We have all heard of them, the Millennials. They are largest generation there is, coming in at 92 million strong.
That’s right, not even Baby Boomers (76 million) outnumber this generation. Also known as Echo Boomers, Millennials are the children of Baby Boomers and Gen Xers, born in the early 80s to the early 2000s.
As the Millennials are now entering into their 20s, they are taking over the marketplace. It is increasingly important for marketers to reach this young audience as they move into adulthood, and most importantly greater spending power. The challenge marketers face is how to reach this digitally distracted generation.
Growing up with technology, it is no surprise that mobile phones top the media consumption for Millennials with 94 percent of Millennials having used this media in the past seven days. Surprisingly, though, television comes in second with 93 percent and radio third with 83 percent.
Traditional media is not dead with this digitally savvy generation, however, most traditional media consumption is distracted consumption.
We’ve all heard of multi-screen media usage. Most Millennials are on their mobile phones or laptops while watching TV. Multi-tasking with multiple screens is like second nature to this generation. Email, social networks and video consumption is highest among multiple devices, with the majority of young Millennials using two to four devices for each activity. It is no surprise that the average time Millennials spend online has increased by five hours per week, on average, from 2011 to 2012.
With all of the added time online, yet the trustworthiness of traditional media, marketers are challenged to find the best way to compete for the attention of the Millennial generation.
Again, traditional media is not dead. 58 percent of Millennials agree that magazines help them learn about what’s “in,” especially with clothing, cars, and music. Following word of mouth advertising, television is the second most common reason that a Millennial will visit a website. And lastly, magazine and newspaper ads are more likely to capture the attention of 64 percent of Millennials than an Internet ad.
On the other hand, the digital landscape is where 71 percent of Millennials watch or read content created by others. It is important for markets to monitor and engage with Millennials online via Social Networks, interactive websites, and other digital content. Millennials are more likely to respond positively to content they actively go after on the Internet, rather than the pushed messages of mass media.
With the first generation that grew up on the Internet, Millennials respond well to a strong digital presence, but we must never underestimate the continued power of traditional media.
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Source: Marketing Charts, Experian Marketing Services