The Age of MillennialsRead More
The Age of Millennials, and How This Changes Marketing
Millennials, also known as Generation Y, are those born between 1980 and 2000. Recently hitting 92 million people, they now represent the largest demographic in US history. Most of the Millennial generation will be aged between 18 and 35 in 2016, meaning they have come of age and now represent the group with the strongest spending power. Most interestingly, this is the first generation to grow up with access to the Internet, computers and smartphones and they are therefore referred to as ‘the first digital natives’.
So what will be different about Millennials compared to the previous generation, Generation X? With less disposable income and greater debt (predominantly student loan), we are seeing fewer people in the 18-35 age group owning their own homes and cars and waiting much longer to get married and have children, if at all. During the 1970s in the US, the average age for marriage was 23, compared to an average age of30 in this decade. However, although marriage and home ownership are no longer seen as priorities, young people still have the desire to achieve both.
For us at Notch, the most notable difference as we enter the Millennial generation is how marketing and branding must be adapted to meet the changing needs of new Millennial consumers. For example, Millennials will not take a brand’s claim at face value and buy the product; instead they will want access to more information on the product as well as customer reviews. This means that brands need to provide more in terms of marketing. There must be proof behind their claims and a greater loyalty between the brand and the customer.
As mentioned previously, Millennials are ‘the first digital natives’. With their smartphones they can find any information about a product or brand at the touch of a finger. The use of social media has become a large deciding factor for this generation, with 34% of 18-35 year olds saying they like a brand more when they use social media (compared to 16% of 36+ year olds). The power of social media is growing and not only is it a platform for a brand to display their personality and advertise their products, but it also provides a place for the consumer to share their opinions and reviews. This gives us all greater influence over brands and other consumers’ choices, meaning brands have to do that bit more to keep us happy.
The graph below shows which types of media have the greatest influence on us when deciding which brand to purchase from. You can see an obvious shift away from traditional marketing methods including online advertising and email blasts. Instead Millennials are paying greater attention to apps and recommendations from blogs and social media. The influence from bloggers or well-known Instagrammers is something that is completely new for this generation. I know from experience that if I see a girl a similar age to me recommend an item of make up for example, on Instagram, I am much more likely to buy it than if I saw an ad from the brand itself. In fact, in a recent survey, 95% of Millennials named friends as their most credible source of information. This trend is definitely something not to be overlooked by brands, and it’s common-place now for brands to send bloggers free products purely so they’ll Instagram or tweet about it favourably!
We’ve seen that Millennials are often referring to social media before selecting a brand. It is therefore increasingly important for brands to invest in social media campaigns, focusing on what the customer wants and not just product selling. I, myself, have seen the rise of personalised ads on social media and I think it’s pretty effective. For example, I study Biomedical Science at the University of Manchester and in the past few months I’ve seen numerous sponsored ads on my Instagram feed including a post about a life science company and an ad for a marketing job in Manchester. It would be too much of a coincidence if this were by pure chance. Instead, companies are pulling information from our social media accounts and making sure they’re only advertising to the right people. After all, the life science company is unlikely to get many click-throughs from English undergraduates. This type of personalisation and targeted campaigns are what Millennials want to see and they have no time for forced ads that are irrelevant to them.
Inbound marketing is what Millennials want to see. They no longer want email campaigns, magazine ads or online pop-ups, instead they want to be informed about a product through videos, blogs and white papers. This generation is 247% more likelyto be influenced by blogs or social networking sites as opposed to outbound marketing. If you think about it this makes complete sense. What would you find more convincing: a print ad about a great new recipe book, or a YouTube channel full of short tutorials on how to cook some of the best dishes in the book? I know if I’m visually excited and provided with valuable information. I’m much more likely to make a purchase. To add to this, more Millennials are using ad-blockers, so influencer marketing is the best way of overcoming this and being seen by these people.
For marketers, there is a stark difference between the needs of Generation X and Millennials. The attraction of traditional print and television ads is diminishing and current 18-35 year olds are seeking more informative, interactive and indirect adverts. With this in mind, marketing will continue to evolve and it will be interesting to see how brands will adapt their campaigns to appeal to their new target audiences.
Do you have any predictions about the changing marketing trends to cater for Millennials? Let me know your thoughts by tweeting me, @EmilyAtNotch!
CES 2016Read More
For those of you who don’t know, CES stands for Consumer Electronics Show. It is one of the biggest electronics and technology trade shows in the world and is hosted in Las Vegas every January. It now attracts in excess of 170,000 people a year and well over 3,500 companies exhibit the latest their company has to offer. I have picked out just a few of the products from this year’s CES that I felt were worth talking about for one reason or another.
Samsung smart fridge
This is probably one of the coolest (sorry) things I have seen from this year’s event and it is packed with so many features you never knew you really needed from your fridge. The Samsung smart fridge (also known as The Family Hub Fridge) has a 21.5” touchscreen on the front of it, allowing you to do anything from ordering your groceries or looking up recipes to watching your favourite TV shows or jamming to your best cooking playlists. You can even link the fridge to other TVs in your house so when you are watching your favourite show you won’t miss a minute if you want to walk into another room. Personally, however, my favourite feature has to be the cameras inside the fridge that take a photo every time you open the fridge (no one is stealing my leftover cold pizza anymore and getting away with it). Not only can these cameras be used to catch unsuspecting fridge raiders red-handed but they can also be used remotely to check what is in the fridge (useful for forgetful people like me who always leave their shopping lists on the kitchen table). When it is eventually released it will likely have a fairly hefty price tag, so you will have to decide whether it is worth paying the dough for combining the features of your tablet/smartphone with your fridge. For someone like me who is simultaneously always on his phone and eating I certainly won’t freeze when it comes to forking over the cash for my next-gen fridge.
Olfactory alarm clock
An alarm clock that wakes you up with an intense smell? The concept was thought up by a company called Sensorwake, winning a Google France Science Fair competition, and it is certainly a very interesting idea. There is a variety of aromas that you can choose to wake up to that includes (but isn’t limited to) croissants, chocolate, espressos, bacon and peppermint. This certainly would make a nice change to the conventional buzzer or bleeping sound I wake up to, however I’m not sure it will be as effective (at least for me). Though it would be nice to wake up to the smell of bacon in the morning I will probably be overcome with disappointment that I have got up to find that I have no bacon and have to settle for some soggy cereal before heading off to work that morning. If this would help you get up, though, I can’t imagine waking up to the smell of hot croissants is all that bad in the morning.
Segway Advanced Personal Robot
The Segway Advanced Personal Robot (we’ll go with robot butler for short) is a collaboration between three companies, Segway, Intel, and Xiaomi. The robot butler can talk, answer the door, carry things and play movies amongst many other things. The arms of the robot can also be interchanged, enabling it to carry out a wider range of functions. If you’re feeling particularly lazy (and lets face it, you probably are if you are using the robot butler), you can retract it’s head and use it as a personal transport device. Not quite an all-singing all-dancing human butler that will cook all your meals and do all your chores, but it sure would be helpful to have around the house.
Ehang 184 (Quad-copter Passenger Drone)
Now you didn’t think we could get through a blog on the biggest tech show in the world without mentioning something about drones did you? The Ehang 184 is designed by Chinese company Ehang and is basically a scaled up quad-copter drone with a small cockpit for one passenger in the middle. The drone is controlled via a tablet-based app and is completely autonomous, meaning the only commands the passenger has to give is “take-off” and “land” once a destination has been chosen. The drone is still in testing and only has a short battery life at the moment; so don’t expect to be making any cross-country trips in your own drone. Supposedly when it does come to market it will cost anywhere between £140,000 to £200,000. So although it might be more comfortable and enjoyable than sitting on a packed bus with a bunch of sweaty strangers for your morning commute, you’ll certainly pay the price for it and I can’t imagine most conventional parking spaces are well suited for your fancy new method of transit.
L’Oreal UV sensor patch
With around 90% of non-melanoma skin cancers being caused by UV radiation, ensuring we protect our skin is becoming more important than ever. With that in mind, this is probably one of the best ideas to come out of the show in my opinion. L’Oreal has designed a stretchable skin patch that monitors the amount of UV radiation your skin is being exposed to. As the patch is stretchable (unlike anything else on the market) it can be attached directly to the skin on any body part you want to monitor. The patch factors in the baseline tone of the skin and then changes colour depending on the amount of UV exposure. On the associated app (on Android or iOS phones), the user then takes a picture of the patch, which then advises you whether or not you’ve had too much exposure. I personally think this is a fantastic idea, with the only downside I can initially think of being that you will have a tan mark where you had the patch. But hey, that’s a small price to pay for the safety of your skin, besides the patch is heart shaped too so it won’t look that strange.
So there we are, just a few of the really interesting new products to come out of CES 2016. Although most of the products on show are largely for personal indulgence, there are inventions like the L’Oreal UV sensor patch that have been designed to deal with slightly more important or concerning problems in our lives. Even though there may be only one of these products for every umpteen new drones and TVs, it is well worth it if that invention can tackle an important issue (like the occurrence rates of certain diseases). This does not mean that the hundreds of other projects at CES aren’t useful, as most are designed to make our lives easier or more enjoyable in some way shape or form. Besides, how else are we going to reach the levels of laziness achieved by humankind in Wall-E?
What was your favourite product to come out of CES 2016? Tweet me@JordanAtNotch!