You have probably heard this term before, but who really are millennials? A millennial can be defined as the generation of individuals who reached adulthood around the turn of the 21st century. Some define millennials as individuals born between 1982 and 2004.
So why are millennials so important when it comes to marketing a brand or product? Millennials not only represent the consumer market of the future, but they are also transforming the way companies market their products to consumers both online and offline in order to stay profitable. According to bcg.com, millennials yield $1.3 trillion in annual buying power.
Branding Products with Millennials in Mind
Entrepreneur.com advises companies to stop targeting customers based on age or generation but start appealing to their social class, interests, and jobs. This is mostly due to the fact that unlike past generations, millennials can fall into a wide range of subgroups within those factors.
Take into consideration that an estimated 90% of millennials use smartphones and social media. Hence, larger companies are using Snapchat and Instagram as a form of Social Media Marketing. Small businesses can also use these social media tools by using a more targeted approach towards their local markets.
The most important way to appeal to millennials it to stay relevant, create engagement and get them excited.
Kylie Jenner and the Power of Social Media Branding
Kylie Jenner is a perfect representation of the millennial connection to social media. Referred to as a Millennial Icon by Adweek, Jenner has earned this title not simply by carrying on her Kardashian-Jenner family legacy, but by her ever-evolving, content heavy social media presence. Kylie has launched her own app which she uses to promote her beauty line, bringing in increased revenue. Social Media has helped turn this 18-year-old millennial into a multi-millionaire.
“Kylie is a lens on the culture and a reflection of what is now, what is relevant at the moment.”
-Adam Petrick, Puma global director of brand and marketing
Don’t be fooled just by Miss Jenner’s selfies and twitter wars. This social media mogul knows exactly how to brand herself. “I don’t work with anything that doesn’t work with my brand,” said Jenner. Puma and Levi’s are the latest brands who have taken notice of Jenner’s increasing brand value and signed her up as their brand ambassador.
This type of personal branding through social media reminds us of the time we took over the social media branding for the renowned international artist, Farhad Darya. During this 6-month period, his social media followers not only increased by at least a hundred thousand, but so did his user engagement and overall online brand value. Although he is no millennial, Farhad Darya, has become a social media icon for millions of his fans around the world.
A DC Advertising Agency’s Final Thoughts on Branding to Millennials
So what is my two cents about millennials? We should not underestimate the millennial power of influence. I’m not just advising this because I happen to be one but because millennials are quite literally our future; they are known to thrive more than any group in creating startups. They have the ability to influence the older generation (i.e – their parents), as well as influence the younger generations. If you can reach a millennial, you can reach pretty much any group, since they are currently the basis of all trends.