Millennial Market Research- understanding your target groups needs

Are you in the process of launching a new product with a design to appeal to the younger generation? Or are you thinking about how to reach a new, younger audience with your products or services?

The group known as the Millennials (sometimes also called Generation Y), people born between 1980 and the early 2000s, are the single largest demographic group on the market right now.

For this reason, they entail great potential. But you may have to rethink in order to reach this, somewhat special, target group.

How to conduct your millennial market research

With new potential customers come new demands. For any company, getting an overview of the current state of the market by means of a market analysis is a good idea. After all, generational change occurs in customer behaviour and buying behaviour, too.

To get started market research and opinion polls show general trends regarding the customers’ demands. Alternatively a panel survey, where a group of handpicked volunteers from the relevant target group, get to answer an online survey, offers invaluable insight into preferences, thought patterns and behaviour.

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What might a brand survey reveal about your company

A brand survey can provide good insight on how your brand is perceived by a specific group. Millennials tend to gravitate towards brands with a clear message. Therefore, companies that represent something and have clear values are being ranked high.
Find out what issues generate the most interest within your target audience by conducting an opinion poll. For the purpose of increasing your chances of coming one step closer to your target group and creating an added value that your customer will appreciate.

Millennials were born into the digital world. Therefore, they often do their own research, meaning that they know how to find the products or services they are looking for. Studies have shown that brands that seem personal, often through a strong presence in social media, appeal to the younger audience. Be careful with how you convey your brand’s voice, and strive for natural and non-automated communication.

It’s essential to get your messaging right

According to studies, it is very important to Millennials that a product facilitate or fill some kind of gap. But the message surrounding the product and how it reaches the recipient is as important as the product itself. Today’s younger generation are accustomed to being inundated with content and their screening process is razor-sharp. So make sure you work on your communication and content to stand out in the crowd.