The new future of Millennial marketing
Millennial marketing is the new future of marketing. Move over, Gen X and Baby Boomers. Long criticised by their predecessors for being entitled and pampered, the “Strawberry Generation” has become an important market segment. The 90’s kids are increasingly becoming decision makers for big brands.
Who are the Millennial and why do they matter?
Washington-based fact tank Pew Research Center defines the Millennial as those born in the year 1981 to 1996. A Huffington Post article estimated that by 2020, 60% of the world’s millennial are expected to live in Asia.
Any marketer worth their salt would be looking to effectively reach the Millennials as this demographic is a priority for emerging and established brands alike.
But how do we successfully engage them?
To begin millennial marketing, we have to understand that every generation is unique. For the millennial, they have grown up and alongside the development of technology. They have witnessed and experienced the Internet Age, and are the most technologically-savvy bunch of people. The advent of the Internet of Things shaped the unique characteristics of the millennial.
How do Millennials spend their time?
Millennials were the first generation to grow up in the digital age and Singaporean Millennials are no different. Research reveals that they spend an average of approximately 146 minutes online everyday, with the younger group aged 15 to 24 spending more time, at 159 minutes, compared to the 25 to 34 year olds’ 128 minutes. Overall, Millennials’ main activities revolve around communication (21 minutes), social networking (24 minutes) and consuming media content (39 minutes). These three activities occupy more than half of their time online (57%, 84 minutes per day).
One might think that these numbers would significantly increase when Millennials are not at work. However, the difference is marginal, with younger Millennials aged 15 to 24 spending 157 minutes online on weekdays versus 166 minutes on weekends, while older Millennials in the age bracket of 25 to 34, spend 128 minutes on weekdays and 129 minutes on weekends. Overall, it is notable that Millennials spend five minutes less (22 minutes versus 17 minutes) communicating on weekends – a decrease one might attribute to work-related messages perhaps?
What kind of content do they consume?
Apart from spending time online, Millennials are also consuming content offline; although to a lesser extent compared to the general population. While the average individual indulges in around 117 minutes of TV viewing a day, Millennials only spend 65 minutes. Even then, the younger Millennials aged 15 to 24 watch only 59 minutes of TV, compared to the 71 minutes of daily viewing by the older Millennials (25 to 34).
What apps do they use?
As you would have imagined, the top three apps used by Millennials aged 15 to 24 are YouTube (34%), WhatsApp (14%) and Instagram (9%). Older Millennials aged 25 to 34 spend most of their time on YouTube (17%), Facebook (15%) and WhatsApp (13%). Overall, Millennials aged 15 to 34 spend a third of their total time online (51 minutes) on these apps.
What does this mean for marketers?
When it comes to marketing, it’s often tempting to lump Millennials together as one homogeneous group of people. This might work for generic campaigns, but for more effective results, finesse in targeting is required. Here’s a thought: the age of Millennials today can range anywhere from 15 to 35. Obviously, life experiences and media preferences at both ends can be vastly different.
That means it is important for brands to identify the exact Millennial type they wish to target, and conduct in-depth research to understand their specific digital usage pattern and purchase journey.
Engage through a broad range of channels
It is also crucial to engage Millennials leveraging a broad range of channels, especially social media. As they are digitally savvy and rely heavily on word-of-mouth and peer influence to make purchase decisions. Majority of Millennials spend time on YouTube and Facebook, brands that focus on improving user experience on these channels, will easily connect with them.
Some simple yet effective methods include engagement, making it user friendly for audiences in terms of design and navigation. For youtube videos, providing closed captioning on videos makes it easier for consumers to watch and understand videos.
There’s no denying that the digital age has paved the need for omni channel marketing, which in turn has transformed the retail landscape. As consumers are always connected, social media channels are a significant force in the consumer marketplace.
As the Singapore population is enroute to becoming hyper-informed consumers, brands that get the user experience right and innovate with the new generation in mind, will enjoy customer satisfaction and loyalty.