The millennials refer to the group of individuals born between 1980 and 2000. Commonly referred to as generation Y, these individuals have been described in different ways. For instance, they are often regarded as lazy individuals who move from one job to another. This means the aggregate attention spans are dipping, and the urge for instant gratification is usually lower. However, the millennials are also described positively. They are very optimistic and liberal, always ready to fight for causes that appear to be beyond their own.
The millennials form the most significant proportion of Singapore’s population. This means they have a substantial impact on the economy of the country. They influence the labor force as well as the market trends. Nevertheless, a lot of marketers think that the millennials are still not decision-makers, and thus it is irrelevant to engage with them. However, pure mathematics indicates that the older millennials are 39 years of age today. This implies that most of them are married and perhaps have children, already in careers and pay mortgages. Maybe some have opted for early retirement.
Time is ripe for understanding this group of individuals. Since they constitute the most substantial proportion of the country’s population, they have a lot of purchasing power in the current market. Very soon, they will be at the top of their consumer ages. This fact being the largest generation means that they are such a large group that shouldn’t be ignored. While many marketers do not want to engage them, the truth is engaging them presents a lot of opportunities. It should be regarded as an opportunity. For this reason, here are six things that the millennials are known for.
- Forever connected
This is the first generation that developed with technology before them. Right from their young ages, they have always been connected. Most of the millennials are often connected to several technological gadgets at ago. Without a regular connection to the internet, the millennials will actually be helpless.
In order to be successful, it will be necessary for brands to develop and maintain constant communication with this group of individuals. They should be in a position to offer maximum support whenever needed.
- It is a sharing culture
No one needs to be told millennials spend the best part of their time on various social media platforms. According to one recent survey, Facebook records a total of 9 million posts in one minute. At the same time, 33 million messages are exchanged via WhatsApp in a minute. The millennials contribute the most significant proportion of these statistics. Undeniably, this has a bearing on marketing. To get to the millennials as a target audience, the brand needs to be on social media. This means businesses must invest in the digital market and ensure they have an online presence and visibility. This is actually imagery of a sharing culture that has developed around the generation y. businesses strive to find new strategies for engaging clients in the social arena to cope with the competition. Nonetheless, marketers should be aware that not all social media platforms can work for them. They must think about segments and determine the most appropriate sector that needs to be hanging out.
- They move fast
The mobile revolution is one of the reasons attributed to this assertion. The emergence of mobile means that they can always be connected whenever needed. It will be ridiculous for marketers to assume that these individuals can still be found in their homes when they can just visit their websites. This has actually transformed marketing into an omnichannel thing. Retail strategies cannot avoid adapting to this. Gone are the days when such things as online and offline techniques existed. All of them have been merged into one thing.
- Hard to win their loyalty
There is a myth that the millennials are not loyalists. This is not true. It isn’t very easy to win their loyalty. The fact that they can click an ad on social media or visit a site does not mean they are going to stick to them. Millennials do not adhere to established brands. This is contrary to the baby boomers who would prefer sticking to established brands, or the ones they knew quite well. The growth of the millennials has forced businesses to drop the idea of expecting loyalty from consumers. Marketers need concerted efforts to win loyalty and hold it. This is, however, contrary to the popular myth that millennials are disloyal and cannot maintain something for quite some time. It is just a misunderstanding that can be rectified. It isn’t effortless to attract them to your brand, but in case they become loyal, they tend to be the most loyal customers ever. Marketers need to keep in mind that retaining loyalty is not a walk in the park. Instead, it is a long and constant process.
- Millennials are different
Millennials are not the same. Ideally, this is the first thing that should come to the minds of people who think about generation y. unlike other generations, millennials are a simple demographic. To design the most appropriate marketing campaign, you need to drill into them profoundly. They bare the most different generations ever to exist so far. They can be found in each of the social classes as well as an industry right from applications to fashion and marketing.
- They love convenience
Millennials are brought up in a setting that focuses more on comfort. They have grown up thinking based on how fast, appropriate, and available things are. For instance, they are characterized by fast food, customized social media feeds, and the capacity to Google anything or any concern in real-time.
The Bottom Line
The millennial generation significantly influences market trends. Their purchasing power and influence continue to surge each day. They form the most substantial part of the population not only in Singapore but also in many other countries. For this reason, marketers need to understand them. In this blog, we have discussed six things millennials are best known to know. Drop your comment, and let’s see what you think. Meanwhile, if you need an instant loan, try a payday loan. Thank you!