Who are Millennials?
Influencer marketing and millennials are playing an important role in this 21st century. Millennials are people who fall between the ages of 18-34 years. These young, globally immersed, digital natives have a strong penchant to express opinions on social media and have relatively higher consumer purchasing power than the generations preceding them. They are early adopters when it comes to gadgets, technologies, and trends, and are willing to experiment with those. A lot of these millennials have become influencers on social network platforms like Instagram, YouTube, Snapchat, Vine, etc. As social media influencers, these real world celebrities are big as they are funny and able to reach youth who are young and beautiful.
Interesting Facts About influencer marketing and Millennials
- Millennials are always on their smartphones – nothing new here. They have, on average, 7.7 connected devices and use 3.3 every day.
- In 2021, The Influencer marketing industry will be worth $13.8 billion.
- 30% of Millennials have done their grocery shopping online.
- 28% of Millennials watch original programming mostly on their mobile phones and laptops.
- Businesses earn an ROI of $5.20 for every dollar that they spend on influencer marketing campaigns.
- 43% have liked more than 20 brands on Facebook. [Mr. Youth]
- 77% have participated in loyalty reward programs.
- By 2018, Millennials will have the most spending power than any generation. [Bazaar]
- 80% of Millennials want brands to entertain them.
- Millennials are 2.5x more likely to be early adopters of technology.
- Millennials engage more deeply with brands on social networks.
Source : [HireInfluence]
Trends in influencer marketing and millennials
Let us take a look at some of the millennial influencer marketing trends out there:
- User Generated Content: It is a great way to engage millennials and move them further down the conversion funnel, as they trust it 50% more than any type of media.
- User engagement ratio more with Audio and Video Content when compared with Text and Images.
- Influencer Marketing: Millennials do place more trust in social media influencers. 60% of millennials have said that they would buy a product that has been suggested by a YouTube influencer.
- Live Streaming: Live video is exploding for Millennials. Facebook has also jumped into the fray with a live streaming feature that is available to everyone.
- Mobile First: Millennials are the mobile generation, especially when an overwhelming 87% have their phones by their side every second of the day.
Why is Influencer Marketing so effective with millennials?
It’s easy to do Influencer marketing campaigns with the millennial audience. It is one of the best ways to gain the attention of millennials and woo them with your products and services. Influencers can talk to millennials like they are one of them. The recommendations from influencers are highly trusted compared to those that come straight from brands.
Therefore, the most important part of executing an influencer marketing campaign is to choose your influencers wisely. They should be experts in the subject and willing to engage with the target group. So, collaborating with social media influencers and bloggers to target millennials is an area with huge potential for marketers, particularly in industries like beauty and fashion, travel, gadgets, lifestyle and luxury, and more.
By letting influencers experience and experiment with your product or services and letting them talk about it, you can leverage their current audiences and reach your ideal customers.
92% of consumers rely on referrals from people they know over anything else when making purchases – and every time you doubt the effectiveness of influencer marketing, just remind yourself of this statistic.
How to Approach Influencers?
If you want your product to get featured in some post from a blogger or a social media celebrity, one of the simplest methods is to ask. Most of the influencers publicly provide their contact information in their profiles and are open to promoting products.
The key to successful influencer marketing is to find influencers whose audience is similar to your target audience. It might look easy, but reaching out to influencers with proper homework is critical to convincing them to associate with your brand, hence make sure you do extensive research to understand who will work best for you and what’s in it for them.
Let us look at a few examples of how some leading brands across the world have worked with Teni Panosian, who is a YouTube beauty guru, to engage their audience.
Teni was contacted by Target to select plaid clothing items from their store to create a lookbook video around it. Lookbooks are popular types of YouTube content, so it’s a delicate way to promote its products.
For this video, Teni was flown to the Bahamas by Benefit Cosmetics and asked to document her adventures. This type of content shows the lifestyle that the brand is trying to sell to its customers.
The next example is about how Old Navy used a social media influencer Meghan Rienks, she appears in a series of promotional posts on YouTube, Instagram, and Twitter. In videos, Rienks shows fans how to style outfits for different occasions using the pieces from Old Navy.
She is known for her lifestyle content and comedy sketches, and has a formidable following on social media, with more than 1.3 million followers on Instagram and over 2 million subscribers on her YouTube channel.
Those are the examples of how Influencer marketing and millennials approach their brand visibility and lifestyle.
Another example you can notice is when hallmark promoted their holiday 2016 collection of keepsake ornaments. They partnered with several friendly Instagram influencers to share their tender moments from their families’ holiday season.
With the help of the hashtag #KeepsakeIt, the influencers used this hashtag to catch glimpses of their family holiday traditions, along with a link for the users to purchase one of their keepsake ornaments.
Influencer marketing is a proven way to build relationships and communicate with Millennials. The better your understanding of how millennials use social media, the more you would be able to leverage influencer marketing and millennials.
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