Think You Know Your Market? – 7 Key Findings From A New Study On Millennials

by Square One Web Solutions

I like to keep up with research on customers, since dealing with customers is kind of what I do. I found a study on millennials and their habits as consumers. You are probably aware, but millennial is the term for people between the ages of 16 and 34 and they are, for obvious reasons, a very sought after customer base, but they are not the easiest to reach. Last year millennials actually surpassed boomers in numbers (79 million millennials vs. 76 million boomers) and their influence in the marketplace is steadily growing.  But do you know how to reach the millennials?

What The Research Shows

The study that I am referring to in this post was done by the Boston Consulting Group, and the full study can be found by clicking here – Millenial Study. Since you have to register to view the whole article (it is free, but it does take a little bit of time), I thought I would share some of the key takeaway points from the study.

1. Millennials Think Of Themselves More Highly Than Other Generations Do

Millennials were much more likely to consider themselves hip, tech-savvy, innovative, and fun while other generations were more likely to view the millennials as lazy, young, spoiled, and entitled.

2. Millennials Don’t Use The Internet More, They Use It Differently

Millennials and non-millennials spend roughly the same amount of time online, which I found surprising. But millennials view the Internet more as a platform where they are able to contribute to the content and broadcast their thoughts. They are more likely to upload videos and images, and to have their own blog.

3. Millennials Want It Now!

Interestingly enough, millennials value efficiency and speed more than service. This is especially interesting as you consider that the current customer service model is geared much more towards service than speed. Companies are going to have to adopt as millennials become a larger share of the market.

4. Millennials Want To Make a Difference

They want to be good to the planet, and they will get behind brands that they think have similar causes. And not only will they support these cause-campaigns, they are likely to encourage others to join them.

5. They Trust Their Friends

With the social aspect of the internet exploding, millennials value the opinions of their friends (offline or online) much more than they do those of what was previously considered an expert (they consider these experts to be corporate mouthpieces). They avidly read reviews before they purchase (often on their smartphones)  and are often swayed by campaigns that “go viral.”

6. Millennials Are Not All The Same

They do not want to be stereotyped, and it appears that it is with good reason. In the course of this study, BCG identified 6 very different segments of the millennial market. They are described in the following image.

6 Types Of Millennial Customers

7. Companies Are Starting To Adapt To Millennials Now

Many companies are starting to adapt to meet millennials where they are now. While many argue that millennials are still far away from their peak purchasing power, others see this as an opportunity to start building relationships now. And, it has to be noted, that millennials’ behavior does influence the behavior of the non-millennials. Look no further than the popularity of Facebook (and other social media to a lesser extent) with the non-millenials and you have to admit that non-millenials do follow some of the trends that the millennials start.

Let me know what you think!

All you millenials, let me know if you think this is accurate.

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