If you want to feel old, then turn on the television – seriously.
Whether it’s the restaurant industry or the latest fashion designer, every brand in America seems to be targeting Millennials in their advertising. Now, I’m not saying that Millennials aren’t a coveted demographic to target – they certainly are – but let’s not forget about the rest of us either.
The fact is that because brands are so adamant about appealing to Millennials, they’re missing out on many advertising opportunities. For instance, the restaurant industry clearly targets young audiences, but did you know that Baby Boomers eat out more than any other demographic? According to a recent study by NPD Group, the trend is so strong that many restaurants are even redesigning their entire menu to appeal to our elders.
Do you like how restaurants are now allowing you to make custom orders that mix and match soups, salads, and sandwiches? Then thank the boomers.
While this isn’t to say that businesses are wrongly targeting Millennials, it offers an interesting perspective: What if we aren’t fully capitalizing on our ideal audience?
Millennial Marketing: Why Marketing Shouldn’t Be All About Millennials
Millennials Are Broke
According to the latest statistics, over 21 million Millennials now live at home with their parents. Saddled with student loan debt and a stubbornly slow economy, young adults are struggling more than those before them.
If so many Millennials are financially struggling to the point of being unable to regularly pay rent, why are they the center of every advertising campaign?
Young Adults Tend To Be Flighty
When you think about the boomers and other age demographics, you’ll see trends of brand loyalty. Older consumers establish relationships and attachments to specific brands and customers. Millennials, on the other hand, are more likely to follow the current modern trends and focus on the best prices.
This isn’t to say that Millennials can’t be loyal customers, many are, but you might get a higher long-term ROI (Return On Investment) by targeting other age demographics.
Other Demographics Are More Predictable
With the YOLO (You Only Live Once) fad still strong among Millennials, it has become hard to predict spending and buying patterns among this unpredictable consumer group. With Baby Boomers on the other hand, consumer-purchasing trends are relatively stable and easily predictable.
None of this is to say that you should completely ignore Millennials in your advertising campaigns. After all, they’re one of the most coveted demographics for a reason. However, similar to the restaurant industry wrongfully aligning their focus on Millennials when Baby Boomers compose a larger share of their market, it’s important to ensure that your marketing is hitting the mark in terms of who your customers really are.
Are you targeting your brand’s ideal demographics?
Millennials On Phones Photo via Shutterstock