2017 is a significant year for marketers. For the first time in history, digital ad spending is going to exceed TV ad spending. This is due to a shift in the demographic that holds the spending power.
Baby boomers, people born between 1946-1965, are no longer the largest generation. As of 2017, millennials have acquired the title of largest generation, outnumbering baby boomers by 15 million men and women in the US alone. Why is this significant for businesses? The values and shopping habits of the baby boomer and millennial generations are vastly different.
Largely connected to social media, millennials have grown accustom to constant engagement and peer influence. This has now transferred to their brand expectations. Traditional forms of advertising will not be as effective a marketing strategy for this generation. User generated content and user engagement is the most effective way to reach this tech-savvy generation.
6 Must Know Facts About Millennials
- They probably know more about the Internet than you. They research reviews and compare prices from various sources. They make informed purchases.
- Millennials trust peer reviews more than any other brand messaging. This is true from choosing a restaurant to deciding on which laptop to purchase.
- They value corporate social responsibility more than any other generation. They can be seen leading social movements and promoting sustainability and equality.
- They look to user generated content to form opinions.
- They know when they are being targeted and are very wary of what is being sold.
If millennials are part of your target audience, keep these facts in mind when developing your marketing strategy. Now that they hold the majority of buying power, businesses that fail to adapt may be putting their future at risk. According to Elite Daily, traditional advertising impacts only 1% of millennials.
Businesses need to advertise through a variety of social media platforms while also making an impact on the physical world. They need to engage with millennials and share quality user generated content.
A current example of effective millennial marketing comes from JetBlue. In order to promote their “Change for Jamaica” sale and bring their print ads to life, the company gave away free tickets to Jamaica – New York commuters. The entire experience from giving away tickets to sending people on vacation was filmed. The content was used to create a video that was shared via social media to promote the brand and engage consumers.
Millennials are also looking to brand reputation when making purchasing decisions. They are the most loyal of consumer generations, but are picky about what brands they support. It is more important than ever that businesses operate in an honest, consistent, and socially conscious manner.
Now that you know about this generational shift in spending power, it’s time to alter your marketing strategies. This means communicating with consumers through various social media platforms as well as in the physical world. Marketing should be engaging, impactful and honest. Millennials are loyal and once you earn their business and respect, they will surly act as ambassadors for your brand.