Friday, 27 October 2017

How millennials are influencing the marketing norms

Ever thought why there is suddenly so much craze for chatbots and Artificial Intelligence? 
Why did facebook come up with facebook live?
Why are all the companies in the world spending so much money on analytics and digital marketing?
The new age companies are now more focused than ever before to reach out to the social animals, chat junkies and the gadget gizmos who are more popularly known as the Millennials.
The Millennial generation is also transforming the way in which companies market their products both online and offline in order to stay relevant.The generation of people now 18-34 years old engage with brands far more extensively and personally than older generations. They expect the brands to behave the same way as they do.

They are driving a transformation of consumer marketing across four elements:
reach, relevance, relation and referral:
§  Reach -- Millennials engage much more extensively with brands through social media and mobile devices than older generations. Millennials check prices, look up product information or search for promotions on their mobile devices while in a store.
§  Relevance -- Millennials say they are most influenced by family, friends, and strangers. They are also twice as likely as Gen-Xers (ages 35-49) to say that they are influenced by celebrities and four times more likely than boomers.
§  Relation -- Nearly twice as many Millennials as boomers cite "availability 24-7" as the most important thing that brands can do to engage them.
§  Referral – Millennials believe in the concept of referrals and influencers play a big role in their decisions to purchase any product.

Bourbon, India’s first premium chocolate biscuit from Britannia had lost its charm, in the sixty years of its existence. The brand wanted to bring back the lost charm and connect with today’s millennial generation.
It announced the launch of a new smartphone called the Bon. The smartphone reportedly ran on Chocolatey 2.0 and had features like power pack, friend finder, auto charge, etc. User participation was boosted with the help of fun contests where the new Bon6 phone was up for grabs.
When the buzz was at its peak during the unboxing, the duo revealed it as the new Bourbon biscuit. Each of the features was also explained: Chocolaty 2.0 because the new Bourbon was ‘thoda aur chocolaty’, Friend Finder because sharing a Bourbon helps you find new friends instantly, Power Pack because it Is available in Hangout pack as well as in a Pocket pack, and more.
Hence going forward brands need to represent the voice of the millennials, speak in their language and also respond in the same manner.
Virtual shall become reality and reality will become virtual.

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