Every generation is different. Millennials have different buying habits and different priorities than Baby Boomers and Generation X. This means companies need to adapt and change their marketing strategies. This goes for pharma too.
question 1: Should pharma be marketing to Millennials?
- Millennials are now the largest generation in the United States and have surpassed Baby Boomers
- Definition of Millennials those aged 18 – 34 in 2015
question 2: How are Millennials different than Baby Boomers and Generation X?
- They are born digital or are digital natives
- Their priorities are different
- They care about health and overall wellness
- They are more likely to use urgent care or walk-in clinics; this is more convenient and quicker
- Smartphones and social media are the platforms they use to communicate and share information
- Medicines are important, but they do not like the high prescription prices of medicines
- They use health and fitness apps and Bluetooth devices to track progress at a rate higher than any generation
question 3: Is it a target audience for pharma?
- Not considered a target audience for pharma, but it is a large audience and they do have an impact in healthcare because of their presence on social media
- Millennials are tech savvy and help their parents and grandparents to navigate the social media platforms and also search for information
question 4: Which priorities should pharma keep in mind when marketing to Millennials?
- Pharma needs to show empathy – do not just talk about your brand show value that goes beyond the pill or product
- Pharma needs to be authentic, Millennials do not mind advertising but they do not like it if it is fake and false
- Millennials want to be engaged with pharma not talked to (this might be the biggest hurdle for pharma)
- Millennials want conversation and are looking for answers/solutions through technology
- Excellent customer experience that allows for personalization and engagement options, including the ability to have a one to one conversation where questions can be asked and get honest answers in return
question 5: How can pharma engage with Millennials on social media?
- Forget the traditional marketing mix that pharma has relied on for years
- Create a sense of community, connection, inspiration, and convenience
- Remember it is not about your pharma needs but about their needs