Traditional marketing relies on a liner relationship between purchase and trial-and-purchase, where companies would effectively control the product and the messaging behind their marketing campaign. Today, marketing aimed at millennials is more of an ecosystem where there is a greater emphasis on the relevance of the product or offering and reputation of the company and brand. Hence, creating a two-way dialogue between the company and their customers and potential customers allowing the customers to have a major influence on marketing.
Being avid users of technology, changing media consumption habits and entry into the workforce, millennials have subject of abundant analysis and commentary. Millennials are those born between 1980-2000, inclusive. BCG’s Center for Customer Insight recently conducted research to uncover a generation engaged in consuming and influencing. Millennials were found to embrace business and government and believe that such institutions can cause global change.
Millennials are generally an optimistic generation however that gives rise to unexpected consumer attitudes and behaviours companies have to deal with. Yet, certain sectors are more affected by the millennial customer base for example millennials have had a profound impact on Quick Service Restaurants while having minimal impact to date on Business Travel. Hence, companies that truly understand, engage appropriately and anticipate a rising Millennial generation have an opportunity to differentiate themselves in the marketplace and forge long-term relationships with their customers.