Brands are being forced to pay attention to the youth. There is no doubt about it. The younger generation now has the power to make or break brands, especially since they spend over $1 trillion dollars annually. This means that businesses are going to have to adapt their marketing strategies to appeal to them and engage them. Millennials are the largest demographic group in the United States, comprising approximately 75 million Americans aged 18-34 years old. They are also the most influential consumers worldwide. As such, brands should begin taking note.
What Youth Development Means for Brands:
The way we communicate with each other and our surroundings has changed dramatically since the 1980s. We no longer just sit at a desk and stare into a monitor all day long as we used to do. Instead, we are more active than ever before and use technology to streamline our lives. Since millennials grew up surrounded by smartphones, tablets, and social media sites, they’re very comfortable using these tools. In fact, the youth are not only expected to be the first to adopt new technologies; they actually expect companies to provide easy access to information through their devices.
How It Turns Out
As a result of this shift, millennials are becoming less tolerant of traditional forms of advertising such as billboards, television commercials, print ads, etc. Because they don’t feel like they’ve been ‘sold’ anything when they view an ad on TV, they tend to find online advertisements more acceptable. Furthermore, millennials are more likely to trust recommendations from friends and family members rather than traditional advertising methods. A study conducted by the University of Michigan found that when asked whether they might buy something based solely on a friend telling them about it, 84% said yes. However, if they were told about it by a commercial, only 44% agreed. It seems clear that many millennials would prefer to hear what their peers think about a product rather than listen to some company trying to sell it to them.
Taking Advantage of These Youth Trends
Companies need to take advantage of the unique ways that the youth communicate with one another. For example, companies can tap into the growing trend of influencer marketing. With this, celebrities, athletes, bloggers, and so forth are paid to promote products on their social media platforms. Companies can also utilize content marketing to reach out to millennials and get them involved in brand campaigns. Content marketing allows companies to develop relationships with millennial audiences while providing valuable insights about their needs and interests. By creating and sharing stories, photos, videos, and GIFs, companies can gain insight into their audience and create content that resonates with their target customers.
Looking Into Real Money Revenue
As mentioned earlier, content marketing is the perfect solution for reaching out to millennials. This is because they are already spending billions of dollars per year on digital services. More than half (53%) of U.S. internet users between ages 18 and 30 say that they use at least one type of mobile phone app every month. Also, nearly three-quarters (71%) of millennials surveyed by Accenture stated that they spend time consuming news and entertainment. So, there’s a good chance that you’ll be able to connect with your customer base through content marketing.
The Youth Understands the Power of Storytelling
Millennials love storytelling. They are drawn to narratives and enjoy being entertained by people who have interesting, relatable experiences. As a result, companies will want to develop compelling stories about themselves to share with potential customers. Millennials are particularly intrigued by brands that tell compelling personal or emotional stories. The reason? According to research from Harvard Business Review, millennials want to know how organizations make money because they believe that the most important thing a business does is making money. If a business doesn’t disclose its financial situation, they assume that it isn’t doing well.
The Bottom Line: Getting More Brands To Follow The Youth
In order to succeed, businesses need to learn how to leverage social media in order to attract the youth. Companies looking to break through to Millennials should focus on using content marketing to engage with and educate their customers. By developing relationships with millennials through social media, companies can earn their trust and loyalty – two things that aren’t easily won over any other demographic group.