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Depending on who you’re talking
to, the mere mention of “millennials” will inspire a cringe or an eye-roll.
The so-called “me” generation, which lives in the age of “participation
trophies,” both gets a bad rep and has advertisers falling over themselves
to reach them.
At age 34, I am (technically) a
millennial. And it never ceases to amaze me how advertisers tend to treat
us as one-size-fits-all. Comparing an 18 year old to a 34 year old is like
comparing apples to organic pressed kale juice. Even comparing two 18 year olds
to one another can be a losing strategy, which is I guess that’s to say
that if age is hardly a discerning filter, then stereotyping an entire
generation is just lazy. But targeting and strategizing by life stage
is a different story.
As with any generation,
millennials’ life stages are comprised by predictable benchmarks and
transitional moments that give brands crucial information about what’s
important to consumers at different parts of their lives. Brands that
segment millennials not by age but by these core life cycles will find more
success than those that don’t.
Here’s a look at standard life
stages and what consumers at these stages are thinking about, prioritizing
and dealing with.
Stage 1: Educated and Dependent
(18 - 23)
Still living at home, still
dependent on their parents for support but knowledge of the “real world”
has begun to settle in. For the first time, these young adults are managing
money, a car payment and, of course, a job. They are also still in
exploration mode: trying new experiences, meeting new friends and ingesting
a wide range of media. They aren’t very brand loyal yet because they’ve
never really had to be, which means there’s an easy opportunity for brands
to win them over.
Take Mic, a media company
specifically for millennials. They partnered with Discover to launch a new
channel called The Payoff, aimed at helping millennials
manage and control their personal finances. “Whether embarking on a new
career, building credit or sizing up a big purchase, there is a lot to
learn and to navigate for young consumers when it comes to their
finances," said Jennifer Murillo, Discover's VP of brand
communications in a press release. And of course, knowing their audience
well, the Payoff launched with a multichannel approach—allowing their audience
access through a video series, a podcast, interactive online experiences
and even a newsletter.
Stage 2: Independent and
Empowered (24 - 29)
Freedom! Millennials in this
group are living on their own and their career is off and running. With
room to grow financially and personally, they are starting to form some
long-term media habits and brand choices. They have also dabbled in every
media avenue presented to them — social, traditional, and digital — decided
which ones best suit them. That doesn’t mean they won’t be up for trying
new experiences—if the brand is fresh and relevant.
Take Audi, for example. This
century-old brand knew that combining brand experiences would be a smart
route. As part of its Emmy Awards sponsorship, Audi and Airbnb offered fans
the chance to book three-day getaways at a residence in Death Valley, Nev.
The guests could drive a 2017 Audi R8 during their stay, which also
included chauffeur service from the airport, meals prepared by a personal
chef and, of course, nightly entertainment. The experience, Audi VP of
Marketing Loren Angelo said, sold out in seven seconds.
Stage 3: Settled and Responsible
(30 - 35)
With a career hitting its
stride, a first home purchased, and maybe even a family in the picture,
this stage calls for more stability. Most millennials at this phase are
settled both personally and in their brand choices, which of course doesn’t
mean that companies should expect to retain their love
indefinitely.Positive brand and customer service experiences are crucial to
this group. Fail to evolve with your audience’s needs? You could find a
competitor swoops in all too easily.
Viacom, a company whose major
channels like MTV and VH1 have reinvented themselves more than once,
continued its evolution with a renewed focus on millennial moms. In 2016,
Viacom and YouTube parenting channel “What's Up Moms” joined forces to
create relevant parenting content. Together, they produced a video series
that aired both on Viacom’s traditional TV networks and on their digital
platforms. By delivering desired content in the format that fit their
target audience, it was an obvious win for Viacom.
There you have it. Brands must
find ways to target millennials at their core stages, as their
demographics, and media consumption habits evolve. Consumers are forever in
the driver’s seat, and millennials won’t hesitate to change course when a
brand misses their mark.
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