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Step aside Baby Boomers, move over Gen Xers, you’re deeply respected and much loved, but there’s a market arising that is every bit as indulging as you. They’re the Millennials and they’re poised to set 2009 on fire! If you are not familiar with the Millennials, here’s the scoop:

• Approximately 80 million strong in the United States; born between 1982 and 2003
• Tremendous disposable income (includes their parents’ money); spending about $200 billion annually, according to Chicago-based investment firm William Blair & Co.
• Most ethnically diverse market U.S. history
• Born wired and Internet-enabled
• Deep love for technology in all its forms
• Lack brand loyalty and will switch at the drop of a hat
• Thrive on change and look for new features and models to be introduced quickly
• Have been nurtured to the extreme by parents; placed on a pedestal
• Children of Baby Boomers and Gen Xers
• Positioned as the next “Hero Generation”
• Success-driven, lifestyle centered, self-reliant, goal-oriented
• Civic and community-minded; prefer to work in teams and socialize in groups
• Like to be in control and prefer customization as opposed to a “one size fits all” strategy
• Believe in user generated content (UGC), wikis and blogging - places the power in their hands right where they want it
• Prefer text and instant messaging over telephone calls, mobile over landline and online forums over offline events
• Do the bulk of their banking online, but still like to open new accounts in person
• Believe in going green and support initiatives to better the environment
• Need structure at work, prefer to know the boss and respond well to personal interaction
• Log on to their MySpace and Facebook accounts three or more times each day

To sum it up, Millennials are a powerful force not to be reckoned with. They are tech-savvy, well-educated, want it “their way” and will accept nothing less. Now tapping into their mindset might seem easy given their sheer numbers, use of the Internet and lack of brand loyalty – but think again. They know you want them and they’ll make you work for their attention every step of the way. Billboards, TV, flyers…forget it. Here’s how to market to Millennials:

• Never sound too commercial, sales-y or desperate
• Keep your messages consistent in order to build trust with this skeptical market
• Hang out where they hang out – Facebook and MySpace; participate in community activities, not commercial pursuits
• Opt for new media channels and viral content to reach them (i.e. videos, podcasts, blogs, mobile platforms, via social networking sites)
• Consider trying Facebook Social Ads, a targeted marketing tool that pulls information from user profiles; approximately 66 percent of Millennials regularly use Facebook
• Keep your sense of humor and develop an edge; think of Obama and his persona which won over the Millennial vote
• Millennials find strength and comfort in numbers; they want to interact with a brand and personalize it; make sure to give them a place or a way to do so (i.e. forum, discussion boards, photo uploads, etc.).
• Get personal; stay on their level; talk to them one-on-one (act too corporate and you’ll lose them forever)
• Go mobile; Millennials are always on the move, so look for digital out-of-home media opportunities (i.e. place-based digital video advertising, digital billboards, ambient advertising, etc.)
• Break out the big guns… they’re called ‘preward’ cards (essentially coupons that are presented as debit cards) and they are truly the next big thing (Millennials LOVE them)

Okay, so now that you have the lowdown on this massive, magnificent market, it’s time to get busy. Craft your marketing plan for the first quarter of 2009 and be sure to include the Millennials. You’ll be glad you did.

Tags: business ideas for 2009, digital out-of-home advertising, Facebook, hot market for 2009, marketing to Millennials, Millennials, MySpace, out of home advertising, preward cards, prewards cards, social networking