Are "Millennials" Your Mealticket?
We've heard a lot about "millennials" over the course of the last few years. In fact, the term "millennial" has become something like a buzz word as of late. And the term is used in many different applications - restaurants, technology, retail, staffing... you name it and there's most likely a blog out here that describes how Millennials are affecting that industry.
So what does this mean for your business? Should you care about Millennials?
In short - yes. But probably not for any of the reasons why any of the 'other' blogs might suggest. Sure, the Millennial Generation (which, for those of you that might not know, describes the collective of people born in the mid-to-late 1980's and 1990's) has some quirky ways of doing things and needs some special love when it comes to marketing to them. And yes, there are ways that you can communicate and market to the Millennial crowd that wouldn't resonate well with some of the other living generations. However, the often overlooked fact is that Millennials are the future of buying 'stuff'.
The Generation at hand (Generation Y or the "Millennial" generation) is already firmly planted in the "prime to buy" age range. Most of the Millennial generation has suffered through finding or keeping a job in one of the toughest job markets since the Great Depression. Most are highly educated and could be considered "workaholics". Some have pushed off things like marriage and moving out in order to excel themselves forward in their career. Those that have followed a more "traditional" family path are now having kids and those kids could be upwards of 4 or 5 years old now.
So what does that mean? It means you have a generation that is highly educated and prioritize their careers (read: may have higher paying jobs or a more entrepreneurial spirit to increase their personal well-being). Those that have delayed the family decision may have more disposable income to spend on things other than what their past generations spent their money on. More disposable income means more opportunities for your brand to speak directly to them and sell, baby sell. If you need help capturing how to speak to this generation, let us know. We'd love to help!
You also find your brand facing a Generation that is highly influenced by their peers. While this may be true of past generations, the availability of these reviews on Google, Yelp, and on other online outlets makes the "peer effect" much harder to avoid. That's why managing your brand's online presence has never been more important than it has today.
Finally, Millennials are the next Baby Boomer or Generation X. As time goes on and these older generations age, Millennials will become the primary purchase makers in the world.
So that being said, it doesn't matter that Millennials like unique decor in their restaurants or would rather order food from a computer or insist of using Snapchat to broadcast every moment of their days. It's not a matter of WHY you need to start catering to the unique needs of this up-and-coming generation, it's a matter of WHEN. What matters most for your brand is that you take the necessary steps today to put your brand in front of these Millennials. While it does take some special crafting and specific messaging (that we're experts in crafting), as long as your brand is one that Millennials know and trust, your brand will be around to see what crazy things the next generation can drum up. Are they your meal ticket? We'd venture to say they are worth all your future meals!
Ready to get the conversation started with Millennials? Contact us today to get the conversation started with US!