Marketing to Gen Y demands we ask and answer the question: why?
Recently, we addressed where, how, and on what Millennials are devoting their $400 billion in annual spending. Now we answer a crucial additional question: why? Why do Millennials make the choices they do?
Tina Wells, author of Chasing Youth Culture And Getting It Right, has delved deeply into how Millennials behave in the marketplace.
A primary driver, she says, is “Conscious Consumption” spending their money in a way that helps improve their world.
“Millennials are getting great products yet supporting even better causes at the same time”,she says. This is a trend that’s here to stay. Similarly, “Profitable Purpose” means Millennials want to feel a personal connection to the brands they’re supporting.
Then there is speed what Wells calls “Instanity”.
“I like to call Millennials the Microwave Generation”, says Wells. Just think of all the things we can do in less than a minute: snap and print a photo, find a book and download it to a device, cook a meal. This convenience has led us to expect everything right now. In the world of a 24/7 news cycle, there is just no time for later.
“Millennials want to have once in a lifetime experiences”, says Wells. This need not be an extravagant world sightseeing trip; it could be something as memorable as a great coffee date with a friend. But it is a literally priceless experience.
“they have truly figured out the meaning of life”, Wells says. “They have watched their parents save every dime and invest in big, safe companies that have ultimately let them down. They are committed to living life to the fullest.”
Then no surprise there is “Technoholism.”
“If you want to engage with Millennials,” says Wells, “you must understand the role technology plays in their lives.”
This brief synopsis of Wells’ ideas can challenge marketers. Millennials are different from other people, as we all know. From a marketing perspective, successful engagement requires understanding why Millennials behave the way they do.
Millennials do not vote in the numbers older cohorts do. But they believe they can make the world better by supporting businesses that share their values. They seek experiences that are memorable, and they want things to happen quickly. Finally, it all happens online.
Acknowledging these characteristics and incorporating their meaning into marketing strategies is among the great challenges of the contemporary marketer. Fortunately, an affordable, turnkey marketing platform has emerged to address all of these issues concurrently.
CampusAuction links socially conscious Millennial consumers with businesses that share their values and revenue goes to charity. CampusAuction’s fun online auction gives Millennials the unforgettable experience they seek, combined with amazing products at great prices and the component of social good they demand.
For more on how CampusAuction understands the why of Millennials, contact partnerships@campusauction.com.
