Millennials (born approximately 1980-2000) have single handedly changed the landscape of the marketing and advertising industries. Seen as the golden age group for advertisers, they are highly valued customers. Through well-placed ads, this generation can easily become a lifelong customer, and with the average life expectancy at an all-time high of 71.5 years, who wouldn’t want that? If you agree, you aren’t the only one.
Multiple companies have hired Fraser Communications to actively study millennials as consumers. If millennials are the golden egg, digital is the goose from which they were laid. Aimlessly walking with handheld devices monopolizing their gaze, this generation spends at least four hours per weekday browsing online through a mobile device.
This spike in technology use has placed the expectation on premiere companies to stay ahead of the latest trends. Advertisers using traditional modes of delivery have to get more creative to reach millennials. Only the most engaging/interactive ads will attract millennials undivided attention and even then you are relying on social media to help proliferate your message. So, why not skip the big ad spend and feed the digital goose that is laying your golden millennial eggs? This is exactly why digital has exploded.
By 2019, U.S. advertisers are expected to spend $103 billion on digital advertising, over passing TV by $17.2 billion. Many companies are unleashing their own apps in an effort to reach these tech-savvy consumers where they are, including the option to share their behavior via social media platforms. The innovation of blogs, vlogs and the expansion of YouTube has been a game changer for self-marketing and advertising. Powerhouse brands and startups are also taking advantage of free marketing by hiring and employing social media experts and managers, whose sole job is to create fun, lively content to further engage millennials.
This is both an exciting and challenging time for marketers. The industry is changing daily, forcing marketers to not only stay informed, but to stay ahead. In a world where being late to the party and failing to take advantage of the newest technologies could cost you big, many may feel overwhelmed. However, if you see the glass as half full, this is an opportunity to embrace the endless possibilities that exist to not just sell to, but engage with millennials.