Millennials aren’t coming – they’re already here. At 80 million strong with a purchasing power of $600 billion, they’re now America’s largest consumer segment.
And sure, you know that they’re aged 18-34 and grew up with the internet, 9/11, and the great recession, but beyond that, but what else?
Most business owners admit to knowing very little, and their misconceptions can hurt them. If millennials think you’re out of touch, they’ll go elsewhere. Better read up!
Here are the 3 biggest myths that have been debunked:
Myth #1: They’re lazy and entitled
Truth: Millennials are passionate, dedicated, and motivated
Of all the myths out there, this is the most pervasive. Many bosses are vocal about the belief that millennial employees are too entitled or don’t work hard enough. And the fact that they switch jobs more than any other generation doesn’t help their case. But are they really too lazy to keep a career?
Quite the opposite, in fact. Millennials may be one of the most industrious generations ever, and the research that’s called them narcissistic has been debunked. The traits that they exhibit are really just hallmarks of young adulthood, and they’re starting to grow up.
- 84% of millennials made a charitable donation in the past year according to Entrepreneur
- 94% of millennials value hard work
- 89% of millennials regularly check their email outside of work hours according to Forbes
- 67% dream of starting their own business
The bottom line: Millennials work hard, do good, and dream big. Address those values in your marketing.
Myth #2: They don’t value owning “things” or settling down
Truth: Despite all the talk, millennials are big consumers and want to settle
Sure, millennials may have spawned the “sharing economy” where cars, apartments, and even dogs are communal property, but is it out of desire or necessity?
Remember that millennials grew up under dire economic conditions with piles of student debt. Most of them simply couldn’t afford milestone possessions like cars and houses like previous generations. Instead, they moved back in with their parents to save money. Now that things have improved, the data shows that they’re plenty willing to spend:
- 93% of millennials want to own their own home according to Goldman Sachs
- 70% want to get married and 74% want to have children
- They do less buying in stores, but make up for it with purchasing online
The bottom line: Millennials are just ramping up into their prime spending years and are a great target for your marketing.
Myth #3: Millennials only read things if they’re online
Truth: Millennials actually prefer things in print, like postcards.
A report by the Pew Research foundation found that millennials are more likely than older generations to prefer reading their news. And the under-30 crowd, who use far more digital devices than others, were more likely to say that “a lot of useful, important information is not available on the internet.”
Not what you would have guessed, huh? The numbers around direct-mail marketing reflect this preference for reading print:
- 46% of millennials prefer to read their news in print
- 23% of millennials bought or purchased something because of a direct mailing in the past 12 months
- 65% of millennials have made a purchase because of a catalog
- Direct mail has a 4.25% response rate from millennials compared to 0.06% for digital ads
The bottom line: Postcard marketing is the key method for reaching millennial audiences.
Well, has the data changed your mind at all? They’re not the narcissistic, spend-thrift, freeloaders that you thought, huh?
Better tweak your marketing: postcards are the way to go and you can send one targeted at millennials through our web-to-print platform. Just call 1 (877) 222-6010 if you need help!