For a long time, the largest market segment by generation was the Baby Boomer: That's anyone born between 1946 and 1964. And, as with any generation, they were born into a set of ideals, values, cultures, and technologies which would ultimately have bearing on their world-view - specifically, their approach to business.
But now, according to the Census Bureau, that's no longer the case. Now, the group with the largest market influence - in terms of purchasing, employment, and business leadership - is the Millennial.
Millennial attributes
- Adapt rapidly
- Crave change and challenge
- Create constantly
- Resilience
- Committed and loyal when dedicated to an idea, cause, or product
- Accept others of diverse backgrounds readily and easily
- World-centric
Baby Boomer attributes
- Adaptive
- Goal-oriented
- Focus on individual choices and freedoms
- Ability to change in a diverse workplace
- Positive attitude
Millennials - who've come into the world between 1980 and 1994 - have been born into technology at a point of unprecedented innovation. Unlike Baby Boomers, they don't see iPhones and the Internet, and so on and so forth as great feats; they see them as the foundation - the basic level from which all else stems. For them, these things have always been available. But rather than take them for granted, we've seen exponential growth in connectivity and problem solving - and this has catalysed technology to advance at an incredible rate.
Combine that with their world-centric attitude, where everyone lives in a global village, and the only brands and products that matter are ones that have a cause behind them... truly, they offer the potential to radically influence the way the planet works for the better.
The biggest challenge for business owners is making the shift from this Baby Boomer mindset, into one which caters to these ideals. Whereas the Baby Boomer was focused on the road in front of the individual, the Millennial is focused on the road in front of the planet. In order to really cater to these tribes, you need to delve deep into the way you do things.
We could get into usefulness metrics, and purpose, and tribal leadership, but we'd be typing away for hours. If this is a challenge you'd like to embrace for your brand or business, there's no better time than now.
Book an illumination session today, and we'll show you that you've had the means to make the change all along.