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According to Mathena, the worst thing you can do with recent college graduates (or any young people, for that matter) is to talk down to them.

"You don't want to underestimate them," he says. "Even if you think of them as a demographic, you have to understand that they know they're being marketed to, and that they're looking for something that is both relevant to them and authentic."

That means a humor-driven campaign, according to Skey. But Skey says that isn't a surprise. What's different is the quest for socially responsible brands.

"It may be that young people are simply saying they want socially conscious brands, or it may be that they really want it," she says. "But brands need to be aware that this generation isn't jaded or insincere like Generation X."

Skey cited a 2006 Alloy Media + Marketing and Harris Interactive study that listed Ben & Jerry's, Newman's Own and Burt's Bees as a few examples of brands that recent grads perceive to be socially responsible.

While humor may be a universal, males tend to respond better to sex, while females are more receptive to campaigns that push the friendship button.

"It's the difference between a Budweiser ad and a Yoplait campaign," Skey explains.

According to Carrabis, few campaigns will resonate with both genders.     

But one trend does cross the gender divide, according to MacKenzie, and it's not all good news.

"Millennials outpace other generations with their dissatisfaction over internet advertising," MacKenzie says. "The good news is the internet is showing strength as a favorite for entertainment and is the most used medium for entertainment. With a majority of attention being given to internet content, and less than 10 percent being given to advertising, internet advertising consequently suffers from a pitfall. In targeting adult millennials, it is important to create ads that are seen as content rather than distractions."

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Michael Estrin is associate editor for iMediaConnection. Read full bio.