Millennials will dominate the workforce within the next decade, controlling a projected $170 billion in buying power, according to a new report from the research arm of the Business Marketing Association (BMA).
“Their perspective and approach to work is so different,” said Michelle Smith, global vice president of research for the BMA, in a statement. “We wanted to help prepare B2B leaders to work with, attract and motivate the millennial generation.”
The FORUM, the BMA’s research division at Northwestern University, recently released its first paper on the topic. “Engaging Millennials” looks at the need for marketers to connect with a new crop of buyers, as well as how employers can engage this new generation in the workplace.
Millennials can be a tougher audience for marketers to reach than their Gen X or Boomer counterparts: Only six percent view online advertising as credible, according to the research, and 67% never click on sponsored stories. For 95%, their most trusted source of product information is their friends.
But while they’re not as keen to engage with advertisements, they do respond to personalized messages. Marketers need to embrace this way of thinking, says Steve Liguori, global BMA chair.
“It’s a matter of best practices,” he said in a statement. “You can stick your head in the sand, or you can realize this is change that is going to be sweeping every organization.”
The research also reveals a cultural shift that goes beyond an affinity for the digital world. In the workplace, Millennials favor organizations with strong ethics and transparency. Personal relationships are a priority, and they favor flexible work environments that offer frequent feedback and career guidance.
The research initiative is a new undertaking for the BMA, which entered into a partnership with the FORUM earlier this year. Dr. Frank Mulhern, the Northwestern University researcher who conducted the study that became the basis for this report, will be releasing additional papers on the topic. BMA members can download the paper and research on the BMA website.
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