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Millennial's Myths vs. Truths

"Millennial's are killing the napkin industry, aren't buying homes, want every company to be 'do-gooders'," but, do they really? Check out this new PowerPoint for some more famous myths about millennial's and what is actually happening in today's world!

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Millennial's Myths vs. Truths

  1. 1. Millennials Myths & Truths Within this PowerPoint there’s a discussion of three myths and truths that companies believe about millennials. Images from Google.com- Google Images
  2. 2. Millennials: Millennials do not represent a fundamental break from preceding generations nor do they require a radical rethinking of business practices The differences they do show are mostly due to external forces (especially technology and the economy) that shape Millennials' (and others') lives as workers and consumers The most important thing for "Millennial strategies" is to understand the Millennials in your own industry instead of using one-size-fits-all generalizations Their behavior may be more like their parents' and other generations' than is expected Compiled by author from: marketingprofs.com
  3. 3. Millennials are killing industries! Images from Google.com- Google Images
  4. 4. Myth 1: Myth 1:They are causing the end of industries and companies You've seen the headlines:According to Business Insider, "'Psychologically Scarred' MillennialsAre Killing Dozens of Industries." Perhaps no Millennial news trope is more common than the Millennial serial killer Their unique habits and lifestyle choices of the are supposedly killing countless industries, among them napkins, chain restaurants, non- craft beer, real estate, golf, motorcycles, and diamonds Compiled by author from: marketingprofs.com
  5. 5. Truth 1: Technology is driving changes that are affecting all of us When you read a headline describing something Millennials have killed, consider whether there are other forces driving the change A shift from sit-down chain restaurants to DoorDash- like delivery options Is perhaps driven more by the technological and logistical advances of an innovative, well-financed group of new restaurant delivery services. Millennials may simply hate the idea of going to a movie theater It's also worth considering that Millennials have access to a virtually limitless supply of entertainment piped into their big- screen, high-definition televisions A generational explanation for industry changes is only part of the equation In many cases broader societal shifts in technology and society provide the better answer Compiled by author from: marketingprofs.com
  6. 6. Millennials don’t have the same goals as others! Images from Google.com- Google Images
  7. 7. Myth 2: AllMillennialsgotoBurning Man Today's young adults are a generation that: Are music festival cyber- nomads Chase experiences rather than tangible goods Refuse to settle down into more traditional patterns of living, working, and building families Compiled by author from: marketingprofs.com
  8. 8. Truth 2: Millennials are struggling financially, but they share the goals of previous generations There is truth to some claims about Millennials: They're less likely to buy homes than their parents' generation (so far), and they're delaying marriage and childbirth If trends are oversimplified and just assumed that it’s a generational pattern, we ignore the broader forces that affect us all Millennials are a generation that grew into adulthood at the height of the largest economic crisis since the Great Depression They are attending college at higher rates than previous generations in an era of inflated tuition and a reliance on loans Millennials in traditionally lucrative careers are starting their adult lives with the equivalent of a mortgage payment—but no house because of student debt They share mostly the same aspirations as prior generations It's not that Millennials reject the idea of buying a house and settling down, it's that they're having trouble affording it Compiled by author from: marketingprofs.com
  9. 9. Millennials want all brands to give back! Images from Google.com- Google Images
  10. 10. Myth 3: Millennials want all brands to beTOMS Shoes TOMS is a shoe brand known for its slogan "With every product you purchase,TOMS will help a person in need" Many believeTOMS is popular with Millennials because of its do-gooder approach to doing business They think this is the key to connecting brands with Millennial consumers:Young people want brands that give back Compiled by author from: marketingprofs.com
  11. 11. Truth 3: Millennials want brands to be honest Today's young adults grew up in an environment where advertising was literally omnipresent: on billboards, in stores, on TVs, online, and occasionally even in textbooks The Millennial generation is accustomed to ever-present advertising and so they are skeptical Technology has also given them a new sources of information about brands and products by giving them access to reviews on Yelp or Amazon They don’t want you to make your brand something it isn't by giving to a related (or unrelated) charitable cause Millennials instead want marketers to communicate with them honestly It's not about being a do-gooder; it's about understanding the product, brand, and customers Companies also have to show savvy digital natives that they understand what millennials know, that they have accurately assessed public perception, and that the messaging reflects reality Compiled by author from: marketingprofs.com
  12. 12. Work Cited: All work presented in this PowerPoint came from the following source: Dickerson, Mike. “Worried AboutYour Millennial Strategy?Top 3 Myths and Truths.” MarketingProfs, 20 Feb. 2018, www.marketingprofs.com/articles/2018/33613/wor ried-about-your-millennial-strategy-top-3-myths- and-truths.