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Millennials are the largest population on earth right now, according to a report, By 2020, millennials will have a collective spending power of more than $1.4 trillion. That’s a huge increase from their $600 billion spending power today. As the data suggests the millennial market is like a goldmine for marketers worldwide and who would not want to tap into it.
Millennials have a strong social media presence with the average duration of daily mobile internet usage among internet users aged 25 to 34 years amounted to 3 hours and 45 minutes. Most Millenials prefer online shopping and authenticity in the content and this is pushing the boundaries of marketing strategies. Personalization of products is a rousing demand by most of the Millenials.
Millennials have bloomed over the years into an economy of themselves. They have seen it all, economic recessions, climate change, political instability and many more, yet they are a force to reckon with. Most of the Millenials are overeducated, underpaid and still have the most prolific spending power as we already saw above they are growing as a consumer and redefining the markets altogether. Millennial behaviors are affected by thousands of other factors, ranging from gender identity, income level, and education, to geography, political affiliations, and religion.
The millennial generation has been on the front lines of the social media revolution. According to a report, 43%of millennials have liked more than 43 brands on Facebook. 63% stay up to date on brands via social media. 44% are willing to promote brands on their social networks giving way for influencer marketing strategies that we will discuss later.
As today’s technologies are evolving so fast and we already see a rise in the technology advancements like Artificial intelligence and IoT that has led to increased interest and focus of Millenials towards it. As per the above-mentioned report, 58% of mobile shoppers are millennials. They are 2.5 times as likely as the average shopper to be influenced by a mobile app. 53% of millennials would rather give up their sense of smell than their technology.
Thus, we can say that millennials are the catalyst for the rapid change in market trends and business strategies on a global scale and hence, it is important to consider this mindset of Millenials to strategize your businesses and marketing.
As we can see in the below figure, the characteristics of Millennials that can help strategize the digital marketing for millennial markets. Millennials are considered digital natives with tech-savviness and internet culture.
Millennials have grown up in a global environment with connectivity all over the globe. They are considered poorer than parents but yet they are the driving force to the digital landscape by embracing the collective responsibilities with a conscious.
Yet they tend to have broad interests in leisure, fun and tend to enjoy their life. You can use social media platforms to strategize your digital marketing tactics around it. Consumers are much more likely to engage with a brand that has an established culture and community. This is another important tactic as you should plan your digital content or ads to establish brand and brand value.
You can create an event where top customers are invited to preview a new product or get access to it before the general public. This allows the Millenials to know your product before the big launch and boost curiosity for the product, which can be later converted to sales scores.
There is a 5 step framework for content marketing towards millennials.
Build a Millenial specific content plan
Design the content according to the latest trends and provide value to it.
Promote your content through multi-channels.
Measure your content in terms of conversion rates.
Ensure proper feedback and review channels.
These 5- step framework will help you develop digital content for Millenials with a measure of content metrics and its influence on business outcomes. Millennials are also very specific about the content they choose and so you should try yo build a signature traffic around your content to optimize it.
You can also use native ads and UGC (User Generated Content) to allow users to feel a sense of participation towards your campaign making them your allies in the journey. You can also use social media contests and events to attract more traffic to your content.
Influencer marketing has evolved from celebrity marketers and top bloggers to common social media users, who are now potential influencers for marketers. Finding the right influencers can be a tedious job and to develop your content around the influencer persona, you need to hire dedicated developers to design the content accordingly. As there are many types of influencers based on the business type. Influencers can be categorized into two main types:
Mega Influencers: Celebrity influencers, that have around 50,00,00,000 to 100,00,00,000 followers and they don’t usually are in contact with all of their followers
Micro-Influencers: Influencers like parents, students, entrepreneurs, start-ups, executives with a follower range of 500-10000 followers and they curate contents based on thought leadership and uniqueness. They are also quite close to their followers.
Macro Influencers: Influencers like brand executives, writers, authors, etc that have followers in the range of 50,000 to 1,00,000. They too have close proximity of communication with their followers.
You can search influencers through keywords, by using Google or search tool to find industry influencers. You can also use hashtags to find influencers on, popular social media platforms. You can also look into trending conversations like twitter chats to find influencers. Though you need to be careful to identify the right influencer as there are many frauds too.
Use these influencers to improve your brand presence and measure the influencer ROI by conversion rates and product sales after the influencer posts.
Social Media is the best place to find Millenials these days as they are almost always on social media platforms. To counter this situation, marketers come up with a marketing strategy called social media marketing. A social media content calendar can help you stay ahead of all these social media holidays that generate the most comprehensive traffic.
You won’t miss any opportunities to elevate your brand and engage with followers on special dates. Your social media content calendar should be filled with key dates and milestones for your business, and the corresponding content you’re planning to post across all your networks. But, amidst these huge holidays that attracts so many social media marketers, your content needs some space to breathe.
So, you can lean on some micro-holidays like #NationalHuggingDay, #SinglesAwarenessDay, #NationalLimerickDay, etc. that can be representative of your content on that day, making the Millenials curious about your content and attract more social media participation. These social media participation can be then converted to potential leads through communication and community discussions.
Superficial and blatantly undeserved stereotypes about Millennials won’t help businesses properly create value for them in the near future, and given their impressive buying power and influence, missing the mark with Millennials isn’t an option. So, it is important to know the right way to tap into the Millenials market and convert those leads into a profitable sales score.
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