As a fringe millennial (Generation Y) who turns 35 soon, I have had the good fortune of memories from both the pre and post Internet era. Back in the good old day, we had the 13-channel universe, VHS tapes and played 8-bit Nintendo to our hearts content. Meanwhile, reading hard bound paper books on the Winnipeg Transit bus was the cool thing to do, smartphones was something out of Star Trek, and computers were modestly clunky monstrosities in themselves.
Now times have changed in 2015. Millennials are an important and powerful purchasing group. We crave instant, rapid-fire information bombarding our senses. We now can read books on computer tablets, watch videos on our mobile phones, and snap a photo to anywhere in the world within seconds.If you are looking at marketing products to this group, We Are Social Media in April this year published an infograph, from a study from PinPoint Research, showing millennials preferences for video consumption, social media use, and what technology we own. Consider, 81% of Generation Y own their own television; 76% have a laptop; 40% an iPhone/smartphone; and 48% still have a desktop computer (strangely enough).
Factor in Facebook (36%), Twitter (30%) and Instagram (30%) are the three social media outlets of choice for millennials, and marketing departments have of effective outreach tools in advertising products or services.
Marketing and advertising to our demographic is a constant evolution. Companies can not use the same five-year-old campaigns (let alone 80’s style ads) for success in 2015.
This is critical, considering millennials are willing to spend more on entertainment (including premium television channels and ad-free videos), despite being more thrifty as PinPoint Research said in Adweek:
“In fact, their view on personal finances sounds more like the Boomer generation emerging from the Great Depression than the ‘entitlement’ label they keep hearing,” the study said. But “despite their frugality, millennials are expected to spend money on lifestyle and entertainment more than prior generations.”
With limited time, limited marketing budgets, companies who best understand millennial minds through customer engagement will be very successful for a long time.