Generation Y is what marketers want to reach and for a good reason. Known as millennials, this demographic were born between 1980 and 2000 and beginning 2017, will collectively spend more than $200 billion, which comes out to $10 trillion over the course of their lifetimes.
Is it possible for businesses to connect with this purchasing powerhouse? Compared to older generations, millenials aren’t as responsive to the TV commercials and print advertisements. They are however highly engaged with video. Listed below are three reasons on how incorporating video towards your marketing campaign will help you reach millenials.
- Encourage millennials to go through the purchase process
In a recent consumer study by Animoto, when researching a product or service, eight out of them millennials find video to be helpful. If they can watch a video explaining it beforehand, consumers are 85% more likely than baby boomers to purchase a product or service.
- Make buzz on social networks
Facebook revealed in June 2015 that its users watch 4 billion video streams every day. The numbers definitely does not lie as video has become increasingly relevant as a social medium. This is the reason why Social media platforms have become a destination where millennials keep up with not only friends, but also with several companies and brands.
- Produce results and keep millennials engaged
Companies that produce video content are considered to be experts on their product or service by nearly half of millennials. Companies that capitalize on the growing popularity of branded video content will be seen as early adopters and interesting brands to follow.
Furthermore, improving brand reception is not the only factor that a video accomplishes but it also drives results. Last year, Twitter found videos boosted retweets by 28% by analyzing 2 million tweets posted over the course of a month.
Brands need to understand that millennials simply prefer video over text aside from the fact that businesses take advantage of videos. In an Animoto survery, two-thirds of millennials said that they would rather watch a video from a company instead of reading text.
What is the big payoff?
There is no denying that millenials enjoy the being online and the time they spend in the social media. You are doing yourself a disservice if you don’t have any videos online particularly if you are a business who is engaged in selling a product or service. Now may be the best time to start if you’re still not using video to market to Generation Y.