By the year 2020, the millennials will constitute over 50 percent of the total workforce and will have control over approximately $400 billion in spending capability. These figures are evidence enough to prove the power that the millennials hold as a majority in the consumer market.
A mention of social media is inevitable whenever there is a discussion about the millennials. To the millennials, the influence of social media goes beyond a place of networking. It is a platform that they rely upon for activism, ideas, news, and most significantly, advertising and marketing.
The social media market has been abuzz for quite a few years now. The millennials are the ones responsible for bringing in some of the most iconic changes in it.
Here is a brief rundown on how millennials are transforming the social media market.
The rise of the social media influencers
Gone are the times when brands only relied on big-shot athletes and major movie stars to endorse the products. In the age of Instagram, it is all about the social media influences.
The influencers are not really celebrities. They are more like ordinary individuals who made it big through their talent.
These influencers come with a huge following and have enough credibility in the eyes of the millennials to influence a brand’s marketing decisions. For instance, a single Instagram post from Kylie Jenner has a worth of over $1 million in ad spending. Her fans would want to go for those watches or that legging as it will be immediately branded as a trend.
The power of the word of the mouth publicity
The potential of the word of the mouth publicity holds particularly true for the millennial population. Companies can spend millions on advertising campaigns every year but millennials are not a group that relies solely on the advertisements.
They conduct their own research through scouring the social media. To the millennials, the thoughts of their fellow customers are far more reliable than the words of the brand trying to sell them.
Thus, the companies that are actively engaging with the customers on social media are in the best place to know the customer’s opinions about their products. Staying active on social media also helps them to carefully chalk out their next marketing idea.
The fresh new ideas of storytelling
The same old boring and banal posts on Social Media no longer interest or influence the millennials. The brands are thus, looking for cool new ways to market the products and services to them.
Instagram stories are nowadays are a very popular way of spreading the message. The use of augmented reality has led to enhancing videos with the help of additional visual elements.
Applying filters and lenses on top of otherwise simple content can turn it on its head into something really catchy. The brands on social media are much more focused on storytelling where a thirty-second video can do the trick instead of going for a long post about the matter.
The better accessibility of relevant information
Thanks to the widespread presence of the major and minor brands on the social media, the millennials have better access to relevant information.
They no longer need to scour the pages of the magazine or go through ten websites to know all the details like a business’s phone number, address, and pricing. They can know all these and more by simply logging on to the social media accounts of the brands.
In fact, all of the biggest sales and offers from the brands are first posted on their social media handles before anywhere else. This is nothing but clever marketing so that their pages get more followers leading to a high number of potential buyers.
The ability to voice opinions loud and clear
The emphasis on social media market by the companies have also given a voice to the opinions of the millennials. They know that their opinions will be heard loud and clear by the companies when it is posted on social media.
A single negative comment on a company’s Facebook post gets a reply within seconds from the company’s social media marketing personnel.
The brands realize that their reputation is at stake if any consumer puts up a post negating a service or product. The company gets to immediate damage control in such a situation.
The more the number of followers in the social media profile of a millennial, the more power he or she holds in influencing the social media market.
The growth of small-scale producers
The social media market has immensely helped in the growth of many small-scale manufacturers. Millennials are strong believers in authenticity and reliability. They are not particularly loyal to any brand and their loyalty lies mainly with the products.
Fresh ideas, organic produce, durability are some of the factors that find favors with the millennials regardless of the brand that is selling it.
Thus, any local producer who can ace the quality and market it well online has a shot at winning the hearts of the millennials. Many of the newly established brands now saw their ascent by starting out small on the social media.
The millennials have been influencing and changing the face of the social media market for years now. In keeping with the tastes and fancies of the millennials, you can expect to see more creative and innovative ways of social media marketing in the times to come.