Millennials are by far the most researched generation of all time and there are a lot of myths about them that even marketers have to tackle. There are those that see millennials as modern leaders that bring elements of humanity to the business world and there are those that see them only as virtual image addicts. Ivan Ivanov believes that the topic of millennials occupies too much space in the marketing sphere and that the real generational differences are not so great as to merit so much attention given to millennials from marketers.
This is just one of the topics that the Discovery’s Director of Marketing and Communications in the CEEMCA region touched upon in his presentation at SEMPL. We reviewed some of the myths about millennials, but you should decide for yourself how much millennials guide your marketing activities.
MISGUIDED MYTHS ABOUT MILLENIALS
Myth No 1: Everyone wants to be like Zuckerberg
Many think millennials want to earn as much as Mark Zuckerburg and avoid regular 9-5 jobs. Numbers also point to a higher unemployment rate among the millennials, although the statistics also include students. Taking this variable into account, the unemployment rate among the millennials is equal to the unemployment rate of other generations.
Myth No 2: The most enterprising generation in history
The internet perhaps made the millennial’s entrepreneurship more visible and trendy, yet recent research shows that it is no more common than in the previous generations, furthermore, some research suggests that the entrepreneurship among young people in the last twenty five years has been the lowest.
Myth No 3: They are disloyal and reject matrimony
Millennials do not like to form commitments, have many partners, and run away from wedding bells and diapers. It is true that they get married later in life, however, 61% of millennials answered yes to the question whether they would want to marry in the future. A percentage that remains unchanged among the young populace since 1970.
Myth No 4: Addicted to social media
For millennials, social media are “everyday waters in which they swim as fish”. Yet statistics show that people who spent the most on social media are aged between 37 and 52.
Myth No 5: Millennials are lazy
What do you think about the research carried out by Ernst & Young that claimed 47% of millennials who occupy leadership roles have been working more in the last five years? The same can be said for only 38% of generation X leaders and 28% Baby Boomer leaders. More than half of millennials are prepared to work overtime and during weekends to achieve success.
Ivan Ivanov, Director of Marketing and Communication in the CEEMCA region at Discovery, adores millennials but believes any good marketer should ignore them. If you are wondering why, attend the 21st SEMPL and listen to what he has to say. Early registration is only available until August 23.