Millennials & Marketing - Influencers Become Critical to Success

  • ID: 4436367
  • Report
  • 15 pages
  • MarketLine
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Millennials & Marketing - Influencers become critical to success

Summary

The behavioral changes exhibited by millennials have also resulted in changing marketing strategies to appeal to them Traditional methods are less effective, with personalization a key driver This refers to both dictating their own experience with the product, and also using peer review (whether social networks or online reviews) to judge which product is best for them Social media platforms such as Instagram and YouTube have drawn the attention of companies, particularly in the fashion and beauty industry, as vloggers and streamers become the new gatekeepers to access millennials In the videogames industry, platforms such as Twitch are thriving, and live streaming is another area in which companies can explore opportunities

Key Questions Answered
  • What products do millennials favor?
  • Why do millennials favor and purchase the types of products that they do?
  • How are they different from previous generations?
  • How is this affecting the food, marketing, technology and retail industries worldwide?
Scope
  • Learn about the key drivers behind millennial consumer behaviour and how companies are learning to tailor their products to suit
  • Examine which types of industries and businesses are doing particularly well with millennials and which are not
  • See how millennial consumer behaviour is changing our highstreets and online spaces
Reasons to Buy
  • Letting millennials have their own personalized experience with a product or see peer reviews is one of the main routes to success in terms of marketing to this demographic, as opposed to traditional methods Social proof is a powerful phenomenon amongst millennials, with social media, customer reviews, and celebrity endorsement key User generated content is one to way to authenticate yourself
  • New media platforms such as Instagram and YouTube have become powerful tools for marketing to savvy brands, with a plethora of user generated content verifying the brands’ quality and also permitting access to prominent personalities on the mediums, which can act with similar consequences to a celebrity endorsement
  • The phenomenon is not isolated to Europe and North America, with social media platforms in China becoming a permanent fixture in the landscape In China, e-commerce is integrated with social media, such as WeChat WeChat has over 800 million active users, and companies can sell to consumers directly using its built-in payment system
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Executive summary
Millennials & Marketing: Influencers become critical to success
Millennials & marketing: Influencers become critical to success
Personalization of experiences works with millennials
Instagram and YouTube have become powerful marketing tools
Weibo and WeChat also significant in China
User generated content can help brand make inroads
Starbucks, and Urban Outfitters have good UGC strategies
User generated content has pitfalls
Influencers are also a good entry point for millennials
YouTube lookbooks and sponsored content an entry point
Fashion Nova employed Instagram influencers to great success
Instagram model reveals depths of marketing strategies
Live streaming offers cheaper way to authenticate influencer
Twitch has potential to expand beyond gaming roots
China is ahead of the curve for live streaming
Regulatory crackdown has not dimmed investor spirits
Mobile infrastructure significant to millennials
Ethical stances more important to millennials
Rising tide of SMEs with outwardly socially conscious objectives
L'Oréal divided its customers over Munroe Bergdorf incident
Conclusions
Appendix
Further Reading
Ask the analyst
About
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List of Figures

Figure 1: Instagram and YouTube logos
Figure 2: Urban Outfitters Community
Figure 3: Fashion Nova's initial advert with Kylie Jenner
Figure 4: Momo advertising
Note: Product cover images may vary from those shown
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