Who Has the Most Buying Power?
A recent social media survey showed that an average of 33% of Millennials (those born between 1980 – 2000) have increased their time spent on Facebook over the last year. Less that 24% said they decreased their time.
Predictions can be inferred from that survey to encompass at least a confidence in the existing Facebook platform that the same audience is likely to see the same social network ads and branded content in the near future. That logically should lead to better brand awareness and recall.
Facebook took about 13 years to slow down developing new features, but Snapchat got to that same point in just over 6 years. Based on some market surveys, Snapchat use increased the most among social networks. There are still limits on this platform that do not indicate any explosion in usage coming anytime soon. Good marketers keep a close eye on each social network, and how and what features are being added. Each upgrade changes time spent online by the various categories of audience.
Who benefits most from any new feature? You can always prepare for expected changes in the interests of your target audiences by ramping up your advertising and content strategies on that particular platform. Don’t just react to change,–be preemptive with your marketing.
It has been found that a large percentage of Millennials who watch YouTube ads skip them if they can, or they employ ad blockers. This means that most in this age category do not fully view the ads that advertisers spend lots of money on.
The main takeaway from these facts should be to design everything that promotes your business to be fresh, creative, and specifically appealing to the age group your most want to target. They are out there ready to use your product or services, but you must light the fuse to their explosive purchasing firepower.
Millennial Marketing
Just when the marketing experts believe they have nailed down the ideal types of ads and content that perform best on a particular social network, –the user base often shifts This can require rethinking content strategies. Smart marketers must anticipate social networks adding new features, and thus changing the landscape of usage for various target categories.
The best predictor of future behavior is past behavior. Social media professionals must know where their audience currently hangs out online. Then they must surmise where they may be headed next. This is best done by analyzing past trends that can then help to predict future change on different platforms.
The average consumer tolerates digital ads, but they don’t necessarily respond with satisfactory results for the advertiser. This dictates creative and dynamic approaches to anything utilizing traditional techniques of bygone ads.
Millennials (those born between 1980 and 2000) now make up 25% of the world’s population, according to the U.S. Census Bureau. That means that approximately 1.8 billion people worldwide are Millennials. It is now estimated that Millennials finally outnumber Baby Boomers.
This reality means Millennials possess purchasing power that should be mined by the smartest of social media marketing strategies. It is also estimated that Millennial shoppers spend $600 billion each year, and by 2020 that amount is expected to grow to $1.4 trillion (30% of total retail sales).
Millennials can be considered the first truly digital generation. There are even strong indications that this shopping group goes online even when they are in stores! This fact alone shows the need to target their purchasing behaviors.
Return here in the coming days to read my best strategies for appealing to the most powerful buying block of potential customers on the planet.