Paul wants to start a business. Kristina wants a destination wedding. Dita wants to improve her credit score so she can buy a house in two years.
These are some of the aspirations of leading edge Millennials. They grew up with “Just Do It” and “Think Different”. They live by those directives.
A quarter of the US population, Millennials are now age 18-34. Diverse in life stage and demographic makeup they range from students to working parents and represent 34 % of the US work force.
Many companies are looking for growth opportunities among Millennials. Marketers want to understand Millennial values to better position their brands, and develop new products and services.
These are the top Millennial values we found through our consumer research:
Millennials strive to live authentic lives. For them a job with purpose is more motivating than income. Millennials thrive in jobs where they enjoy what they do and contribute to a broad purpose. They can be dedicated employees, but are prepared to move on when their needs are not met. To motivate Millennials, successful companies have visionary leaders who inspire and coach Millennials to develop their strengths. These leaders and their brands communicate how their businesses contribute to society.
“All that you need is in your soul"
Millennials are double nurtured through shared experiences with their families and friends, and through the appreciation they get via social media. They want attention and validation for what they consider to be their strengths and feelings of connection with loved ones. Frequent posts on social media help them to stay centered throughout the day and week. It’s essential for marketers to connect their brands to Millennials’ meaningful experiences. They gravitate to brands in the “friend zone”, recommended by people in their circle. To connect in that vital zone Toyota created “Feeling the Street” musical performances on streets, globally.
“We da best (together)!”
Millennials are resourceful and savvy. They spend more money on shared experiences. Products that allow them to save money which they can then spend on experiences are preferred. They trade services with friends, and buy and sell things online to stretch their dollars using apps like letgo.com. They truly connect with services that allow them to create memorable experiences, e.g., Airbnb.
“I have to create my life. I constantly learn new things to keep myself afloat”
Millennials are motivated to use their talents for a higher purpose, to share meaningful experiences and to be resourceful in living the life they want. Brands and products that empower them to fulfill one or more of these motivations will improve brand loyalty and sales growth.
COMARKA empowers marketers to develop fruitful emotional connections with their customers through dialogue.
For more information, please contact the author: Isabel Aneyba at firstname.lastname@example.org. Thanks to Marie Lemerise for her great contribution to this article.