We are wrapping up our series on understanding the generations and how to customize your customer service to each of the four groups who are making purchases in our society. This is the fourth and final group and let me say that it’s our pleasure to introduce you to the Millennials…also known as The Echo Boom, Generation Y, Generation Next, and the Baby Busters. Almost as large a group as the Baby Boomers, the Millennial Generation is 76 million in size. The generation includes individuals born between 1981 through 1999. This makes them anywhere from 10 to 28 years of age. Marketers see the potential in this generation and have already begun to develop focus groups that are aimed at the younger segment of this generation in the hopes of figuring out what makes them tick. They are strong influencers when it comes to purchase decisions in the family.
The Millennial Generation is the group that we researchers know the least about. It is simply too early to tell what they will accomplish but they are being touted as the “Next Great Generation” by Howe and Strauss who are famous researchers on the topic of the Millennial Generation.
This generation has been influenced by the likes of Prince William, Chelsea Clinton, Ricky Martin, The Williams Sisters, and the Teletubbies.
This is a unique group and much is expected of them since they can learn so much from all the generations that have come before them. The core values of this group include optimism, civic duty, confidence, achievement, sociability, morality, street smarts, and diversity. Quite an impressive list.
If Millennials are a part of your target market or you employ Millennials, you have an interesting challenge ahead of you. This group has much to offer and they are in a hurry to make their mark.
Knowing what core values drive the actions of your customers and the things that motivate them to buy should be an important factor in your marketing plan and customer retention strategy. Analyze your customer base and be clear with your marketing messages. The implications are far-reaching and could result in better customer retention rates for your organization.
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