Generation Y, better known as millennials, is an interesting customer demographic. They are born between 1980 and 2000 and have a huge impact on the markets of today. Yes, they can be considered as pretty potent potential customers and clients for any type and kind of business. Maybe you were wondering what is the best way to target this particular customer pool and the answer is really simple – it’s video marketing.
The millennials of today use video for a whole lot more than just plain entertainment, video steers their purchase decisions and keeps them informed about the companies. When researching certain products or services eight out of ten millennials consider video to be helpful, and even more if they can watch a video showcasing a product they are 85% more likely to purchase it than the baby boomer generation.
There are a lot of ways for you to utilize videos in order to guide the millennials through the purchase cycle: using customer testimonials, posting how-to videos, demonstrational content, showcasing your company and a bunch of other things. It’s a lot easier to turn potential customers into paying customers if you form a bond between them and your brand. The annual purchasing power of this generation is estimated to $200 billion by the U.S. Chamber of Commerce Foundation, and you can add another $500 billion in indirect spending potential. Adding millennials to your existing customer base could prove quite profitable and we’re not talking about today only, but also in the future. The highest spending influence potential of millennials is still years and years away in the future.
Television programming and social media marketing are being driven by this generation. They are omnipresent on social media sites and spend countless hours communicating and sharing content with friends and subscribers, also, they are following brands and companies. Video is the best marketing tool anybody can use across a variety of social media platforms because it’s easy to share, it’s engaging and colorful and it can create a buzz. Branded videos are becoming more and more popular and if you capitalize on this opportunity there is a good chance that your company will be put amongst the ranks of early adopters and it will be interesting to follow.
Companies that produce original video content are considered experts on their product or service by a large number of millennials. It’s not just the brand perception that’s being improved by video, the results are getting a boost too. Twitter has analyzed 2 million tweets posted in a month last year and found out that videos have been boosting retweets by 28%. A company that includes videos on it’s product pages will see higher average order value and higher conversion rates.
A survey put together by Animoto provided great insight on this topic – two-thirds of millennials said that they would rather watch a video from a company instead of reading a text, and a half of them are saying that mobile devices are their only portals for watching videos. When putting together a strategy you have to keep in mind that you are dealing with media-savvy consumers. The best way to go is coming up with a marketing strategy that incorporates videos and enhances that message with posts across social media, shareable pictures and similar stuff.