Heather Sabitov

Do Millennials Still Reign for Marketers? Part 1

At Starmen, we create brand experiences everyday to appeal to a wide variety of audiences, including the oh-so-tempting-to-marketers “Generation Y,” or “Millennials,” those born between 1977 and 2000. Many of our recent campaigns focus on this generation, such as the videos we created for Urban Outfitters (Spring Collection commercial), brand strategy and web site for Adonit, interactive design (mobile app) for iWantit, and more. Why the appeal to target this generation? Buying power is one reason: Millennials have over a trillion dollars in direct buying power, amounting to roughly 20% of consumer discretionary purchases. Many companies today want to know how to position their brand, and we have a few suggestions, but first you need to understand who Gen Y is, and what they are looking for. Who are Millennials (aka, “Gen Y”)? They are adventure seekers who love to travel and enjoy new and exciting experiences. Early adopters who love to create and share what they create with friends and with the world. Content curators, artists, students and professionals who are looking to entertain and be entertained. There is a reason we have seen a plethora of apps in recent years such as Instagram, which enables users to be able to share photos of their experiences with friends and followers. Even Uber and Lyft can be seen as apps and “ways of life” that speak to Gen Y, offering these independent thinkers a way to make money and save money in a whole new way. Speaking of saving money, that’s another philosophy for Millennials, who believe that you shouldn’t have to spend a lot to enjoy great experiences. Services such as Airbnb-which enables people to “rent out” a room, or the entire apartment or home to (well, strangers essentially)-appeal to this generation as a value service; with Airbnb, often it is cheaper to rent an entire apartment than it is a hotel room, which appeals to both sides, the renter and the host (much like Uber and Lyft!). For the more adventurous, thrifty types, apps such as Couchsurfing have also gained momentum as it enables Millennials to stay with hosts all over the world for free, allowing them to gain not only a place to stay but a new friend and perspective as well. Millennials have grown up in an era wrought with economic uncertainty, with many graduating from college only to find few jobs available. As a result, many have turned to freelancing or “solopreneuring” as a way to earn income and feed their desire for travel and what Tim Ferriss describes as “lifestyle design.” In a nutshell, Millennials can be seen as a bit more adventurous, risk-taking and creative than preceding generations… questioning their government and the “status-quo” more than their parents’ generation, the Baby Boomers. While most Baby Boomers feel that they don’t understand Gen Y, if one were to look at the way society, economic opportunities and technological advances have changed from the 1960’s to today, it is easier to see just how Millennials came to be the unique individuals that they are. In my follow-up post, we'll explain how to connect and market YOUR brand to Gen Y… stay tuned!