Profile of a Millennial for Small Business Enterprises

PROFILE OF A MILLENNIAL FOR SMALL BUSINESS ENTERPRISES The millennial market is built of 80 million people in the US alone. With the age varying from between 19 to 36 years old this is one of the most diverse market populations ever. Though the versatility of the market cannot be denied marketers are stumped as they try to target millennials and attempt to find a leverage that will allow them to take advantage of this demographic. Here we profile the Millennial or Generation Y and give small business enterprises a way to identify and target their audience. THE MILLENNIAL PROFILES CHARACTERISTICS OF A MILLENNIAL Shaped by socio-political events like 9/11, Columbine shooting and hurricane Katrina. Brought up on reality TV. Products of overindulging by helicopter parents. 11% Millennials are born to at least one Self-confident and focused immigrant parent. on extrinsic life goals. Most diverse generation redefining multicultural assimilation. The selfie generation focused on finding a path they carve for Are technologically savvy and have 'rewired' their brains for media multitasking. themselves. AVERAGE MILLENNIAL 1 out of 3 are married. 1 out of 4 have a college degree. 3 out of 5 own a home. %24 Have the highest earning potential for generations. Are aged between 19-36 year olds. Annually, they spend around S $10,500 TO $11,500 Optimistic with 41% of the under 30 satisfied with the way things are going in the country. TECHNOPHILE MILLENNIAL 90% have a mobile phone. 60% Spend more time on mobile and less on television. have access to mobile internet. 2 out of 3 will play games and use gaming devices. 14% 50% more time is spent on mobile than any other generation. or more adapt technology before any other sector and will pay premium prices for getting the technology first. SOCIAL MILLENNIAL f. in 8+ 70% 93% are happier about decisions when their peers agree. of millennials have an online profile. 40% Will look for trends and change. of all digital videos are seen by millennials. Will try latest social media platforms. Will spend more on social media trend suggestions. Add content by being constantly connected and expect consistent feedback. of them are on Twitter. 25% 75% of them are on Facebook. MILLENNIAL SHOPPER Prefers change and unique perspectives. They want to get opinions about products. 24 Purchasing power of between $125 BILLIONS TO $890 BILLIONS 51% Fathers shop for grocery as They visit fashion portals and gender roles are changing. other relevant sites. They do not look at e-mails for Don't like being marketed to, rewards. prefer custom solutions. They read reviews-connections are important to millennials. They visit social networks and search product reviews before making a purchase. LEVERAGING THE PROFILE TO INCREASE PURCHASING POWER Create strong social media profiles and engage with the consumers. Engage the audience with Associate with a cause to advertisements, contests and create a social connection. customer reviews. CONNECT WITH MILLENNIAL Create content that informs Provide exceptional and educates them catering customer service 24-hours-a-day, to their need for education. seven-days-a-week online. Extend preferential customer programs that offers customers special treatment. MARKETING TO MILLENNIAL Make all advertisements diverse as the audience is multi-cultural. Gratify their high expectations by presenting the product/ service in a digitally savvy manner. Create forums and blogs where the audience can connect with their peers. Creating positive relationships at an individual level is essential. Present custom services - Millennials prefer flexibility and independence in choices. Form a mentor-like marketing campaign, millennials do not appreciate direct marketing. UNDERSTAND MILLENNIAL ATTITUDES Allow the audience and opinion Construct membership opportunities, Millennials favor networking. and opportunity to express themselves. Be innovative and unique - Millennials are open to new Millennials adore that without experiences and look for new conforming to brand loyalty. brands focus on change. Make the organizational processes efficient, patience is not a Millennials strong suit. Create open and specifically structures rules and regulations. Trust is important to Gen Y. SOURCES http://www.uschamberfoundation.org/millennial-generation-research-review thInk design SPINNING DE SIGN I DEAS f /LOGODESIGNGURU y @LOGODESIGNGURU in /COMPANY/LOGODESIGNGURU 8* +LOGODESIGNGURUCORP