We're here today to talk to you about millennials and what we've found in a couple of research studies that we've done in a few different industries.
So, millennials are our first connected generation, and choosing wearable technology was a natural choice in which we wanted to assess, are millennials truly different as it relates to their buying needs and motivations to purchase, compared to their older generational counterparts?
Millennials have this innate need for social recognition and belonging, so the need that the product fulfills is this need to be recognized by others for that person that they aspire to be. So, whether that's having the cool watch or being able to lose weight and meet your goals, what it's about is to ultimately be recognized as that person you aspire to be.
What we've found in our studies is that they actually seek individualized products or features that help them be, then, noticed. They still aspire to be socially recognized, but it's the product that helps them, maybe, be noticed for being different because it's customized.
So that social desire or that belonging we also saw within financial services was there also when we looked across auto insurance, when we looked at mortgage lending, and when we also looked at digital wallet. And we saw that they were gravitating towards this idea of respect from others, that sense of belonging as well, and they were looking for a sense of achievement from these products and services, not only within the categories I just talked about, but within wearable tech.
When we can begin activating that need, we can begin to be more relevant and better persuade our key audiences, as that is our end goal as marketers.
And I think we'd both end by asking you the question, do you have a millennial strategy in place and do you have messaging for your millennials? That great buying power that's there, are we harnessing it?