Today it is crucial for marketers to reach the Millennials — i.e. persons who reached adulthood sometime close to the year 2000. According to a research the millennials have an estimated $200 billion spending power, which comes out to $10 trillion over the course of their lifetimes.
Now, the catch is that in order to effectively reach this demographic, marketers require specific techniques. Since, Millennials are far more digitally connected than any other group, they expect a more personal relationship with businesses they support
The important thing for us to know is – How can businesses connect with this purchasing powerhouse?
Well, the good news is that they’re highly engaged with video. Here are four reasons why incorporating video into your marketing strategy will help you reach millennials.
1. Helps guide millennials through the purchase cycle
Today, millennials consume video for more than just entertainment. They use video to learn about companies and make purchase decisions. According to a recent consumer study by Animoto, 8 out of 10 millennials find video helpful when researching a product or service.
2. Video as a social medium is becoming increasingly relevant
Today, all the biggie social networks like Facebook, Twitter and Instagram are embracing the social video trend, which was started by YouTube in 2005. It’s apparent when you scroll through your Facebook News Feed — video has taken over.
Even Mark Zuckerberg said that Facebook’s content will be mostly video in five years. In June 2015, Facebook revealed that its users watch 4 billion video streams every day. Social media platforms have become a destination where millennials keep up with not only friends, but also companies and brands.
3. Stay Connected! Stay Engaged!
Millennials are strongly motivated to stay connected at all times. Research shows that 91% of millennials are regular Internet users, and they use a combination of smartphones, tablets and laptops to access the web for everything from shopping to entertainment to news and social media.
It’s not passive, either; millennials are engaging with brands that use video. Animoto data reveals that 66% of millennial males and 60% of millennial females are more likely to comment on, share or like a brand on social media if it posts videos.
4. Doesn’t just improve brand perception, it also drives results
Nearly half of millennials consider companies that produce video content as experts on their product or service. As branded video content becomes increasingly popular, companies that capitalize on this opportunity will be seen as early adopters and interesting brands to follow.
What marketers need to know?
Millennials represent a continually moving target audience that love being online and staying connected with their social networks. During that time, there are sharing photos and videos, commenting on social media posts, tweeting at brands and shopping online. As a business selling a product or service, a simple video marketing strategy can help you meet the standards that millennials today are creating.
So if you’re not already using video to market to the tech-savvy Generation Y, now’s the time to start.