Today, innovative business leaders appreciate the unique qualities of Millennials, members of the demographic cohort born (according to the broadest definition) between 1977 and 2000. Entrepreneurs from this dynamic age group have already begun changing the way startups conduct business. What traits and qualities tend to set Millennials apart within this innovative sector?
Immersed in Technology
Millennial children frequently gained familiarity with computers and high tech as children. This generation grew up using the Internet. They often possess impressive computer skills and a keen grasp of the potential of new technology to create changes in society. Millennials readily adopt innovations that appear useful to them. They will experiment with mobile devices, robotics and other cutting-edge technologies.
Idealistic
Although in the United States, as a generation Millennials appear far less religious than many previous demographic groups, they do reportedly maintain strong views about causes that inspire them. Some 37% express a willingness to pay a bit more for goods or services that will contribute to a worthy cause.
Outspoken And Individualistic
In the United States and Europe, Millennials tend to maintain highly individualistic outlooks. They frequently provide feedback to established companies, with some 70% expressing a willingness to furnish feedback about products and services. Since an astonishing 46% of Millennials report having 200 or more friends on Facebook, potentially this group could provide a very influential word-of-mouth online market.
Entertainment-Oriented
Unlike many earlier generations, Millennials have matured in a hedonistic society. Consumerism has impacted their views in a significant way. While previous generations of Americans sometimes regarded entertainment as a discretionary by-product of a successful society, Millennials frequently place that value in a more dominant role in life.
Uninfluenced by the "work ethic" of previous generations, they tend to crave entertainment. Reportedly, 80% demand brands that will give them amusement.
Global in Focus
Unlike older Americans, who reached maturity during the Cold War era, Millennials have not steeped themselves in nationalist ideologies. They tend to maintain a more global, internationally-focused outlook, at least in the United States.
While Millennials in other societies may not share that broad perspective, Americans in the earliest segments of the Millennial cohort (not impacted by 9/11 as children) don't focus on borders or sovereignty as paramount issues. Nearly three quarters hope to travel overseas someday.
Business Implications of These Qualities
These finding hold significant implications for startups. Since people from different demographic segments may evaluate a business process from unique perspectives, new companies may want to consider obtaining views about its key products and services from people drawn from across a spectrum of demographic groups.
Appealing to the Millennial marketplace certainly holds great value for many firms, especially for companies involved in high tech sectors. Millennials in fact operate quite a few of these businesses! Famous examples of successful Millennial entrepreneurs include Mark Zuckerberg, a co-founder of the wildly successful social media platform Facebook, and David Karp, the CEO and founder of Tumblr.
As they search for ways to attract the Millennial market, business leaders may want to consider the key qualities displayed by numerous customers in this large demographic group. Technologically-savvy, entertainment-oriented, idealistic and well-educated, Millennials represent a very distinct group of consumers today.
Startups Appealing to Millennial Consumers
Millennial consumers currently make slightly over one fifth of all discretionary purchasing decisions in the United States. These individuals already exercise an enormous influence over marketing trends today, from decisions in the film and television industries to marketing campaigns promoting food, automotive and housing products.
As Millennials grow wealthier during the next decade and an increasing number of established "Baby Boomers" enter their retirement years, the influence of people born during the decades before 2000 will likely increase significantly. Startup businesses cannot afford to overlook the importance of pleasing outspoken social-media conscious Millennial consumers!
