When it comes to marketing to millennials, there is good news and bad news for brands. The good news is that millennials forge stronger and closer relationships with brands than any generation that came before them. Social media has closed the gap between brands and customers, and millennials dominate social media. Millennials interact with their favorite brands regularly online and build loyalty toward those brands in the process.
The Social Media Factor
The bad news is that millennials know that they have lots of buying power at their fingertips. The double-edged sword of social media and the internet is that, while your brand is using it to forge strong, personal relationships with customers, other brands are doing the same thing. Add the power of Amazon.com and the ever-present nature of Google and millennials have the ability to find, discover, interact with, and purchase from any brand on the planet within a matter of minutes. As such, brands that offend or disappoint millennial audiences run the risk of losing those customers just as quickly as they gained them.
Millennials understand that, through social media, they have the power to help or hurt a brand. Strong relationships with your customers on social media can lead to shares, retweets, and other instances of brand advocacy. Not every customer has thousands of followers, but each one has the power to bring friends and family to your brand. Put all of your followers together and the potential value of this reach is massive.
How Video Content Can Help
Staying positive on social media and connecting with your customers on a daily basis can go a long way toward helping you win over and keep your millennial audience. Social media is the crux of how many younger people interact not just with brands, but also with celebrities, politicians, publications, and each other. As such, learning to harness social media is a vital part of operating a successful and popular brand in the 2010s.
Social media is not the be-all-and-end-all of how millennials interact with brands. Particularly if you are an e-commerce brand selling products online, video is an essential channel for reaching millennial audiences.
Criteek recently compiled a list of statistics and survey findings about millennials in our website’s marketing intelligence section. The findings, most of which came from the 2015 Animoto Millennial Survey, showed that younger audiences are particularly drawn to video as a medium. 76% of millennial respondents said they follow brands on YouTube; 80% said they look at video content when considering purchases; and 85% said they find video product demos helpful. One in four millennials said that they lose interests in brands that don’t have video content.
Clearly, video is essential for younger customers. Indeed, if your company doesn’t have video content, you are very likely leaving money on the table from prospective millennial buyers. The challenge is to harness video content in your marketing strategy in such a way that it pairs easily with social media, helps customers arrive at purchasing decisions, and stays relatively cost-effective.
Video Reviews: The Key to Reaching Millennial Customers
By giving your customers the freedom to record and post video reviews of your products, you can take advantage of most of the key statistics revealed by the Animoto Millennial Survey. For instance, if 80% of millennials look at video content when considering purchases, you can encourage those purposes by providing relevant video content on the product pages themselves.
Many video reviewers will show off the product they are talking about in the video. With text-based customer reviews, everything has to be communicated via words and descriptions, which are very hard to visualize. In video reviews, customers can demonstrate what they are talking about while they are talking about it. As a result, shoppers have a chance to see features of your product in action—and start learning how to use your product—before they even click “Add to Cart.”
Professional video content is expensive to produce. Particularly if you have a lot of products, creating promo videos or demo videos for every single product will lead to a substantial bill. Letting your customers prepare video content gives you a chance to have video commercials and demonstrations for your products without having to pay to produce the videos. Customer videos may not be professional in quality but they frequently answer major customer questions.
The other benefit of having video reviews on your site is how shareable they are. The Animoto Millennial Survey noted that roughly half of all consumers have shared video content posted by their favorite brands on their own profiles. Video reviews are especially social media-friendly because you can tag the customers who created the videos. Customers (particularly millennials) will feel honored to have their video reviews shared by your brand—a feeling that will bring them even closer to your brand. Other customers will share your posts and start creating video reviews with the hopes of being featured on your social media feed. In the long run, you engage your customers more effectively and widen your reach.