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Recently, ideas about marketing to millennials have become much more sophisticated. When marketers were confronted with this cohort, many of them relied on the stereotype of the bumbling, urbanite hipster with a short attention span to formulate their campaigns. Today though, it is better understood that Generation Y, literally America’s largest generation (75.4 million), is not a homogenous group. For one thing, there has been research showing that the wide age span in this group (18-34) creates marked buying differences between the younger and older millennials, which warrants different marketing strategies.

Today, marketers are forced to look at real segmentation, based on age, culture, income and family structure. In addition to segmentation, marketers must ensure that their first-party customer data is accurate and integrates all data sources (for example CRM, customer service calls, online sales, social media, etc.) In addition, third-party data is also tremendously important as it adds context on motivations and beliefs that help marketers understand their target group.

Yet even though the marketing world is moving toward a more educated approach to millennials, there are some stereotypes that persist. Below are three myths about the millennial consumer that should be examined in order to run successful programs.

Continue reading at AdAge.com