The next five years are set to see the millennials take the stage as a revolutionary presence in the business world. This group of people, those born between 1980 and 2000, is one of the largest generations that has ever existed. In addition to their size, these millennials are bringing a new and unique take on marketing to the business stage. In the ebook “Millennials as Brand Advocates,” Social Chorus describes just how these newcomers will dominate and transform the marketing sphere.
In the next five years, millennials are projected to possess over $170 billion of purchasing power. Many of this generation are thoroughly involved with various forms of social media and digital technology. But instead of merely making it easier for them to communicate, studies and surveys have indicated that millennials’ attitude towards traditional marketing tactics may be conditioned by their use of social media. They possess a strong dislike of advertising, and have perfected avoiding and negating advertisements—84% of those surveyed replied that sponsored stories on the internet make a social media experience worse overall.
But perhaps the biggest difference about this millennial generation is its attitude toward brands. Studies revealed that 92% of people asked said they would possibly purchase something if it was recommended by a friend, while 99% of respondents claimed they were more likely to engage a friend’s post on social media—or the Internet in general—than a brand’s post. 96% say a friend is a more credible source for product info than a brand. For businesses to tap into this new market it is essential to begin a process of co-marketing with millennials and getting them to share your information with their peers.
Let millennials interact with brands to get their voices heard, and tap into the larger bank of data provided by this generation’s general lessened concern for privacy. The key to millennial marketing is marketing with them, not at them.
To summarize, you can effectively get millennials on your brand’s side by doing the following:
- Marketing with them, not to them.
- Letting millennials share their stores.
- Being a brand they want to be associated with.
- Building long-term relationships.
If you’re in healthcare, insurance, technology or other professional services industries, and need help with a PR, marketing or social media campaign, contact Scott Public Relations.
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