How to Market to Millennials
Millennials are known to be a generation of visual buyers; they’ve been defined many times in the popular media as: entitled, lazy, narcissistic and the attention span of a gnat. However, they are also a highly diverse generation, possessing levels of education over many levels but with probably at least one third boasting a Degree, and frequently choosing different paths for their careers, which also delays parenthood. One thing is for sure, millennials are very interested in digital communication, greatly influenced by each other and are highly visual.
Their interest in digital communications is great for marketeers in today’s on line, instant access world. It’s made it far easier for provide content which millennials will consume, perhaps sometimes though too much content is offered, which can lead to an overload of information! This is where video in particular can win out, simply because the story of a business, a product or an experience can be told succinctly on video in a way that millennials will enjoy.
Perception of Value
The millennials’ perception of value and authenticity has been transformed. A popular trigger for the FOMO, (Fear of Missing Out) can include unboxing videos where a friend shares the excitement of their latest acquisition. However, interestingly, that doesn’t mean that product based videos are best – it’s experiences that sell. In other words, they are more likely to spend money on a desirable experience, as opposed to buying desirable goods. Hence the growth in video content which shares the stories where products are included, but not central. With a shortened attention span the millennials are attracted by authentic images that show real people experiencing and ‘falling in love’ with great products.
It’s important for marketeers to hone in on their viewing audience’s type. So, if for instance you are selling to foodies then consider showing food as an adventure that is accessible to them in their own backyard as it were. There is huge interest in artisan foods and local produce; there is a constant search to find the best and the most unusual, plus to have a food experience. These viewers respond well to seeing their favourite chefs cooking up a storm, beautifully displayed food and lots of behind the scenes information where they can feel that they are getting inside information. Consider the growth of TV programmes that show chefs cooking in their own kitchens, or quasi studio kitchens with guest celebs who are able to enjoy the food prepared? If you wanted to improve the purchase of a particular type of food product then getting it used in an experiential way by a TV chef would be awesome. That said, it could be just an ordinary home cook using great local ingredients that pulls in just as good an audience online; the key to success is authenticity and experience – both from the content and your video partner.
So how do we engage with the millennial consumer?
It’s vital to make it easy to shop, involve them in contests and campaigns, bring in influences from their target desires and feature user generated content as part of your campaigns and marketing collateral. Fans of specific brands love to be recognised, so using their comments and images can really drive sales. Do pay attention to what your customers are saying online; use their social signals to create more effective communications. Hopefully it goes without saying that utilising your video content across many social media platforms is vital; don’t assume your audience will come to you, go to where they are already meeting online.
Other Millennial categories include:
Work hard play hard - where you can show how hard work pays off and often includes images of the latest gadgets, high profile athletes, group experiences at film festivals or holidays.
Nostalgia personas - sometimes known as hipsters, who are seen to take pride in their own uniqueness and appreciate independent retailers, one-of-a-kind clothing and quirkiness.
The employment struggle - represented by the difficulties of underemployment for a generation that is highly educated but can still be struggling to get on the property ladder well into theirs 30s. Bargains always appeal to this segment along with motivational quotes.
Wanderlust enthusiasts - feeding the need for new and different experiences; digital content enables this sector to dream in detail of faraway places and different cultures which leads them to want to travel far and wide.
Collectors – this subset of millennials collect the experiences of other people and love to get behind-the-scenes information, peeking into the lives of celebrities and enjoying life from the comfort of their own homes.
There are countless ways of using video to market to millennials; they are a generation of visual and experiential consumers to whom video is an ideal, fast fire, highly memorable and standout method of communication which they can enjoy and share.
The ROI of tailoring video content has been discovered by the big brands and now it’s also available to smaller companies too. If you’d like to know more, give us a call and we’ll invite you to a 'discovery meeting' where we can discuss how video might work best for your audience.