Who Millennials Are, Positively
Let’s start talking about what Millennials want to hear from marketers, instead of what they don’t. Let’s hear who they are, instead of who they aren’t; and why they’ll buy, rather than why they won’t.
Sadly, we have to wade past this subject line first before we get to the meat of the matter: “J.D. Power: OMG: I Can't EVEN ... How Businesses Continue to Misunderstand Millennials.”
This subject line on March 30 introduced Target Marketing to J.D. Power’s “Millennials Insight Report,” which does seem to have some useful information for marketers.
Here’s what J.D. Power has to say about marketing to Millennials:
- Millennials Are Less Cranky About Marketing Than Baby Boomers. The way J.D. Power puts it, “Millennials are not as fickle or anti-establishment as you think. Overall, across the 15 industries studied, Millennials are generally more satisfied consumers (5 points higher, on average, on a 1,000-point scale) than Boomers (born 1946-1964). The difference is most prominent in the utilities (+37 points), healthcare (+28) and telecom (+13) industries.”
- Customer Service Is CRITICAL to Millennial Loyalty. Perhaps think of it as constantly needing to make a good first impression, because “Millennials have the lowest tolerance for errors and delays of any other generation studied — they simply expect things to work. However, when there is a problem and it is resolved fully, Millennials are substantially more likely than Boomers to reuse a product or service.”
- Value for Money Is King. “Unlike other generations that tend to buy things for status, image or brand loyalty, Millennials are most likely to make a purchase decision based on value for money — across virtually every product category.” And J.D. Power studied “business segments [including] automotive, banking, credit card, hotel, wireless, investments, primary mortgage and health insurance, as well as Internet and media usage.”
- The Millennial Message to Marketers About Privacy — “What’s in it for Me? Millennials are less concerned than other generations about privacy. They accept the erosion of privacy as inevitable and are generally willing to have their information collected if it comes with benefits in the form of targeted offers and personalized services.”
- Optimism Abounds. “Despite having lower accumulated wealth, less income and higher debt than other generations, Millennials are much more optimistic about the economy and their own personal financial outlook.”
What do you think, marketers? Will this insight enhance your messages to Millennials?
Please respond in the comments section below.
Related story: How Millennials Are Changing MarTech