Barely a day has gone by in the past decade without a marketing presentation exploring the wants, needs, qualms and behaviors of millennials (more recently expanding to the TikTok-loving Generation Zs.) Strategies have been forged trying to sell sneakers, soft drinks, music, beauty and more to this group, who have come to represent “youth,” relevance, and disposable income for brands. Their behaviors infiltrated culture at large — consumers of all ages now pay $37 for spin classes, book a taxi on an app three minutes in advance, buy clean beauty products, and stream music (rather than own it) in part because this group did. Millennials transcended the notion of pure generation to become a consumer psychographic and influencer of wider behaviors. They are the reason our grandparents and parents are on social media. Even in markets around the world where the term “millennial” varies subject to cultural and economic contexts and forces, universal factors such as social media and smartphone ubiquity impacted this age group in ways that will have ramifications for work and play for decades to come.
Until recently, the impact of this major cohort has rarely been assessed in the context of B2B. We believe this is an oversight that must be corrected. Millennials have officially grown up, and they are moving through the ranks and taking on leadership roles in the workplace. They are becoming key influencers in company purchase decisions, and they are approaching B2B purchasing in a new way. We call them The BETAs – a new group of younger B2B buyers.
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