Millennials are the largest living generation in the United States as well as in South Africa. It is therefore not surprising that, with a staggering $3.39 trillion in spending power, millennials currently have the most consumer influence of any generation.
Greg Martin from Tradeway commented that it is apparent that traditional marketing strategies no longer hits the mark when it comes to millennials. Obviously, this presents challenges for brands who want to tap into that spending:
- Only 6 percent of millennials consider online advertising to be credible,
- 84 percent don’t trust traditional advertising, while
- 95 percent believe their friends are the most credible sources of information about products.
However, this does not imply that millennials are completely turned off by marketing and advertising. No, brands just have to be smarter and more creative. Look at the statistics to get a clearer picture:
- 43 percent of millennials rank authenticity over content when consuming information about products and services,
- 60 percent are often or always loyal to the brands they purchase, and
- 72 percent say they have a positive view of brands that provide great experiences.
Strangely, perhaps sadly, although millennials are probably the most tech-savvy generation, they are often also the most disconnected. They, therefore, yearn for authentic experiences they can share with others.
Experiential Marketing
At this year’s SXSW, HBO tapped into a popular millennial trend. They created “The Escape”, a visitor experience that transformed the sets of Veep, Silicon Valley, and Game of Thrones into escape rooms, where participants were tasked with uncovering clues and escaping a locked room within the time limit provided.
At the same event, National Geographic used an augmented reality experience to promote their new scripted series, Genius, about renowned physicist and intellectual Albert Einstein. This AR experience captivated participants using elaborate holograms.
Both the above are examples of experiential marketing.
Leverage Experiential Marketing Effectively
For companies to leverage an effective experiential marketing campaign, they should follow these seven tips:
- Link campaigns to social media,
- Ensure instant gratification,
- Invite customers to join the conversation,
- Prioritize authentic experiences over product giveaways,
- Be informed and honest with your company’s intentions,
- Demonstrate responsible corporate citizenship, and
- Measure effectiveness of data.
The millennials’ disdain for traditional advertising is apparent in the prevalence of ad blockers and subscription (rather than cable) television. Long-term loyalty to your company’s brand from these sceptical and tech-savvy consumers can only be built in one way – utilizing authentic experiential marketing.
Let Tradeway, the experiential marketing leaders, help you create unforgettable, genuine and feel-good experiences where the millennials cannot but fall in love with your brand. Contact us today to help you to build genuine relationships and brand loyalty with your audience.