College and universities are opening their doors over the next few weeks across America. Consequently I have been busy deciphering numerous marketing studies about Millennials and their shopping habits. Marketing implication: Retailers, start thinking beyond thirty seconds!
My company’s area of expertise is food marketing. However, whether it is food, electronic gizmos, school logo body pillows or bath towels, etc., Millennials like to connect with their friends to make the right choices. Innovaro’s Global Lifestyles Summer 2013 report revealed the following:
· When it comes to selecting a restaurant, 68% get input from their friends or social networks.
· Beyond food, one of the studies they referenced indicated that nearly all Millennials (94%) consult at least one source when making a purchase, most (54%) consult one to three sources.
Marketers are being challenged in determining the most effective touch points to reach Millennials. Brands are exploring tactics beyond a polished 30 second commercial. According to eMarketer, they plan to step up their game/expenditures as it relates to social media, mobile and video. It is projected that US advertisers will spend an estimated $17.5 billion on branding this year (41.6% via digital); by 2017 $29.3 billion (48.5% via digital).
Enter Vine and Instagram, two video sharing platforms perfect for Millennials surgically attached to their smartphones. Vine is a Twitter mobile app that enables users to create and post six second videos. Recently Popeye’s and Zatarian’s successfully partnered on a limited time Butterfly Shrimp sweepstakes on Vine showcasing their New Orleans heritage. They received over 11 thousand entries and an estimated 64 thousand visitations to their landing site. Instagram, originally a photo sharing site, added a video sharing feature for up to 15 seconds this past June. Last year, pre-video, Ben & Jerry’s ran a Instagram contest. Their goal was to generated material for print and billboard advertising. They ended up getting over 5,600 entries. Now that Instagram has video capabilities, imagine how many 15 second spots they will generate when they run the contest again.
Millennials are all about sharing experiences with their friends. Thanks to the popularity of new video mobile sites and their potential reach, it is time for Retailers to think beyond thirty seconds.
Thank you for taking thirty seconds to read this post.