Millennial is quite the buzzword these days – and with good reason – as this visionary generation now accounts for roughly 24% of the U.S. population.
As Millennials continue to increase their driving force, marketers are utilizing social media – primarily in the form of a “selfies revolution” – as a front seat to studying their every move. So much so that even The Wall Street Journal is starting to take notice, highlighted in their recently published article, “Smile! Marketing Firms Are Mining Your Selfies.” Photo-mining startups are searching and analyzing selfies across a variety of channels – including Instragram, Vine, Snapchat, Flickr etc. – in order to give advertisers access to a new kind of data. It is certainly debatable whether social media made the Millennial, or the Millennial made social media. Whichever side you stand on, there is no denying the two now go hand-in-hand.
Along with the valuable insight Social Media provides companies fighting to capture the Millennial market share, as well as the endless opportunity to interact with the coveted audience, it also forces companies to be transparent at all times. Brands/organizations are visibly reviewed any time, any place. Building on those reviews, branding has become a pivotal point of differentiation in which Millennials choose to show support in dollar spend. Price point has become simply a point of entry in Millennial consumerism, as companies are expected (almost required) to deliver so much more. As they are often described as activists with a very liberal voice, Millennials want to know what you are doing to better their communities, their states, their country, as well as the rest of the world, before they will consider opening their wallets to your product/service offering. Their personal openness amongst their peers creates an expectation for companies to offer the same, exposing who they are and everything they stand for. In return, 50% of Millennials say they are more likely to buy a brand they know supports a cause (28 Revealing Millennial Statistics To Help Boost Your Next Generation Branding Strategy).
So. Are you up for the challenge?
Because as any Millennial will tell you – they are worth your time if you make it worth theirs.