As the millennial population continues on its march of time, many members in the older segment of this cohort are beginning to settle down. Houses, spouses, and, of course, children, are all becoming realities for millennials, and with an estimated 40% of older millennials (ages 25-34) already having kids, this has opened up a new demographic for businesses to explore: the millennial parent.
The explosion of big data in marketing has meant that analytics has surpassed just being a strategic option for business to leverage as a means of augmenting sales. It is a must, and, more than that, consumers expect products and services to be deliberately calibrated to their specific needs. Broader trends in millennial identities should therefore be taken into account for brands hoping to capitalize on this market. Immigrants, for example, comprise a significant percentage of this demographic, with 15% of 20-34 year-olds born in foreign countries. While this may seem like cause for concern to more conservative segments of the population, millennials are not so troubled by that fact, as 70% of millennials state that they appreciate the interaction with different cultures and its influence on their lives (Nielson 2014). By understanding nuances such as these in the identity of various millennial niches, brands can personalize products and services to better resonate with their target market.
It should also come as no surprise that, having grown up in the age of instant gratification, the convenience-factor tops the list when millennial parents consider brands for patronization. Goldman Sachs has compiled their 2015 Global Investment Research report on companies in the best strategic position for appealing to millennial parents. The report showed that brands like Starbucks are particularly well off because they offer “the convenience of a [quick-serve restaurant] and food they would not feel guilty/embarrassed to feed to their kids.” Starbucks is also premiering an order-via-mobile platform, which further heightens its convenience advantage.
You’re probably tired of hearing marketing strategists beating the horse to death around the advantages of offering mobile… but you’ll have to get used to it because this trend is only growing. Millennials as a whole rarely allow their smartphones to leave their sides, and parents in this generation are no different. If brands can provide their offerings via mobile, millennial parents will be eternally grateful for simplifying and optimizing their experience. How will this gratitude be expressed? Through purchases and support for the brands, perhaps even by telling their friends about those specific companies. With 84% of millennial parents saying they trust the recommendation of their peers far more than recommendations from a brand, the value of awareness-spreading through word of mouth cannot be understated.
Reaching older millennials adjusting to adulthood will continue to present an ever-growing challenge for businesses as more and more members of this generation have children. These millennial parents recognize and reward brands that keep a close eye on generational trends and streamline their sales-cycles to offer higher levels of personalization and convenience.