Marketing for Millennials is proving to be a tough task for today’s companies. Not influenced by push advertising, they like to inform themselves before taking any purchase decisions.
But, who are the Millennials? They are the generation who was born between 1977 and 2000. Also known as the Generation Y, they are digital natives and most of them have used the internet throughout their studies. Millennials make up a fifth of the developed world, will account for $1.3 trillion in annual sales and will be responsible for 30% of all retail sales, also influencing others of relatives and friends.
Assuming that Millennials are not brand-loyal is inaccurate, they are one of the highest educated generations of all times, career-driven and politically progressive, and opposite to the general belief, they do engage with the brands they feel represented by. But they are used to filtering out noise and they often treat the promises brands make with skepticism. 60% of Millennials say that they are loyal to brands that they currently purchase.
If you want to win them over, you have to bear in mind that Millennials make their way through breaking down advertising claims, researching products, reading online reviews and asking their friends’ advice during their buying process.
According to a Forbes publication earlier this year, 33% of Millennials rely mostly on blogs before they make a purchase, compared to fewer than 3% for TV news, magazines and books. Older generations rely more on traditional media, whereas Millennials rely on social media for an authentic look at what’s going on in the world, especially content written by their peers whom they trust.
To help you understand more about this group, let’s take a look at the following infographic about Millennials:
Once they have trusted your brand and have acquired a product or a service from you, they are willing to engage with the brand they love by creating reviews and content about the products they bought. Millennials are glued to their mobile devices, creating, commenting and sharing content at almost the speed of light! Giving them the power of your marketing campaign is a great way of building a relationship of trust and engagement with your brand, creating authentic campaigns your users will relate to.
Find below some facts that I find very interesting:
- 54% of Millennials said they like when brands try to get consumers involved through UGC (user-generated content) with product reviews, videos or crowdsourcing.
- More than 7 out of 10 Millennials consult, react or post about products, brands and companies on social media.
- The vast majority of branded consumer conversations are positive, only about 10% negative.
- 40% want to participate in co-creation exercises for either brands they love or products they have a functional affinity with.
- 70% feel a responsibility to share feedback with companies after a good or bad experience.
Finally I would like to share some words Norty Cohen, founder and CEO of agency Moosylvania , said about Millennials: “This is a group that will adopt brands, if you can create a friendship with these consumers, you really take it to the next level. They will go to great lengths to support you.”
This post is also available in: Spanish