A Focus on Millennials

Hello, I’m Marianne Tenenbaum, Branding Strategist, for Once a Day Marketing™. Today we are discussing characteristics of the Millennial’s market segment.

The market place is made up of numerous types of consumers. These markets are segmented by demographics (who they are) and psychographics (what they are all about). Among the many ways to describe the various market segments is by generation: Baby Boomers, Gen X, Gen Y or Millennials. We have written in previous blogs about how to appeal to Millennials, here we are taking a look at who they are as a group.

The Washington Post recently published a wonderful infographic regarding the Millennial Generation. Here are some facts and figures that should provide insight into how to tailor your marketing to this group which is larger than the Baby Boomers in size and has $200B in annual spending power:

• First digital natives
• Communicate with others about products/services via online platforms
• Encumbered with debt
• Have less money to spend
• Greater numbers than ever live at home; many ready to buy their own
• Waiting longer to marry and start families
• Interested in access rather than ownership (think Zipcar)

Just as with other market segments, when you consider crafting a marketing message to reach Millennials, consider how your product or service relates to the characteristics above. Also, review opportunities to create products or services that fill a need based on these factors and will appeal to Millennials.

Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact Marianne Tenenbaum at (505) 699-7849 or email mten@onceadaymarketing.com. Listen to Ask Those Branding Guys™ every Monday at 11:00am (MDT) streaming live on SantaFe.com KVSF 101.5 FM.

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Filed in: 7Ps of Marketing • Knowledge • Process • Strategy • Tactics
Tagged with: 7Ps of Marketing • Marianne Tenenbaum • millennials • once a day marketing