When it comes to generational differences, many people begin by discussing shared experiences that helped to shape people. For example, in the United States, the so-called ‘greatest generation’ lived through World War II. Among many other events, that helped shape their values and their outlook on life.
Those who study population use those groupings to help us better understand one another. For example, Millennials in Australia and the U.S. exhibit some characteristics that are unique to the people born between 1980-2000, roughly. Until recently, here in Australia they were simply referred to as ’18-35 year olds’, but the American ‘Millennials’ sounds sexier.
For starters, their numbers aren’t as small as many people assume: They make up nearly one-quarter of the population in the world, for example.
Because of the world they’ve grown up in, they’ve had exposure to all different cultures, which makes them much more diverse than any other previous generation.
But what other characteristics do they have, and how do those characteristics shape how marketers must approach them?
- For one, they are the most ethnically and racially diverse group in the nation’s history
- The majority of Millennials don’t trust traditional advertising
- They value authenticity and honesty
- They are loyal to brands that provide relevant value, and
- They reward companies that actively fight for their business.
This graphic explains in much more detail the 5 steps you need to take to create a successful Millennial marketing strategy.