Marketing To Millennials: The New Motherlode: #3
In our ongoing look at this impending economic powerhouse we cover 3 recent articles that give further insights into what makes them tick.

Basically, Millennials want to eat their cake and have it, too. Typical of the younger generation! Bah, humbug! But wait.. they're actually getting it!Privacy is one of those "Football, Meatpies Kangaroos and Holden Cars" type values. But, like the Holden, privacy and how it operates is changing.

While more than half of Millennials are happy to share their location in return for receiving coupons or offers from nearby businesses, 70% of the same group indicated "no one should ever be allowed to have access to my personal data or web behavior."

This dichotomy is said to be behind the success of Snapchat with this cohort. Likewise, Spotify.

The tradeoff, as always, is benefit driven. Just that the benefits these days need to be real and controllable by them.(source: Engage:Gen Y "Privacy for Millennials", Kevin Alansky 20/12/13)

Marketing Myths and Personas

Rather than the self- and celebrity-obsessed flim-flams they are often portrayed as being, the Millennial Index from Bite and Redshift Research finds that Millennials are often the opposite:

1. Social media - only 41% spend more than 3 hours/week on Facebook and 43% don't use Twitter.

2. 65% spend more time accessing the web via a desktop or laptop than phone/tablet.

3. They spend almost 6 times more time online in work or study related activities and news as against celebrity gossip.

4. 61% of females are more likely to spend time reading books than playing games online.

5. 77% of Millennials believe that determination and hard work are the secrets to success rather than having unrealistic expectations.

6. When it come to online behaviour, rather than acting with pack "traits", Millennials exhibit a hugely diverse range.

In addition to dispelling these myths, the study also revealed 5 different Millennial personas:

1. Digital Window Shopper

2. Digital Socialites

3. Dynamic Media Junkies

4. Casually Engaged

5. Emerging Technocracy

With this wide range of personas, a one-size-fits-all approach just won't work.(Source: The Wise Marketer 23/12/2013)

Unplugged is good and vinyl is back
Although the Millennials are typified by I Want What I Want When I Want It, there are a couple of counter-intuitive trends.

Cooking is the ultimate unplugged experience, getting back to grass roots but also breaking the other yolk/yoke (pun intended).

And though programmed playlists are all the rage, vinyl is experiencing a revival of unexpected proportions.
(source: Marketing Daily, Sarah Mahoney 26/12/13)

We trust these further insights will help you market smarter to this important segment. As we've noted before, in terms of US spending power, by 2017 they will outspend the Baby Boomers.

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