Sidhartha, 24 is glued to his mobile 24 x 7 and this is not a new thing among the milennials but what is the striking thing is he doesn’t spend even a minute accessing to the traditional media. Out of choice he doesn’t have television at his P.G house, instead of newspaper he watches the news on his mobile and he never listen to F.M Channels as he finds more appropriate to tune to song apps that give wide choice of music without much ad breaks. Even more striking thing is ever changing ‘Never Settle’ attitude among the millennials be it a brand loyalty or confusion regarding their relationships.
The pattern that we observe above is worth noticing for the advertising industry as the millennials account for 70% of the total household income in India and they are among the main consumer force.
Millennials (18-29 years old), or the “always connected generation,” are 80 million strong. Their estimated spending is $600 billion and they are responsible for roughly 21 percent of consumer discretionary power—certainly substantial enough to warrant marketing attention from anyone dedicated to being successful.
They are undergoing a series of important changes in their lives, including graduation, employment, family set-up, and income increasing, during which their consumption habits and minds are changing significantly.
For those who want to tap into this Millennial potential, there are four keys to building and retaining those customers: authenticity, digital messages, multi-channel marketing, and incentives and rewards.
1. Deliver what you promise
In an extensive research done by a P.R Firm company, consumers consider a brand to be authentic when the company delivers on what it promises, protects consumer data, respects privacy, and interacts with their customers with transparency and integrity. Authenticity will sell more than ads.
2. Social Media Presence
There is a saying ‘Be where they are’, Millennials spend lot of time on social media and therefore respond well to social media messages if the content is good. The 62 percent of Millennials that won’t be inspired by a simple TV commercial are more likely to become loyal customers if a brand engages them on social media.
Platforms such as Snapchat, Instagram, Periscope, Facebook Video, and YouTube are being used to promote more than products or services; they are new formats that allow brands and people to connect, communicate, interact, and share.
3. ‘Be- everywhere’ marketing
It isn’t good enough to have a presence on one or two social media platforms. There may be popular channels such as Facebook, Twitter, and Instagram, but great marketing occurs on as many social media channels as is necessary to reach the maximum potential target audience. Multi-channel loyalty works in the same way. Offering more than one way to build loyalty will draw a larger, more loyal audience.
When brands emerge on multiple social media platforms, they increase their visibility to the public. If the brand is authentic, people will take notice. Once a following begins, more people will flock to it and stand by that brand as “their” brand.
4. The Era of ‘Cash-backs and reward points’
Brand incentives and rewards can result in heavy Millennial traffic, as long as they are accessible and easily applicable.In the era of cashback’s and coupon redemption’s the millennials look for a ‘Wow’ factor in each product or service they want, of-course price and offers remain dominant while making the final deal. They want something that is shareable! When a brand offers an included and desired experience, it naturally generates organic exposure necessary to the social media platforms.
India’s millennials attach more importance to social influence and the possibility of realizing their social values so they also look after the issue of social responsibility that the brand offers along with image it brings with them.
The future belongs to millennials, they are not only the highest consumer base for a brand but also has the power to make a brand. What are they mostly attracted is the innovation, cashback, authenticity, social media presence and most importantly the image a brand establishes among them. Keeping the above points in mind it is very important to gauge the minds of millennials and then come up with a strategy that hits the target.