How do you reach the consumer who was born between 1980 and 2000? Interestingly enough, video marketing holds the greatest promise for reaching a customer demographic that we know as Millennials or Generation Y.
Today, millennials consume video for more than just entertainment. They use video to learn about companies and make purchase decisions. According to a recent consumer study by Animoto, eight out of ten millennials find video helpful when researching a product or service. In fact, they’re 85% more likely than baby boomers to purchase a product or service if they can watch a video explaining it beforehand.
Video helps guide millennials through the purchase cycle. You can do so in a number of ways, like including demo videos on product pages or embedding customer testimonials on an “About Us” page. For example, New York Yoga uses video to show potential customers what it’s like to attend their classes. It’s easier than ever for consumers to make purchase decisions and have intimate interactions with brands online.
$200 Billion Purchasing Power (and rising)
The U.S. Chamber of Commerce Foundation reports that this generation has an annual purchasing power of an estimated $200 billion and another $500 billion in indirect spending potential. Mind you, this generation’s highest spending influence potential is still years in the future. Actively wooing Millennials and integrating them into your customer base now may yield profitable sales not just today but also in the future.
Reach the Millennial Customer Demographic with Videos
It is common knowledge that this demographic is what drives social media marketing and television programming as well as the associated ad placement. They set up social media profiles and spend hours interacting on these sites. They love to share content with “friends,” “subscribers” and “followers.”
Not surprisingly, video marketing is an ideal medium to reach out to a generation of customers who unabashedly follow brands across multiple social media platforms. No other marketing tool works as effectively across these platforms as the video. Engaging, colorful, easy to share and quick to generate a buzz, it offers endless possibilities.
Drive Results and Keep Millennials Engaged
Nearly half of millennials consider companies that produce video content as experts on their product or service. As branded video content becomes increasingly popular, companies that capitalize on this opportunity will be seen as early adopters and interesting brands to follow.
Video doesn’t just improve brand perception; it also drives results. In analyzing 2 million tweets posted over the course of a month last year, Twitter found videos boosted retweets by 28%. Liveclicker’s “Video Commerce Report” revealed that companies that include video on product pages see a higher conversion rate and higher average order value.
Aside from the business advantages of video, brands need to understand that millennials simply prefer it to text. In fact, two-thirds of millennials said in an Animoto survey that they would rather watch a video from a company instead of reading text; nearly half said they only watch video on their mobile devices.
Putting Together a Strategy
Since you are dealing with a media-savvy consumer, you cannot afford to take an amateur approach to the message. Instead, consider the formulation of a marketing strategy that incorporates videos and reinforces the message with social media posts, shareable memes and similar ad tools.
Contact us today to learn how to tell the story of your product or service in such a way that Generation Y and Millennials will recognize the value and buy into the message you are promoting.