The Great Millennial Misunderstanding
Posted Friday November 11th, 2016 by Peter Kozodoy in Analysis + Strategy.
Recently, I embarked on a book about Millennial Marketing, because it's become clear in my travels that many Xers and Boomers simply misunderstand the psychology behind our oft-studied age bracket.
One of the greatest points right from the beginning has to do with the aspect of behavioral psychology and the study of it; namely, that observing behavior is always going to be more helpful than observing the data behind behavior. By eliminating the proxy that the numbers represent, older generations have a lot more hope for understanding their younger counterparts.
Data-induced analysis paralysis is of course the other end of the pendulum-swing from our obsessive need to compile a mind-boggling amount of bits and bites. Unfortunately, few marketers studied more than a rudimentary level of statistical analysis in higher education, leading many marketers to either draw the wrong conclusions or throw up their hands in true surrender.
But, there is an alternative, and it's as old as humanity itself: observation. That's right: we can look around at Millennial behavior and, using our understanding of historical trends, analyze exactly why Millennials act the way they do. In turn, we can market to their wants, needs and desires in with true authenticity.
To that end, here's an excerpt from the book:
In fact, keeping the notion of an old-fashioned consumer profile in mind is much more critical than it ever has been. Why? Because your margin for error as a marketer is smaller than it ever has been, making it critical for your messaging to nail the consumer sentiment exactly. Contrary to popular belief, this shrinking margin of error is not a function of our generational ADHD. Rather, it’s a function of the constraints on our generational time, due to two factors: first, a multi-platform experience driven by new technologies, and second, a newly frenetic, non-technology human experience driven by an increased competitive environment among our peers. Let’s examine both more closely…
Armed with a more accurate understanding of Millennial behavior, we can begin to lay the groundwork for constructing a remarkable marketing campaign. If you have thoughts or feedback you'd like considered that contributes to this topic, please feel free to comment or write me.
It's time for us all to get on the same page about Millennial marketing!
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