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Here Come the Millennials - How to Profit from this Up and Coming Generation of Consumers by Elaine Fogel adapted from a premium article in MarketingProfs, November, 2006.
They’re 13 to 25 years-old - the kids of Baby Boomers and the nation’s most racially and ethnically diverse generation. They have strong opinions on which brands they’ll buy, and for which employers they’ll work. They’re going to have a huge impact on business and marketing and the world may be better for it.
A recent national study is a marketing call to action. The 2006 Cone Millennial Cause Study of 1,800 respondents between 13 and 25, indicates that this demographic of 78 million not only believes that it is their responsibility to make the world a better place, an overwhelming majority (78%) believes that companies have a responsibility to join them in their efforts.
Companies wanting to engage this group will find the results staggering. Eighty-three percent of Millennials will trust a company more if it is socially or environmentally responsible. And 74% are more likely to pay attention to a company’s message when they see that it has a deep commitment to a cause. Yet, the most outstanding finding is that almost 9 out of 10 Millennials will switch from one brand to another- if price and quality are equal – if the second brand is associated with a good cause.
What does this mean to companies targeting this demographic now and those wanting to capture this segment in the next decade? It means taking corporate philanthropy very seriously.
“To best reach Millennials, traditional marketing must evolve,” says Anastasia Toomey, vice president of Consumer Insights, a division of AMP Agency, the youth-focused marketing agency involved in the study with Cone, Inc. “Technology has given the Millennial generation complete access to what is happening around the globe. They are attuned to natural and social world changing events and they have the knowledge and ability to support the causes they believe in. Due to the fractured landscape of media that these kids are wading around in, brands could truly benefit from finding a shared passion with their target.”
To fully engage this demographic, companies and employers will need to keep on top of their corporate philanthropy strategies and cause-related marketing tactics, matching causes with Millennial consumer demand. Carol Cone, chairman of Cone, Inc., adds that aligning the brand with a cause that is relevant, authentic, sustainable and engaging will be effective. © 2006 |
