25 7月 Tech Tuesday: Smashing the Reality of the Millennial Market
There is a quote from Doctor Strange that says, “forget everything you think you know.”
This might seem like an odd way to approach a new marketing strategy, but it is an important thing to remember about the Millennial market. Traditional marketing campaigns and strategies will not work because technology is intrinsic to the Millennial nature.
In past generations, technology was a product used by marketing and sales channels to encourage participation by potential customers. A splashy video or celebrity endorsement boosted sales instantly. The Millennial market is different because they grew up with a smartphone and access to a world of information.
Here are some impressive stats to keep in mind:
- 84% of millennials report that user-generated content has at least some influence on what they buy. (Source: BazaarVoice)
- 73% percent of Millennials report that they make purchases directly on their smartphones. (Source: BazaarVoice)
- 71% of Millennials engage in social media, and 37% feel like they are missing out if they don’t. (Source: Nanigan)
In fact, if there are three words that represent Millennials the most it must be ACCEPTABILITY, ACCESS, and INFLUENCE. In their reality, the TV-driven world of the Bachelor and Keeping Up with the Kardashians, these are the primary motivators used to rank popularity, influence, and buying power.
So, What Does This Mean for Your Marketing?
There are several important takeaways from the realization that sales and marketing are making a dynamic turn toward Millennials. What worked in the past will not make a dent in the future. For Millennials, buying is all about the access to instant gratification and improvement of the status quo. For this reason, you should be aware of the following for your marketing:
ACCEPTABILITY means Critical Analysis. Millennials are extremely doubtful about the validity of the information they see online. Because Millennials have always been surrounded by technology and live feeds of information, they have developed a survival sense of doubting what they hear and read. You must go out of your way to make sure they receive your marketing as the absolute truth. If they find out after purchase that your marketing is untrustworthy, they will take extra steps to ruin your online reputation.
ACCESS means Seeing is Believing. Video is an important way to reach Millennials. In their IoT (Internet of Things) world, everything moves quickly. TL;DR (Too Long; Didn’t Read) is a standard response to long passages of text or things that do not make sense. These are the buyers that Twitter and texting produced, so the hashtag is a part of their lexicon. #crazyright Here is where a video will give you the edge over competitors. When Millennials can watch a segment instead of reading it, then they have visual proof. You have given them access to your message on a deeper level than just simple words.
INFLUENCE means Sharing is Caring. When you create a campaign that shows off the features and benefits of your product, then Millennials will be the first to give it the mobile cred needed to build a reputation. Remember, in the Gen Me world, your marketing campaign will need to be impressive and address their market segmentation accurately. You cannot take a generalized approach to reach everyone in your demographic.
Consider These Examples…
In this instance, LG presents OLED technology in a streamlined way to show integration and access that speaks directly to how the Millennial audience can use their products. You can almost imagine the newspaper from a Harry Potter movie in your hand!
Addressing a medical product at a pressure point that almost everyone has experienced, a broken bone, MediPrint’s 3D-printed NovaCast video explains the technology and benefits to a Millennial audience.
Both videos meet all the reasons that Millennials would share and create a viral response – ACCEPTABILITY, ACCESS, and INFLUENCE.
Why are Translation and Globalization Important to Millennials?
The first people to pay attention to Millennials are other Millennials. In our social media driven community, companies must be careful that their videos and digital marketing are translated correctly for their target market audiences. Although buying and consumer habits are the same across most countries, what makes a difference is how the message is translated to meet the market demand.
What is the probability that a video produced by an American company will end up in Canada, Japan, or Brazil? If the acceptability, access, and influence are properly placed with an engaging video, then probability increases greatly. You have only to look as far as the comments on a YouTube or Facebook post to see people of all languages asking questions and engaging in conversation. With the language translation feature of most social media platforms, people who do not speak the same language can still have an interesting conversation. The language barrier is diminished in a digital world.
HERE IS THE POINT: If the messaging is offensive to a global market, then your marketing will make a negative impact.
Video does not get the chance to correct itself or change what it says as people do, so you need to make sure that your marketing does not offend a whole cultural generation when translated into a global market.
In short, your digital marketing should always be ready to cross language and cultural barriers with a Millennial audience. You will not get a second chance to make an impression on a Millennial market.
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