Are Millennials Killing the Marketing Industry?

March 5, 2018

Every day I see a headline in the news proclaiming the death of another industry at the hands of millennials. Whether it is the diamond industry or a popular food chain, millennials seem to have their murderous fingers wrapped around the throats of some of the largest companies. Is this true? Are millennials really killing industries or are those industries just failing to adapt to a rapidly shifting marketing climate?

 

Speaking as an older millennial, I believe companies are just failing to react to what grabs my generation's attention. Companies are not advertising where their potential customers are spending their time. Millennials spend on average 5.4 hours per day on social media. We are always connected whether it is scrolling through Facebook while waiting in line at the grocery store or thumbing through our Twitter feeds as we ignore the television.

The companies most successfully reaching millennials are finding their marketing dollars best spent on content creators. Millennials don't respond to the big budget, focus group tested advertising campaigns that have dominated marketing strategies in the past. They listen almost exclusively to their peers and the people they look up to.

 

Many business owners, especially small business owners, simply do not have the time to follow trends on social media outlets. Many of them do not have the resources to hire marketing teams who are knowledgeable and capable of focusing on the millennial market. Fortunately for these business owners there are options to meet almost any budget.

 

Small marketing firms are springing up all over the world who specialize in using social media to reach millennial consumers. These companies offer services such as social media management, email marketing, following review sites, and tracking

 

analytics to better understand a company's demographic. These services often range in price from a couple hundred dollars per month to tens of thousands or more.

 

In today's connected world one negative review or comment posted to a large social media outlet can have devastating effects to a company. These negative views are more visible and taken more seriously than ever before. It is more important than ever to have an active social media presence to address the comments and concerns of consumers.

 

"Millennials are savvy shoppers. They have the ability to research companies and products and make buying decisions like no other generation before."

 

Millennials are savvy shoppers. They have the ability to research companies and products and make buying decisions like no other generation before. Large and small purchases alike, today's consumers are informed of both the product and the company behind the product. They know what their peers are purchasing and what their peers think of the money they've spent.

 

To stay relevant and reach the fastest growing segment of our economy companies must adapt their marketing strategies. This world of analytics and targeted marketing can be overwhelming to business owners who are too busy doing what they do best, running their business. Why not leave the content and outreach to a professional millennial marketing team?

 

This article has been sponsored by Grow Social VR, Inc. "We are in business to GROW yours!" Email us today at info@growsocialvr.com to set up a free exploratory meeting.

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