Millennials have become a highly coveted consumer group.
The problem is that these young adults (born between the early 1980s and mid-’90s) aren’t swayed by the same kinds of advertising as prior generations were.
This has become a major concern for businesses, because millennials are now the largest demographic and have nearly $200 billion in annual buying power. Companies vying to earn this younger market’s business must do so by building trust.
Marketers must understand what millennials want and need. Here are some focal points:
Millennials’ mission to understand a brand mission
Consumers were once concerned only with the products a brand provided, but the focus has shifted to an organization’s actions. This trend toward purpose over products was a focal point at a recent Wharton Marketing Conference. Featured findings included how millennials support ethical and caring organizations that strive to do the right thing. The companies that base their corporate missions on these benevolent qualities earn millennials’ trust.