It's time for marketers everywhere to wake up and smell the coffee... errr... Cappuccino.
If you think the generation currently with the most spending power is going to stop texting long enough to look up from their smartphone screens and notice your two-minute commercial on TV, then think again.
They have far more interesting things to do. Like posting last night's group selfie on Instagram. Or watching that funny wedding dance video which has been doing the rounds on Facebook.
Welcome to the Emoji-filled, LOL-ing world of Millennials. They are well-informed, internet-savvy, and, in the US alone, are estimated to spend $200 billion annually starting from 2017.
Millennials spend 18 hours a day (actively and passively) consuming various forms of media -- be it streaming YouTube videos, checking Facebook or watching movies on demand.
For those who are still uninitiated to this new generation of consumers, Millennials are generally those who are born between 1980 and 2000. The most discussed group among them are those between the ages of 18 and 34.
But who exactly are they? What are their traits and idiosyncrasies? Pew Research Social and Demographic Trends suggests that Millennials on the whole are collaborative, self-expressive, more ethnically and racially diverse than older generations. They are also better-educated and more liberal than their predecessors, in addition to being optimistic, mobile and social.
The smartphone dominates the Millennial's life. Koeppel Direct reports that the average millennial checks his or her mobile device 43 times a day and spends 3.2 hours every day glued to their smartphone screens. But the most mind-boggling figure of all, is that they spend a staggering 18 hours a day (actively and passively) consuming various forms of media -- be it streaming YouTube videos, checking Facebook or watching movies on demand.
Also known as Generation Y, they reportedly spent an estimated $2.45 trillion globally in 2015 (Oracle Gen Y Survey Report). Although Millennials are the generation that everyone -- from marketers to TV networks to MNCs -- wants to attract, traditional methods for marketing and gaining their brand loyalty have never been fully successful due to their different habits in viewing television and using technology.
Millennials don't just watch videos for entertainment. They use them to help them make buying decisions.
So how do you get the attention of the most connected generation in history? Well, the good news is that Millennials are in love with videos. By including videos in your marketing strategy you stand a big chance of making an impression on them. Here are three reasons why videos are one of the most effective ways to reach Millennials.
1. Videos are vital to the buying process
Millennials don't just watch videos for entertainment. They use them to help them make buying decisions. According to a study done by Animoto, 80% of Millennials use videos to help them decide which products to purchase. And it's not just demo videos either. Seven in 10 Millennials are likely to watch a company video while shopping online. So, having a company explainer video would go a long way towards building loyalty and trust.
2. Videos are a hit on social media
One look at your Facebook feed and you will realise how video content has taken over social media. Mark Zuckerberg says Facebook's content will be mostly video in five years. In November 2015, Facebook revealed that its users watch 8 billion video streams every day, double the average view count back in April.
Millennials really come into focus here. Animoto says that 84% of Millennials follow brands or companies on Facebook, 75% follow them on YouTube and 47% follow on Twitter. Social Media has become a place where Millennials not only keep up with friends, but brands as well.
3. Videos get more engagement than text
Animoto also found that nearly 1 in 2 Millennials said that they would read an email from a company if it included a video. This little titbit is further proof of something we all suspected -- Millennials prefer videos to text. In fact, two-thirds of Millennials said in the survey, that they would rather watch a video from a company instead of reading about them, and nearly half said that they only watch video on their mobile devices.
Nearly 1 in 2 Millennials said that they would read an email from a company if it included a video.
Millennials are the most unique, well-educated and brand loyal generation ever. Thanks to smartphones and social media, Gen Y's brand engagement is at an all-time high. They are shopping online, tweeting at brands and interacting with social media posts on a daily basis. A simple, well-thought-out company video will go a long way towards capturing the attention of this fascinating generation of consumers.
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