When it comes to marketing and advertising, the millennial demographic is a huge market to capture. Young adults aged 18-29 make up a large portion of consumers and are usually the easiest to bring in online. However, there are some interesting statistics you should consider when deciding on whether or not to tailor your marketing strategies towards millennials. Let’s take a look at some major stats that could change the way you advertise to Generation Y.
85% of Millennials Own A Smartphone
That’s right. Those little black devices are chained to the hands of more than 8 in every 10 Generation Y you see, and they look at them an average of 45 separate times each day. So, it only makes sense to use this to your advertising advantage. Ensuring that your business or brand has social media, a solid web presence and a good online user experience is a first step, but also making your website mobile-friendly and actively responding to customer inquiries online as quickly as possible can give potential customers additional access to your business products and services, all in the palm of their tech-savvy hand.
2 Out Of 3 Use An Ad Blocker
While it can be tempting to jump into the advertising world at full force bombarding the internet with your brand, it’s important to know that millennials value quality over quantity. It is for this reason that 2/3 use an ad blocker in order to avoid pop-ups and push ads for products and services they may not want, or even trust. So before you dump your money into flashy invasive advertising, be sure you’re using the right approach for your demographic.
87% of Millennials Are On Social Media
Whether it be Facebook, Twitter or Instagram, the vast majority of millennials are on social media. From networking with friends, following brands and even interacting with reviews, social media is a major part of all purchasing decisions for people aged 18-29. To break it down, 53% of millennials are on Instagram, 37% on Twitter and Gen-Ys make up a whopping 70% of all SnapChat users. These are numbers you should definitely consider when deciding on whether or not to take your brand into a social media platform, while also taking a look at how you can get their attention with original content opposed to slamming them with ads that clearly look like ads.
5/6 Connect With Companies Online
Gone are the days of calling a company phone line or even sending an email to a stranger in a headquarters office. In today’s world, 5 out of 6 millennials connect directly with companies via online platforms and social media. From finding information to product exploration and direct buying, the majority will use a method that is both instant, and avoids the middle man. This means it’s important to incorporate things such as online buying and call to action buttons to your website and brand pages.
7 Times More Likely To Give Personal Information
When it comes to building up a database of clients and their information, it’s important to remember this major statistic. Whether you’re building an email mailing list or trying to narrow down your best demographic, millennials are 7 times more likely to give out their personal information, such as email, age, gender and even phone number. On top of this, 56% of millennials are open to disclosing their location while online. These kinds of variables can help you to record and understand which markets and areas are getting the best results from your advertising and marketing.
84% Don’t Trust Traditional Ads
Despite their young age, millennial consumers have become too smart for their own good. In fact, they are quite aware and conscious of advertisements, especially in traditional forms. That’s right, 84% of Generation Y doesn’t trust radio, print, unsolicited emails, popup ads, or even cold calling. On top of that, just 6% of traditional forms of advertising are considered trustworthy by millennials. If that doesn’t light a fire to get your brand into the digital world, we don’t know what will!
77% Participate In Loyalty Programs
Generation Y is an age where housing is too expensive, job markets are tight and the financial stability of adulthood has yet to come. Therefore, many participate in and join loyalty and rewards programs. This is not only a great way to personally connect with your consumers, but is also an easy way to turn a single sale into a repeat customer. Offering a small discount or incentive for loyalty members can give your brand credibility and also grow your customer base with repeat business.
61% Worry About The World
One of the best attributes of millennials is their huge desire to make a difference in the state of the world. While it’s no secret that the current environmental issues have been brought to light in a much larger way for this generation, 61% of millennials are more likely to buy a product or service that advertises a world cause. Brands such as TOMS shoes and 10TREE clothing have made huge strides in the world of business for bettering the planet. Meaning, if you’re advertising a product or service to millennials, try putting a spin on it that shows you’re eco-friendly, environmentally certified or even in participation with a world organization.
247% More likely To Trust An Influencer
Business beware, you’re in for a scare! You read correctly, millennials are 247% more likely to trust an online influencer than a regular advertisement. From blogs to social media, Generation Y is notoriously known for buying into products and brands promoted via popularity. While it comes without saying that this form of advertising can lead to a disappointed consumer, it has proven to be effective. Using an influencer to advertise your brand generates a more personalized and trusted connection between the consumer and the brand. A major example of this is social media endorsement for everything from AirBnb to Teatox to Avian water. While a major influencer such a Kendall Jenner can cost up upwards of $200,000 for a single post, there are thousands of online influencers who promote businesses and products to their millions of followers at much more affordable rates.
They Make Up 21% of Canadian Incomes
Despite the quintessential mid-twenties crisis and travel-over-work lifestyles we often see in millennials, they do in fact make up a big chunk of change across Canada. To be specific, Generation Y makes up 21% of the incomes across the country. While that may not seem like a massive percentage, it’s important to remember that millennials also have less financial responsibilities and a greater percentage of disposable income. This disposable income can be a fantastic market to aim for when it comes to drawing customers into your business or brand.
It’s no secret that millennials are the future of our economy, and a huge portion of our online audience, so it’s important to make your marketing strategies fit for their attention. To tap into the major market of young adults, ready and willing with disposable income in hand, it’s important to remember these statistics and how they can affect your advertising results. If you have any questions about creating or altering your business’s advertising and marketing strategies or plans, feel free to give us a call at 705-252-4180. Our team is always happy to help you better understand your demographics, target markets and to help you make the most of every advertising dollar you invest.