Millennials are the most sought-after buyer segment that brands want to target. You may be wondering why. This is because millennials are the fastest growing segment in India as well as on a global level. According to an estimate, that by the coming decade, three out of four people in any organization will be a millennial. This segment has witnessed the largest population boom after quite a long time. Millennials yearly spending is going to be around $3.39 trillion by the year 2018. So every business wants a fair share of this buyer segment.
There are few things you need to know before you design marketing campaigns targeting millennials.
Firstly, more than 65% of the millennials are graduate and therefore their intellectual level is high.
Secondly, they are least influenced by conventional media channels like television and newspaper advertisements.
Thirdly, most of the millennials have an entrepreneurial mindset and look forward to starting their own business.
Lastly, they are very much interested in social media and enthusiastically follow their favorite brands on social media platforms.
So if you want to create a digital strategy for millennials so that they are attracted to your brand and also stay hooked, here is what you need to know-
Millennials Love Videos : The rise of video content on the internet is a clear indication of its demand. Video content is increasingly becoming popular on the internet. Some of the facts that support the above statement are-
1. YouTube pushes more than 300 hours long video content every minute
2. Facebook recorded eight billion daily video views
3. Paid platforms like Netflix and Amazon Prime are gaining much more traffic than TV
It is evident that videos are slowly taking over the internet. Top provider Youtube is now in a position to compete with Facebook and other social media channels. Video content can comprise movies, music and simple ads. Reports show that millennials are usually interested in TV shows, movies and music but they also indulge in user-generated video and personal sharings in their peer group. More than 80% of the millennials are more likely to support a brand after watching a user-generated video than an advertisement. There has been a major boom in the amount of budget that is allocated to video marketing by famous brands.
Live streaming, a segment of video marketing, has now become a thing that brands are running after. Channels like Facebook Live, Twitter’s Periscope and Twitch have recorded unbelievable traffic in the past one year. People love live streaming, especially millennials.
Visual Content Rule their World : Apart from videos, other forms of visual content like gifs and memes can also be seen everywhere on the internet. It will probably surprise you to know that around 23 million gifs are posted on Tumblr every month and over 5 million on Facebook messanger everyday. Gifs are becoming so popular because they relate to some well-known media, say a song or movie, which helps in resonating with the audience. Moreover, it is easy to make and makes a lasting impression. Memes have also grown dramatically over the last five years.
Growth of Snapchat : Snapchat showed unimaginable growths only within a year of its launch. It is most popular app among the millennials; 7 out of 10 use the application. The new features and filters made it even more interesting. Celebrities garner millions of views everyday on snapchat. Brands have already started creating content for Snapchat.
So the bottomline here is that you cannot target the millennials through traditional channels. They stay up to date, whatever is the latest buzz in the online world, you have to reach it through the same.