The Millennial mindset is made up of a series of generalizations that have become norms. When you dive a little deeper into the analysis of this audience, you start to notice that beyond these generalizations, there are audience traits that make up several smaller audience segments. Each segment is unique and consists of members that come from all walks (and demographic cohorts) of life.
While an audience analysis using tools like Facebook Custom Audiences and Audience Insights will help you learn more about the interests and behaviors that define your smaller audience pockets, the following list outlines the characteristics that make up the Millennial mindset:
- Millennials are tech savvy. Younger Millennials are digital natives. They matured as consumers as connectivity became available for social media, the web, and mobile. Members of older generations that fit the Millennial persona have adopted new media and modern technology as an integral part of their research and buying processes. While they may still rely on some traditional media types, such as print or television, new media plays a central role in their decision-making.
- Millennials live on mobile. This statement holds true across virtually any age bracket. Mobile has become such a central part of everyday life that all consumers, from young Millennials to Baby Boomers with even a remote Millennial mindset, will use the platform to connect with brands and communicate with the world.
- Millennials are savvy users of information. Consumers share brand experiences, expert reviews, and insights. Brands push an endless amount of information to all viable media. Millennials, being the tech savvy bunch that they are, sift through this information and arrive at your organization's doorstep either literally or online with plenty of information at hand and even a few conclusions drawn. Don't underestimate them.
- Millennials value utility. For a long time, consumers were willing to pay a higher price for an expensive name brand they perceived to be of high quality. This is not the case with Millennials. They're in search of utility that comes in several forms. A Millennial's willingness to pay a higher price depends on a brand's relationship with the consumer and its general audience. They weigh the company's values and associated causes (such as a charity or social initiative) and, of course, the quality and durability of the product or service.