Note that this article has been updated to also include some of the private discussions with thought leaders in the past. You can read my final overview of my research into the Millennial generation along with what I predicted and what happened as they matured at this link. While I still speak about Echo Boomers and iGenZ privately, I seldom add new articles to this specific blogspot site. If you're reaching out about a speaking engagement, you can contact me at the research firm SqlinSix.
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Echo Boomers see high value in their peers, whether that's in the form of personal relationships or peer suggestions. Facebook, MySpace and social media in general have contributed to a world where it's easy for Echo Boomers to engage their peers. For instance, the Millennial generation uses these social media at work, whether employers like this or not. Therefore, employers should note a few trends concerning Generation Y.
1. Echo Boomers define themselves through their relationships. Not only can you see this through social media, Echo Boomers also place a high value on personal interactions outside of work. In fact, the phrase "I have a life" came up a lot while talking with Echo Boomers when they mentioned that they disliked their current job.
I've constantly cautioned thought leaders that Echo Boomers perceive value through others, not through their own critical thought. Note that this is a result of people who define themselves and their lives through others. "Others think" means "I think."
But there's another point that thought leaders should consider. Because of social media's rise, Echo Boomers don't allow many of their relationships to end. For instance, Echo Boomers could never relate to this song. Why would a chapter of your life be through when you can just stay connected on Facebook?
In the past, part of growth and maturity meant letting go of relationships - and not for a negative reason. As life changed, people's presence with who they were around changed. Think of a young man hanging out with his player friends, but after becoming a father, spending time with other dads. Echo Boomers aren't like this: they'll be dads, but also still stay in touch with those player friends of theirs. (You can sense the tension this will create, even if Echo Boomers don't realize this.)
2. Echo Boomers value time over money. Note [Update: dead link removed]:
And time is more valued than money. Millennials want flexible schedules and may prefer additional vacation days to cash bonuses.
In other words, offering more money to Echo Boomers to complete extra tasks per week may be the most ineffective strategy. A company could possibly approach this generation with the idea of once you finish your work for the week, you're done regardless of how little time it took you and succeed. However, this would require a clear definition of success along with self-honesty about what the company actually needs.
3. Echo Boomers buy products based on what their friends or other peers mention [Update: dead link removed]:
Millennials are more likely to buy based on peer recommendations.
As I frequently tell thought leaders, Echo Boomers determine value through others. They don't stop and consider their vision, then determine what connects them to their vision in the most effective way. This is a mission-driven person. Echo Boomers determine what to do by asking their peers. They determine value based on their peers.
What this means is that social media and social avenues might be the most effective way to market to the Millennial generation, whereas normal advertising might indicate that your company sells poor quality products. This also means that your "normal" advertising should have a social element to it.
Note and update: I get asked about this point a lot from company leaders because, to quote them, "don't we all determine value because of others" (ie: keeping up with the Jones')?
No. Baby Boomers, as an example, wanted to get away from members of their generation. Generation Xers more than any generation up to this point valued self-reliance. If other members of both generations didn't value those things, it didn't change the pattern. Echo Boomers are not like this (for now and this could change over time). They determine value on the basis of what others think. You will determine very early when you speak with Echo Boomers that they have no mission; their mission is built from what others do.
As a generation, they spend hours looking at what others are doing (social media being a popular example of this). A mission driven person would prefer staring at the wall and coming up with ideas than looking at Facebook.
Is part of this youth? Yes. But this is also an effect of believing that you should always stay in touch with friends that you knew 20 years ago. And as you have a mixture of people with different agendas, you spoil your growth because of inconsistent input (think about the parable of the sower and the seeds).
