Archive for October, 2016

Millennials are Changing the Rules of Affluent Marketing

Monday, October 31st, 2016

affluent milliennialsMillennials are a unique generation of consumers and they’re forcing marketers to forget pretty much everything they know when it comes to affluent marketing.

MediaPost’s Engage: Affluent blog recently featured an interesting post that highlighted the difficulties that many marketers are facing, as they scramble to rethink their marketing plans to adapt to the preferences of millennials.

What they’re finding is that the normal marketing strategies that have worked for generations – particularly in steadfast industries like insurance – are just no longer effective when it comes to millennials.

Now, marketers are being forced to develop new plans to reach this notoriously fickle bunch because Millennials are quickly supplanting older generations in the marketplace.

Millennials are more than willing to spend on luxury goods and services – however, what sets them apart from previous generations is that they’re much more selective when it comes to making purchase decisions and aren’t swayed by the reliable marketing tactics of old. Add to that the fact that Millennials themselves are a diverse and widely varied demographic, and you have a recipe for disruption.

The blog post points to a few interesting examples to emphasize this point. For example, affluent Millennials’ propensity towards indulgence rather than saving is causing headaches for the finance industry, while their reluctance to buy gas-powered cars is throwing a wrench (pun definitely intended) into the automotive industry’s marketing plans.

So what’s the best way to plan for those unpredictable Millennials? Well, you can start by forgetting about the one-size-fits-all approach to marketing, and instead implementing segmentation. Audience segmentation will allow you to tailor your message to better appeal to pockets of younger affluent consumers who have different wants and needs.

Since we’re on the topic of how to reach the elusive millennial audience, Wealth Window is an invaluable resource when it comes to targeting young affluent consumers. Wealth Window uses proprietary methodology that goes beyond the traditional census data, geo-targeting and demographics to track and identify affluent Millennials, providing unique access to this increasingly in-demand (and hard-to-target) audience.

Wealth Window Blog

Subscribe to Our Blog

Recent Posts

Archives

Categories