Much has been written and said about the complexities of attracting and sustaining brand loyalty among Millennials. Yet, less is heard and frankly, understood about the influence of multicultural values on the consumer behavior among this coveted market segment. In fact, Millennials are the most ethnically diverse group of American consumers in history and the high level of racial integration among this group creates a unique environment for cross-cultural influence.
Census 2010 data indicates that Millennials—people born after 1980-represent 35% of total population, the largest and youngest consumer segment in the US. Of these, 40% are multicultural: 18% Hispanic, 15% Black and 4% Asian and 3% all other multicultural.
So, if as a marketer you are not considering the influence of Hispanic and other multicultural segments in your brand planning and marketing plans to reach Millennial women, it should be no surprise that you’re getting the sense that it’s tough to crack their code!
Millennial consumer behavior is layered both by the life-changing events of the U.S. recession and their lack of trust in traditional institutions, but importantly, also by their embrace of other cultures and their high connectivity to friends and peers through their hyper usage of digital and social media.
When crafting a Total Market Strategy to reach and engage Millennials it is important to consider the following path:
1- Study Millennial values in relation to Hispanic and Non-Hispanic audiences;
2- Find which values resonate among both segments and which point to cultural differences;
3- Identify the relationship between your brand benefits and the values these two segments have in common;
4- Define that space in which your brand has a right to win among Total Millennials and harness it with an Integrated Marketing Strategy and multi-channel media.
Yes, Millennial women are a tough group to persuade but authentic relevance, transparency and demonstrating your brand is “in-the-know” are likely to help you win!