Millennials, the moniker given to the age group born between 1982 and 2000, are the most important consumer generation of the century. They represent the single largest generation and are positioned to have more spending power than any other generation ever in history.
SocialChorus surveyed over 400 Millennials earlier this month in an attempt to find out how marketers should approach and engage this tricky generation. Plain and simple, Millennials trust their friends. In fact, the results confirmed that when discovering new products, researching product information, and/or considering purchase decisions, the generation is all about the peer consensus.
Some interesting statistics found in the study include:
- 98% of Millennials are more likely to engage with a friend’s post over a brand’s post.1
- 95% of millennials say that friends are the most credible source of product information.1
- 91% of Millennials would consider purchasing a product if a friend recommended it.1
The millennial view of the world is quite different than any previous generation and brands will need to build trust by seriously increasing engagement with this consumer group. Where do you find Millennials nowadays? Online of course! They were born into a digital world. So they are keen to the tricks of the trade. Online marketers are playing catch-up to gain their trust as 92% of Millennials reported that trust plays a factor in who influences them online.1
Long story short, Millenials are not necessarily about brands, they trust their friends. So before you dump thousands into promoted posts, sponsored tweets and banner ads, start implementing campaigns that engage and inform and let this consumer generation decide for themselves. Allow them to become your brand ambassadors at will and promote your product/service within their circles causing a trickle effect that traditional marketers could never imagine. Sharing is caring and it has mass appeal when your brand’s advocates are within the target market.
1 SocialChorus. “Millennials as Advocates Survey.” Survey. July 2013.