Millennials & Marketing - Influencers become critical to success

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

Executive summary 2
Millennials & Marketing: Influencers become critical to success 2
Millennials & marketing: Influencers become critical to success 6
Personalization of experiences works with millennials 6
Instagram and YouTube have become powerful marketing tools 6
Weibo and WeChat also significant in China 7
User generated content can help brand make inroads 7
Starbucks, and Urban Outfitters have good UGC strategies 7
User generated content has pitfalls 8
Influencers are also a good entry point for millennials 8
YouTube lookbooks and sponsored content an entry point 8
Fashion Nova employed Instagram influencers to great success 8
Instagram model reveals depths of marketing strategies 9
Live streaming offers cheaper way to authenticate influencer 9
Twitch has potential to expand beyond gaming roots 10
China is ahead of the curve for live streaming 10
Regulatory crackdown has not dimmed investor spirits 11
Mobile infrastructure significant to millennials 11
Ethical stances more important to millennials 11
Rising tide of SMEs with outwardly socially conscious objectives 11
LOral divided its customers over Munroe Bergdorf incident 12
Conclusions 13
Appendix 14
Further Reading 14
Ask the analyst 15
About MarketLine 15
Disclaimer 15

List Of Figures


Figure 1: Instagram and YouTube logos 6
Figure 2: Urban Outfitters Community 7
Figure 3: Fashion Novas initial advert with Kylie Jenner 9
Figure 4: Momo advertising 10

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