Marketing To Millennials - The New Motherlode: #4
This month's roundup of Millennial Marketing articles includes general ways this cohort are changing marketing thinking, specific factors they are reacting to, their comfort with technology for their young children and their desire for overseas travel.

In "Five Ways Millennials Will Change Your Marketing", The Wise Marketer looks at a recent report on US Millennials by the Boston Consulting Group ("BCG").

For those who believe that in an age where consumers are getting closer to what economists referred to as "perfect market knowledge" all brands are becoming generic, "The Reciprocity Principle" argues the opposite.

According to the report, Millennials engage with brands even more extensively than their predecessors, and expect to have their values reflected in those they buy from.

In addition, "Millennials want and expect a two-way, reciprocal relationship with companies and their brands," says Christine Barton of BCG.

"As a result, modern marketing has become an eco-system driven by interactions between marketers, customers and potential customers..."

Millennials are driving a change in marketing through five different areas:

Reach - not surprisingly, Millennials interact with brands much more extensively through social and mobile than other generations.

Relevance - purchasing decisions of Millennials are influenced by more people and by more different types of people.

Reputation - Millennials identify more personally with brands.

Relationship - Millennials require a 24/7, "always-on" presence with individual dialogue.

Referral - more than 50% millennials share their brand preferences on social media.

What makes these changes even more impactful is BCG's opinion that these behaviours are actually the vanguard of similar changes to behaviour in the older generations.

AdAge's "What Changes Will Millennials Force Brands To Make In 2014" looked at 3 specific areas that we see as being reflective of two Millennial requirements of marketers, namely transparency and authenticity:

Organised Sport - the National Football League's response or lack thereof to the issue of football-related head injuries is seen as impacting on Millennials approval of their children becoming involved with the sport.

Closer to home, Peter Fitzsimons in the Fairfax press has been giving this particular issue plenty of attention and it would be logical to think the ramifications will be the same here.

Given that children are the future of both games this is a grass-roots issue.

Accurate & Ethical Packaging - with an increasing number of children suffering from food allergies, clear packaging and labels to address Millennial parent's concerns will quickly become a price of entry.

Re-invigorated Feminism - 42% of all Millennials identified with being feminist, likely a result of many new Millennial parents entering the fold.

The article concludes "As more Millennials start families, this inclusive generation will increasingly demand that the products with which they raise their children match their ideals".

The favouring of early introduction of technology by Millennial parents to their children was revealed in a recent study by PBS Kids discussed in eMarketers article "Millennial Parents More Likely To Buy Apps for Kids".

73% of Millennial parents were either buying or planning to buy apps for their 2-10 year old children, which should not surprise given the ubiquity of technology for this group.

Interestingly, across all parents, 77% saw education as being one of the most important factors when buying apps for this age group of children. So much for toys, huh?

And, finally, Roy Morgan Research ("Globe Trotting Gen Y Leads The Charge Overseas") has found Millennials heading overseas has grown from 18% to 27% (since 2006), to be now the largest age-related group of travellers.

While the Australian dollar is still stronger against the US dollar than it was back then, clearly the purchasing power of Millennials, as more members enter the workforce, is providing an increased ability to afford to travel.

This is reflective of their position generally as they slowly build to be the biggest consuming group across all sectors, sometime around 2016.
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