Generation Y is willing to engage with organizations online, but there are a few keys to winning over this important audience as new and recurring customers.
If you still think millennials see themselves as entitled, you ought to update your mindset about this influential demographic.
An infographic by Carlos Monteiro illustrates findings from Pinpoint Market Research and Trendera about how millennials use technology, spend their money and want to engage with brands.
One finding worth noting is that millennials are careful with their money, contradicting the assumption that they feel a sense of entitlement. Millennials have lived through the economic implosion of 2008 and its aftermath. (Pinpoint skews the timeline by a few decades: “In fact, their view on personal finances sounds more like the Boomer generation emerging from the Great Depression than the ‘entitlement’ label they keep hearing,” the study said. )
Millennials are willing to spend, though, if an organization delivers good content, is willing to engage customers online and supports causes millennials believe are important.
A few other notable findings from the infographic:
- Although millennials are careful with money, they’re willing to spend more on movies, premium TV, ad-free videos and gaming hacks.
- Millennials’ top three preferred social networks are Facebook, Instagram and LinkedIn.
- Sixty-seven percent of millennials have followed a brand on social media.
- Millennials spend more time per day on a laptop than watching TV (though TV is a close second).
Take a look at the infographic for more: (View a larger image.)