If you’re not paying attention to the influence of millennials, it’s time to sit up and take notice. The latest figures show that millennials are the largest generation in the workforce today at 53.5 million—and will account for 75% of the global workforce by 2025 (U.S. Bureau of Labor Statistics).
Because this demographic will also be responsible for $200 billion in annual spending beginning in 2017 (Animoto), it’s important that, as marketers, we implement strategies to effectively reach this target, whether our businesses are B2B or B2C focused.
We know that millennials are tech-savvy: This is a generation that has grown up in the digital age—which makes a big difference in how we reach them. When it comes to connecting with millennials, video marketing is the single-most effective channel that influences what they buy.
Consider this: Millennials (ages 18 to 36) spend an average of 17.8 hours a day consuming media. And they’re watching more than sophomoric wipeout videos. According to U.S. News & World Report’s “2014 Millennial Report” millennials watch educational videos, seeking “credible information that helps them make important life decisions, especially as it relates to their finances.”
- 80% of millennials consider video content when researching a purchase decision
- 7 out of 10 millennials are likely to watch a company video when shopping online
- 76% of millennials follow brands on YouTube
- 60% of millennials prefer to watch a company video over reading a company newsletter
Click here to view the infographic.
If video marketing isn’t part of your integrated marketing strategy, it should be. With the advent of new technology and multi-function devices, it’s easier now more than ever to incorporate video without spending an arm and a leg.
In my next blog, I’ll take a look at emerging trends in video marketing that will provide some insight about how to further your brand among millennials. Get your mobile devices ready.