Market Research for the Millennial
An often heard word in the Market Research world is the “Target of Millennial”. What does it actually imply? The term “Millennial” approximately refers to those group of people born between the early period of 1980 and 2000. In fact, they can be rightly termed as the “Digital Generation”. With a population of 75 million and spending power of $1.3 trillion in the US alone, the millennial are highly interesting and useful especially when a marketer has to market his or her products and services.
Easy Data Availability and Accessibility
With the increasing use of social networking sites, the availability and accessibility of data become easier for marketers as they are able to access a nearly vast amount of prospective data points and assimilate the same with customer data of various other sources or channels.
Though the importance of social media is clearly understood by marketing professionals in business, many fail to seize and analyze the data thus generated on social platforms.
Better Consumer Information Aids in Informed Decision Making By Companies
Having a clear data backup about consumers not only aids in a better understanding of consumers but also in improving the relationships with them. This assists companies in making better-informed decisions pertaining to marketing. But for this to take place, companies need to move away from traditional style demographics and front, with respect to marketing and engage in a more vibrant humane like approach.
The demands of millennial consumers are more. They are not interested only in personalization but want relevant marketing that easily adapts to their ever-changing interests, needs, and behavior. With the correct insight, marketers can develop and provide objectively oriented contents. They can design such ads and offers that engage and target specific segments of their directed audience.
Steps for conducting successful millennial research
- Relying on multiple channels instead of a single channel for the purpose of analysis will help to reach larger audiences and faster conversions.
- As millennial are constantly active as a result of digital channels and technological up gradation, companies need to be equally updated about the latest trends to obtain the best out of them.
- Mere presence in social media alone won’t be of much help, companies need to take effort to target the focus group by constantly engaging them through discussions and interactions.
- Regular transmission of messages to prospective consumers through the various marketing channels needs to be undertaken by companies for acquiring their trusts.
- Last but not least, the use of engaging videos for internet users is one key aspect to attract millennials. This can be achieved by creating appropriate content and choosing the right target for the same. This would act as a powerful advertising tool.
Social media platforms provide a treasure of information about consumer psyche which marketers can use to their strategic advantage by saving time and utilizing their efforts for better analysis of the insights.
Most marketers have arrived at the conclusion that content marketing is no longer a fad but the future. This is all the more true for millennial considered as “Natives of Digital era” as they have grown up with the internet.