It’s probably no surprise that millennial consumers tend to spend their time and money with big digital brands. After all, many in this age cohort (now somewhere between 18 and 29 years old) were hitting their teens right around the time that today’s online Goliaths were grabbing their first market share. So it follows that the results of a new study of brands favored by Gen-Y consumers, released today, is chock full of familiar names.
YouGov BrandIndex, a public-perception research firm that interviews over 1.5 million consumers yearly, just unveiled the results of its latest survey, which ranks the brands that notched the biggest gains in making millennial consumers into current customers. As one might expect, the ranking of 20 companies is heavy with digital heavy hitters like like Twitter, Snapchat and Airbnb. Each brand’s customer score is the percentage of U.S. millennials who are current customers of that particular brand. Current customer means they bought the product or visited the web site within the past 30 days.
Even so, dismissing this list as yet another confirmation of tired assumptions about millennial tastes would be a mistake: Lurking between and among the usual suspects on this ranking are a few genuine surprises. And foremost among them is right at the top.
Read full article here.
Move over, millennials—there’s a hot new demo in town.
Generation Z, the kids and teens born between roughly 1996 and 2010, is gaining power as a consumer segment. And unlike millennials, most of whom witnessed the start of the internet revolution, Gen Z has grown up in an entirely digital world, giving them a totally new outlook that marketers are now racing to understand.
So to help figure out just how Gen Z operates, we went straight to the source, teaming up with Defy Media to ask a group of nearly 1,500 teens ages 13-20 what they think about everything from social media platforms to digital video to the new breed of online celebrity. Take a look below for our findings
Millennials are different than older generations in many ways. According to new research, that generation gap is even wider when it comes to the sharing economy.
March 2017 data from Maru/Matchbox, which surveyed 1,000 adult internet users in North America, found that millennials participate in many aspects of the sharing economy at a greater level than older respondents.
Millennials were almost three times as likely to use a space to stay, like Airbnb, or use professional services, like tax preparation, than people ages 35 and older.
They were also more likely to use car services like Uber. For example, 32% of millennials said they use ride-hailing services, while only 12% of respondents ages 35 and older said they did so.
So just how popular is the sharing economy? Well that depends on what’s included in the definition.
While Uber and Airbnb are what many people think of when they think of the sharing economy, the market is more varied than that.
In fact, a May 2016 report from Pew Research Center found that just 15% of US adults polled said they had used ride-hailing apps like Uber. Even fewer had used a home-sharing service like Airbnb.
A plurality of respondents, however, said they had purchased used or secondhand goods online on sites like Etsy, which is probably not what many people first think of when the sharing economy comes up.
Following on from their recent infographic about how to market to Generation Z and Millennials, Citipost Mail have released their second demographic snapshot, this time looking at how Generation X and Baby Boomers are using social media, and how you can use this to inform and improve your online marketing campaigns.
There’s a range of interesting insights and considerations here – the full infographic is below.
While e brand experiences have grown in scope, scale, sophistication and effectiveness in recent years, there are a host of new issues and challenges marketers must understand and manage to take these experiences to the next level and to make them meaningful to—you guessed it—millennials.
Consumers, particularly influential millennials, have a constantly changing set of habits, interests and concerns. Brands need to be quick on their feet and work hard to entice, entertain and captivate consumers to provide highly engaged and unforgettable experiences they crave and want to share with peers. For millennials and their younger brothers and sisters in Gen Z, if they can’t create or take part in the content, comment on it and share all on their terms, well, it’s not content.
Here’s a shortlist of the most important things marketers need to know right now as they confront the future of brand experiences. Get the list HERE.
Financial marketers are obsessed with millennials, but millennials aren’t so fond of banks. A new infographic from Facebook IQ reveals that 44 percent of millennials feel like their banks don’t understand them, and 36 percent go so far as to “describe their current bank in unflattering terms.” (Cue the frowning emojis.)
This might read like a problem, but it’s also an opportunity. With 45 percent of millennials open to switching banks, financial institutions are in the position to convince them to make a change.
What can savvy banks do to reach younger consumers? For starters, keep in mind that nearly half of millennials prefer mobile banking. I’m a millennial, and I use my phone to check my bank balance, deposit checks, and watch my savings account grow. If I had to navigate a clunky website or visit a branch every time I wanted to make a transaction, I’d start keeping my money under my mattress.
Millennials are also seeking financial guidance for the money they may or may not keep under the mattress; surprisingly, 40 percent of all financial conversations occur on Facebook. As a result, financial service companies that publish helpful and straightforward content have the best chance to build trust with millennials. Look no further than Mint, the personal finance service that grew its user base to 10 million in large part to a small blog that offered great content.
To learn more about how banks can appeal to the coveted millennial demographic, check out the full infographic from Facebook IQ.
Everyone loves a good party, and brands know that. As more events are sponsored, the ways that brands interact with partygoers before and after is becoming more important.
Splash, creator of experience marketing software, mined its data for trends among millennial partiers who attend branded events.
“The brands winning over the millennial generation are delivering experiences, not just things,” said Ben Hindman, co-founder, CEO of Splash. “The savviest marketers understand the crucial link between events and brand loyalty—particularly when it comes to millennials. If you’re not creating experiences and memories, you’re not building anything.”