enterprise’s 2011 Top Execs in Marketing & Advertising and Black Enterprise’s 2013 Top Women Executives in Advertising & Marketing. Contact: firstname.lastname@example.org