You may have heard the term ‘millennial’ being passed around lately, but what does it actually mean?
Basically, a millennial is ‘a person reaching young adulthood around the year 2000’ also known as ‘Generation Y’ according to the Marketing Tech Blog. The authors of ‘Generations: The History of America’s Future, 1584 to 2069′ Neil Howe and William Strauss are often recognised as being the two who coined the term. They describe millennials as being born between 1982 and 2004.
So what does this mean for business?
It means that a massive portion of consumers have been familiar with video marketing from a very early age. They respond better to video than text, and conduct a lot of their time on social media. They’ve been around computers since their teens, and don’t respond brilliantly to plain text without movement or design. Putting it simply – we’re now in an age where the amount of people who are familiar with social media and video sites greatly outweigh those who are not. The millennials are now dictating how we advertise and market products because they’re now the core group of customers.
What should you be doing?
It’s essential that brands are targeting millennials with innovative videos … missing out on this huge audience could really have a negative effect on popularity and sales. We’re also more tech savvy as a nation these days, so it’s important to make mobile-friendly videos that are easy and helpful to watch.
The way that millennials follow a brands online activity is evolving. Nowadays social media sites such as Facebook, Twitter, Youtube and Instagram are becoming popular places for brands to build their appearance and constantly keep their content fresh and updated. This is a great way to make brands seem more personal and for consumers to connect with them.
Because product videos are so popular with millennials, brands should be focusing on making sure they are as clear and concise as possible, whilst still being innovative and interesting. If millennials are using your video to compare an item in a shop to another item online, then the video needs to be easy to understand, but engaging enough for the viewer to consider buying it.
When creating videos aimed at millennials, it’s important to remember how different they are from previous generations: they have grown up in a world where differences are more accepted. This means that videos can be more empowering and thought provoking, and we shouldn’t be afraid of challenging perceptions and adapting marketing strategies to move with the times.
The good old advertising days of Mad Men are dead and gone – now it’s about something different. Businesses who move forward with technological advancements and really pay attention to the needs of the worlds biggest customer base will be in better stead to become more successful. It’s time to start speaking to the millennials who can make a difference to your business, and cater directly to them.