Marketers regularly talk about the value and long-term importance of the Millennial generation. But, how many companies have defined and focused on this lucrative segment within the demographic which will drive brand loyalty and advocacy: the College Millennial?
According to the Decennial Census and American Community Survey, about 61% of adult Millennials have attended college, whereas only 46% of the Baby Boomers did so, with fully a third (34%) having at least a bachelor’s degree ….the best-educated generation in history.
In terms of the economic power, a Federal Reserve Board of San Francisco study reported in May 2014 that there is an $830,000 difference in life time earnings between getting a college education over just a high school diploma. Thus, while one-third have college degrees, College Millennials represent a disproportionate share of an estimated $1 trillion Millennial market.
As shown in the chart below from this same Pew Research study, the largest and most striking income disparities between college graduates and those with less education surface in the Millennial generation.
Social Media Engagement
Common belief is that the vast majority of Millennials are engaged with social media. As shown below, however, the college student segment is far more engaged than other Millennials, including newer fast growing platforms such as Instagram and SnapChat.
And, very important, social media plays a significant role in acquiring brand awareness and in the path-to-purchase per a study I had to pleasure of co-leading (http://www.wpp.com/wpp/marketing/digital/the-virtuous-circle/).
Some Takeaways and Implications
As indicated above, DigitalMediaIX’s surveys have been able to capture social media usage among preferred brands, as well as other important brand related attitudes and behaviors such as key purchase drivers and path-to-purchase, among U.S. and Chinese college students. Gaining a brand foothold in the early years of College Millennials can help optimize the opportunity to build life-time brand loyalty and advocacy as well as enjoy the benefits of free/earned media.