Generation Y, better known as the Millennial generation, is becoming the largest demographic segment in the global population. According to a Pew Research population report released by the U.S. Census Bureau in 2016, Millennials have surpassed Baby Boomers as the nation’s largest living generation, now numbering 75.4 million in the United States, compared to 74.9 million Baby Boomers.
Millennials grew up with rapid advancements in technology, and are considered more tech-savvy than the generations before them. This contributes to Millennials’ resistance to traditional marketing strategies. They often are referred to as generation “why" because of their tendency to ask more questions when faced with conventional marketing attempts from companies.
Even though this can present a challenge for companies due to Millennials demanding transparency, it also allows for new, innovative marketing strategies using technology and information, which is imperative in reaching this specific demographic of consumers.
When it comes to health products, Millennials pay close attention to where ingredients are sourced. They gather information through social media, online reviews, etc., as opposed to blindly trusting where a company says the ingredients are from. This leads to social media as a major tactic for companies to gain Millennial consumers’ trust.
“In order to attract Millennials, a company must communicate its product value proposition in story form," said Jeff Hilton, partner and co-founder, BrandHive. “We are talking the whole story, not just what they want to tell them. This includes how the brand came to be, what it stands for, features and benefits, and what the company values and supports. Millennials want to know the company behind the product."
To learn more about marketing to Millennials, be sure to check out INSIDER’s Digital Magazine “Marketing to Millennials: Strategies for the Health and Nutrition Industry."