Connect with us

Business Marketing

Millennials outnumber Boomers, behavior patterns emerging

As Millennials outnumber Boomers and many reach their peak spending capacity, brands are struggling to reach the impatient generation and many make decisions based on misunderstandings of the Millennial generation.

Published

on

Millennials now outnumber Boomers

In a new study by The Boston Consulting Group (BCG)1, Millennials, aged 16-34 and Non-Millennials were surveyed extensively, showing “negative or dismissive attitudes toward Millennials” by Non-Millennial (Baby Boomer) corporate decision makers.

According to the United Nations Department of Economic Social Affairs, the number of Millennials (79 million) already outnumber Baby Boomers (76 million) in America by 3.94 percent. This gap will widen in coming years as Boomers’ numbers decline, making the bias against Millennials risky for brands, as many enter their prime spending years.

Millennials and technology

Attitudes toward Millennials are very different between Millennials and Non-Millennials. Millennials have a positive perception of their generation, describing themselves as “tech-savvy, young, cool, hip, and innovative,” as Non-Millennials perceive the generation as “lazy, young, spoiled, entitled, and tech-savvy.”

Both agree that Millennials are young and tech-savvy, and the study indicates that while both spend equal amounts of time online, Millennials are consummate multi-taskers and much more likely to produce user-generated content.

  • Own smartphones: 59 percent of Millennials, 33 percent of Non-Millennials
  • Own desktop computers: 63 percent of Millennials, 80 percent of Non-Millennials
  • Rate brands online: 60 percent of Millennials, 46 percent of Non-Millennials
  • Upload pictures, videos, and blog: 60 percent of Millennials, 29 percent of Non-Millennials
  • Watch 20+ hours of tv per week: 26 percent of Millennials, 49 percent of Non-Millennials
  • Watch tv online: 42 percent of Millennials, 18 percent of Non-Millennials

The above data shows a major generational difference in that Millennials do much more online than Non-Millennials, and are more likely to do traditional activities from some form of a computer be it a smartphone or a tablet, like watching tv or making phone calls. Millennials are proven to be multi-taskers, typically engaging in various forms of social media, email, and web surfing simultaneously across various browser tabs and devices, and while many Non-Millennials engage in this behavior, brands must take note that while they have a Millennial’s attention, they may not have their complete attention, so messaging must be absorbed quickly before their eyes dart somewhere else.

Millennials’ behavior is impatient, yet optimistic

BCG asserts that Millennials exhibit four common themes in their evaluations of themselves as a generation, which is supported by their behaviors:

  1. “I want it fast, and I want it now.”
  2. “I trust my friends more than ‘corporate mouthpieces.'”
  3. “I’m a social creature – both online and offline.”
  4. “I can make the world a better place.”

Brands currently not engaging Millennials should note that the generation expects a different customer service model, and it may surprise some to know that the generation typically prefers efficient, expedient service over receiving a friendly response. Many Non-Millennials mistake the instant gratification need of Millennials as being self-entitled, but it is typically tied more to speed and BCG notes that Millennials are always in a hurry – they expect fast service just like they expect fast downloads and get annoyed and willing to purchase better devices when they slow down.

The challenge here for brands is how to get Millennials to spend time with your brand, when they barely sit still for long enough to read an entire news story, rather skim and get the highlights. As we previously asserted, brands will need to capture attention immediately and quit making consumers analyze data or messaging themselves – the era of a wall of 10 point font on a white paper won’t reach Millennials, but a large image depicting an economic indicator will perform much better, for example.

The crowd-sourcing generation

The report notes that Millennials trust their friends over corporate mouthpieces, but eMarketer data goes a step further and indicates that the generation actually values friends and family’s opinions as equally as they do strangers online evaluating products and brands. This supports BCG’s assertions that Millennials are the crowd-sourcing generation, and they constantly consult Google to verify what they’re told offline.

Half of all Millennials use their mobile device to check out reviews or research while they are shopping, yet only 21 percent of Non-Millennials do so. Brands will need to step up their mobile game in short order as the zoom-in/zoom-out game will become tiresome for Millennials who will move on to better resources (that you don’t control). Over half (53 percent) of Millennials will explore brands via social media, but only 37 percent of Non-Millennials will, further supporting the idea that Millennials highly value crowd-sourcing.

Millennials and social media

Millennials are validated by “likes” on Facebook, and they form tribes online, even with strangers. The BCG study reports the following:

  1. Use social media: 79 percent of Millennials, 59 percent of Non-Millennials
  2. Have over 200 friends on Facebook: 46 percent of Millennials, 19 percent of Non-Millennials
  3. Favor brands with Facebook pages, mobile sites: 33 percent of Millennials, 17 percent of Non-Millennials
  4. Lives feel richer when using social media: 47 percent of Millennials, 28 percent of Non-Millennials

What stood out to us is that the report indicates Millennials favor brands with “Facebook pages and mobile sites,” but those are two very, very different outlets, so we do not consider that quite a reliable metric, but the study’s assertion that mobile is critical in coming years remains.

Lastly, the study found Millennials to be more likely to encourage others to support their cause, participate in fundraising events, purchase items associated with a cause, and volunteer their time, but the study fails to report how much each generation actually donates in dollars, which we suspect would be dominated by Non-Millennials.

The reason generosity matters, however, is that Millennials who have been trained since they could walk that environmentalism and social justice issues are important, expect companies to publicly engage in corporate social responsibility programs and to support causes relevant to the companies, be it their employers, or brands they seek to purchase. It’s not just a stunt, and Millennials take charity quite seriously and expect brands they identify with to do the same.

The takeaway

The Millennial generation is quite misunderstood, and while there is a need for instant gratification, and yes, some self-righteousness, the generation is caring, smart, and fast. Brands with leaders that exhibit a bias against Millennials may be skewered by the growing number of purchasers as Millennials’ purchasing power quickly outgrows Boomers’.

The study surveyed 4,000 Millennials and 1,000 Non-Millennials, including “pivotal years” before and after each generation to get a true picture of behavior, but we find it interesting that the disparity between the volume of each generation surveyed is quite large, so we expect future studies to reflect similar results, but perhaps a little more favorable toward Non-Millennials. The point remains, however, that brands better adjust quickly, because this generation has money and they don’t blindly throw it away – they research, they are practical, they are mobile, they are in a hurry, they care about your corporate culture, and they want to tell their friends about their experience with your brand.

Related reading:

  1. Millennials are more difficult to reach, but respond well to creative ads
  2. Technology has made Millennials impatient yet more complex thinkers
  3. How Millennials are conditioned to be entrepreneurs
  4. Why Millennials rely on friends’ and online strangers’ advice equally
  5. Millennials learning from their Boomer parents’ mistakes
  6. Portrait of the new Millennial businesswoman
  7. The ultimate guide to reaching Millennials

1 BCG Millennial study

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Business Marketing

10 must-listen-to podcasts for business owners

(MARKETING) If you’re a business owner and want to learn something…anything…give one (or all) these podcasts a listen.

Published

on

headphones listen podcasts

As podcasts grow more and more popular, it has become increasingly difficult to sort through the sea of excellent options out there.

From interviews with business leaders to industry-specific advice from experts, podcasts are an incredible free and convenient way to get a small dose of inspiration and knowledge.

This short list offers just a taste of the myriad of business podcasts available. Whether you’re an aspiring entrepreneur looking for some tips on breaking into a new industry or a seasoned vet hoping to get some new inspiration, we hope you’ll find something here worth listening to.

How I Built This, hosted by Guy Raz.

Podcast fans will recognize Guy Raz’s name (and voice) from TED Radio Hour. While that show can be a great source of inspiration for businesses, one of the most consistently inspiring shows is his new project that shares stories and insight from some of the biggest business leaders in the world. In just four months, Guy has talked to everyone from Richard Branson and Mark Cuban to L.A. Reid and Suroosh Alvi. While there are plenty of excellent interview-driven shows with entrepreneurs, if you want to hear about the world’s best known companies, this is your best bet.

The Art of Charm, hosted by Jordan and AJ Harbinger.

The Art of Charm is a business podcast by definition, but the advice it provides will definitely help you in other parts of your day-to-day life as well. With over three million listens a month, the incredibly popular show provides advice, strategies and insight into how to network effectively and advance your career and personal life.

StartUp, hosted by Alex Blumberg and Lisa Chow.

If you’re an entrepreneur, there is no excuse not to be listening to StartUp, the award-winning business podcast from Gimlet Media. The show’s talented hosts come from incredible radio shows like Planet Money and This American Life and bring a top-notch level of storytelling to the show, which provides behind the scenes looks at what it is actually like to start a company. Now on the fourth season, StartUp is one of those business podcasts that even people not interested in business will get a kick out of.

The Whole Whale Podcast, hosted by George Weiner.

One of the best things about podcasts is the wide variety of niche shows available that go in-depth into fascinating topics. One of those shows is the Whole Whale Podcast, which shares stories about data and technology in the non-profit sector. You’ll get detailed analysis, expert knowledge and can hear from a long list of social impact leaders from Greenpeace, Change.org, Kiva, Teach For America, and more.

Social Pros Podcast, hosted by Jay Baer and Adam Brown.

Navigating the surplus of social media guides online can be a nightmare, so look no further than Social Pros. Recent episodes talk about reaching college students on social media, the rise of messaging apps, and making better video content for Facebook. Plus, there are great case-studies with companies doing social right, like Kellogg’s, Coca Cola and Lenscrafters.

Entrepreneur on Fire, hosted by John Lee Dumas.

One of the original entrepreneurship shows, Entrepreneur on Fire has logged over 1,500 episodes with successful business leaders sharing tips, lessons and advice learned from their worst entrepreneurial moments. Sometimes humorous, sometimes heartbreaking, always inspiring, this show is sure to have at least one interview with someone you can learn from.

The $100 MBA, hosted by Omar Zenhom.

Think of The $100 MBA as a full-fledged business program in snack-sized portions. The daily ten minute business lessons are based on real-world applications and cover everything from marketing to technology and more. Cue this show up on your commute to or from work and watch your knowledge grow.

This Week in Startups, hosted by Jason Calacanis.

This is your audio version of TechCrunch, Gizmodo, or dare we say The American Genius. Each week, a guest entrepreneur joins the show to talk about what is happening in tech right now. You’ll get news about companies with buzz, updates on big tech news and even some insider gossip.

The Side Hustle Show, hosted by Nick Loper.

This is the show if you want answers for the big question so many entrepreneurs face. How do I turn my part-time hustle into a real job? Featuring topics such as passive income ideas, niche sites, and self-publishing, host Nick Loper is upfront and honest about the tough world of side hustles. The show features actionable tips and an engaging energy, and may just be that final push you need to grow your gig.

Back To Work, hosted by Merlin Mann and Dan Benjamin.
Focused on the basics that you don’t think about, Back To Work looks deep into our working lives by analyzing things like workflow, email habits and personal motivation. Somewhere between self-help, and business advice, Back To Work takes on a new topic relating to productivity each week.

Continue Reading

Business Marketing

Why your coworkers are not your ‘family’ [unpopular opinion]

(MARKETING) “I just want you to think of us as family,” they say. If this were true, I could fire my uncle for always bringing up “that” topic on Thanksgiving…

Published

on

family coworkers

The well-known season 10 opener of “Undercover Boss” featured Walk-On’s Bistreaux & Bar. Brandon Landry, owner, went to the Lafayette location where he worked undercover with Jessica Comeaux, an assistant manager. Comeaux came across as a dedicated employee of the company, and she was given a well-deserved reward for her work. But I rolled my eyes as the show described the team as a “family.” I take offense at combining business and family, unless you’re really family. Why shouldn’t this work dynamic be used?

Employers don’t have loyalty to employees.

One of the biggest reasons work isn’t family is that loyalty doesn’t go both ways. Employers who act as though employees are family wouldn’t hesitate to fire someone if it came down to it. In most families, you support each other during tough times, but that wouldn’t be the case in a business. If you’ve ever thought that you can’t ask for a raise or vacation, you’ve probably bought into the theory that “work is a family.” No, work is a contract.

Would the roles be okay if the genders were reversed?

At Walks-Ons, Comeaux is referred to as “Mama Jess,” by “some of the girls.” I have to wonder how that would come across if Comeaux were a man being called “Daddy Jess” by younger team members? See any problem with that? What happens when the boss is a 30-year-old and the employee is senior? Using family terminology to describe work relationships is just wrong.

Families’ roles are complex.

You’ll spend over 2,000 hours with your co-workers every year. It’s human nature to want to belong. But when you think of your job like a family, you may bring dysfunction into the workplace.

What if you never had a mom, or if your dad was abusive? Professional relationships don’t need the added complexity of “family” norms. Seeing your boss as “mom” or “dad” completely skews the roles of boss/employee. When your mom asks you to do more, it’s hard to say no. If your “work mom or dad” wants you to stay late, it’s going to be hard to set boundaries when you buy into the bogus theory that work is family. Stop thinking of work this way.

Check your business culture to make sure that your team has healthy boundaries and teamwork. Having a great work culture doesn’t have to mean you think of your team as family. It means that you appreciate your team, let them have good work-life balance and understand professionalism.

Continue Reading

Business Marketing

Market your side hustle with these 6 tips

(BUSINESS MARKETING) It can be hard to stand out from the crowd when you’re starting a new side hustle. Here are some easy ways to make your marketing efforts more effective.

Published

on

side hustle paperwork and technology

Side hustles have become the name of the game, and especially during these turbulent times, we have to get extra creative when it comes to making money. With so many of us making moves and so much noise, it can be hard to get the word out and stand out when sharing your side hustle.

Reuben Jackson of Big Think shared five ways that you can market your side hustle (we added a sixth tip for good measure), and comment with your thoughts and ideas on the subject:

  1. Referrals: Don’t Be Afraid to Ask!
    If you’re going to make a splash, you have to be willing to ask for favors. Reach out to your network and ask them to help spread the word on your new venture. This can be as simple as asking your friends to share a Facebook post with information that refers them to your page or website. Word of mouth is still important and incredibly effective.
  2. Start Where You Are
    Immediately running an expensive ad right out of the gate may not be the most effective use of your (likely) limited funds. Use the resources you do have to your advantage – especially if you’re just testing things out to see how the side hustle goes in the real world. You can do this by creating a simple, informational landing page for a small fee. Or, if you’re not looking to put any money into it right away, create an enticing email signature that explains what you do in a concise and eye-catching way. Check out these tools to create a kickin’ email signature.
  3. Gather Positive Reviews
    If you’ve performed a service or sold a product, ask your customers to write a review on the experience. Never underestimate how many potential customers read reviews before choosing where to spend their money, so this is an incredibly important asset. Once a service is completed or a product is sold, send a thank you note to your customer and kindly ask them to write a review. Be sure to provide them with links to easily drop a line on Yelp or your company’s Facebook page.
  4. Be Strategic With Social
    It’s common to think that you have to have a presence on all channels right away. Start smaller. Think about your demographic and do some research on which platforms reach that demographic most effectively. From there, put your time and energy into building a presence on one or two channels. Post consistently and engage with followers. After you’ve developed a solid following, you can then expand to other platforms.
  5. Give Paid Marketing A Shot
    Once you’ve made a dollar or two, try experimenting with some Facebook or Twitter ads. They’re relatively cheap to run and can attract people you may not have otherwise had a chance to reach out to. Again, the key is to start small and don’t get discouraged if these don’t have people knocking your door down; it may take trial and error to create the perfect ad for your hustle.
  6. Go Local
    Local newspapers and magazines are always looking for news on what local residents are doing. Send an email to your town/city’s journal or local Patch affiliate. Let them know what you’re up to, offer yourself for an interview, and give enticing information. The key is doing this in a way that your hustle is seen as beneficial to the public, and is not just an ad.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!