For Beyond 50's "Business" talks, listen to an interview with Ann
Fishman. She's the national authority on the six generations of
Americans, from the Silent Generation to Generation 9-11. She'll talk
about how to market to the Millennial Woman (born between 1982 - 2000).
This is a specialized demographic of 80 million strong with a can-do
attitude and a financial powerhouse, unlike any generation of women we
have seen in the past 100 years. With off-the-charts buying power, their
effect on the economy - and politics is unprecedented. These women are
confident, strong, bursting with ideas, tech savvy, and champion
multi-taskers. They live the feminist movement's goals by controlling
their own lives, having lifestyle choices, and doing almost everything
their male counterparts do.
According to Fishman, Millennials have a real concern for the welfare of others. They have a purpose-driven life to care for others, the environment and global conditions. Companies catering to this group need to support their social values and concerns.
Due to their strong familial support, they have been empowered and feel entitlement. They are the living example of the feminist movement. Their ultra confidence can show up in the workplace as an expectation by the company they work for to support their need to get ahead as future leaders of their industry and be successful quickly. A challenge for employers is that Millennials need coaching in social graces to know what is appropriate behavior, have short attention spans, and need constant praise.
Millennial women have a strong compulsion to share information with their online social community - a kind of word-of-mouth marketing. Fishman calls them the social generation for being natural born press agents online. Digital is their native language. Because they like to share easily, they are unconcerned about privacy. This can be a boost for companies with cool products, but a nightmare for employers who don't want sensitive information shared outside the company, especially trade secrets.
Great at multi-tasking, they
can easily juggle being on their mobile phone, surfing online for
information, and enjoy the latest video stream on their playlist.
unique characteristic is that they are group-oriented. They share
among their peers valuable advice and good information for all to benefit from.
Fishman recognizes that each generation is shaped by historic events that have impacted them greatly during their formative years. Here are seven Millennial trends worth noting:
1. The women of this generation feel physically strong and can handle male-oriented work like construction and truck driving.
2. Millennial women are choosing to care for pets over children. For those who are mothers, many prefer to be stay-at-home Moms to raise their child(ren) and home school them. The women choosing to work are largely sole or primary earners for their family with children under eighteen years old.
3. Compared to previous generations, Millennials are marrying later in life. More than 50% of them are single, which they find totally acceptable and the norm.
4. They are great contributors to charities in need financial help and volunteers.
5. Millennials honor cultural and lifestyle diversity.
6. They are generally skeptical of marketers targeting to them, so you have to earn their trust. Rewarding them for their loyalty to your company brand helps maintain relations.
Millennials value the group over the individual, setting them apart
from the "it's all about me" generation of Baby Boomers and other
generations that created these divisions. They can collectively
unify a divided America because they lack tolerance where there are
divisions concerning race, religion, sex, politics, wealth, experience
and status, explained Fishman.