Posted on Jul 24, 2014 | 1 comment

 What’s all the buzz about Generation Y, otherwise known as Millennials? Millennials will have more purchasing power than any other recent generation before it. Yes, you heard me correctly. The purchasing power of Millennials is estimated to be $170 billion per year (ComScore). Many companies are getting geared up and targeting the new work force and next spending generation. In order to stay relevant, brands must capture the interest of  Gen-Y.  Innovative, well thought-out strategic campaigns that engage Millennials through a variety of social networks is the key to success.

While the years of their birth vary from which source you are reading, there are a few things we know for sure about Millennials. Gen-Y:

• are community driven and  tech savvy.
• own multiple online devices and like to switch between them throughout the day.
• are anxious without their smartphones and stay connected through social media.
• prefer image sharing over status updates. In fact, Instagram is one of the top social media channels used by Millennials on a daily basis.
• are willing to share their personal information (even for a simple discount) and are not as concerned about their privacy as the Baby Boomers before them.
• yearn for authenticity and therefore trust Word of Mouth (WOM) more than direct advertising.

If you’re a brand, it’s important to start looking at Millennials in order to understand what your approach will be to gain their attention and trust.   Powers Media can help you strategize but I’ve compiled 5 informative articles to  jump start your understanding of  Millennial. I’ve also included a couple of  examples of how other well-known brands are targeting this new challenging generation of spending power. Do you want to know how Millennial you are regardless of your age? Take the QUIZ below! Understanding Generation Y is important because they are the customers of the present and the future.

1. Here are 15 statistics brands should know about millennials : (From digiday)

2. If you’re an employee or want to better understand the Millennnial worker, “60 Minutes” did a segment titled, “New Millennnials are Coming”:

3. These infographics about millennials explain what makes Millennials tick, and how both marketers can get the most out of their audiences of this age bracket, even utilizing gamification.

4:  It’s good to see how other brands are being innovative.  Here’s a couple of  examples of how brands are targeting millennials:

• Mercedes Benz uses Instagram to sell cars: (Digiday)
• Ikea launches first Instagram “website” (PR Daily)

5. Want to see just how Millennial you are,  regardless of your age? Take this QUIZ by Pew Research