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How millennials will drive change in marketing in 2017

(MARKETING NEWS) Spoiler alert: baby boomers aren’t using social media for marketing and are losing business.

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Millennial marketing media blitz

Millennials are in the driver’s seat these days redefining small and medium-sized business marketing strategy. Twelve years ago, a new generation came of age simultaneously with the internet. That generation has had access to the incredible technology of the new millennium, in addition to the symbiotic development of the two.

Millennials’ quotidian technology expertise has resulted in a new business-marketing avenue.

Top of the list

Global communication has exploded in the last decade; with Facebook at the forefront, YouTube, Twitter, and Instagram have become the top social networking and media outlets in the world. By September 2016, all four websites were ranked in the top 15 internationally most-visited sites, with YouTube and Facebook second only to the information monolith Google.

Millennials have matured into executives with deciding and staying power, and they’re using the same digital platforms for work that they use in their daily personal lives.

Schooling their elders

Recent studies by Magisto show a stark contrast in marketing trends between millennials and baby boomers.

Spoiler alert: baby boomers aren’t using social media for marketing and are losing business.

Everything is available and immediately accessible online; it makes sense that digital and online media should be at the core of any marketing strategy. Millennials are spending on average 50 percent of their marketing budget on digital and mobile media, while baby boomers spend on average around 10 percent. An interesting shift given the mid-2000s that dominated baby boomers’ interest.

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That number is so low because a new study shows that 53 percent of boomers don’t test the effectiveness of digital media. That lack of curiosity is to their detriment, because 2016 is the first year digital media advertising budgets surpassed other methods, according to eMarketer. And 2017 will of course be a continuation of this trend.

The rationale is in the numbers: a staggering 68 percent of millennials say they depend on social media advertising for brand awareness. And the technology-first generation is only growing.

If at first you don’t succeed

Last year, Newsweek wrote about “failing fast”, or the idea that you pick yourself up from your failures, digest the lesson learned, and pivot to become more effective.

It’s a theory that has been extremely popular in tech to create a culture of super fast startups. Steve Jobs is a popular barometer of failing fast for his willingness to continue creating and developing on top of his business failures within tech.

Millennials have embraced the trend, and are using digital media popularity to forecast brand success at a rate more than 3 times that of their boomer-aged colleagues. If the marketing isn’t instantly successful, millennials are flexible enough to create another media variation until something sticks.

One of the most effective media tools is digital video. Twice as many millennials are investing creative funds in variations of video advertisements, shorts that can be tested on digital platforms and easily swapped out for something that might yield more reception. And while millennials at smaller companies list cost as their main limitation for creating videos and digital media, baby boomers cite time. The learning curve grows steeper as technology changes exponentially.

The takeaway

Marketing is changing for the better. All the tools to create digital media are online, and so are all the customers. Millennials have completely commoditized the networking experience—and with billions of people accessing information every moment, these platforms become a veritable treasure trove of digital marketing. Now is the time to up your company’s digital voice.

#MarketingMoves

Becky Nathanson is a Staff Writer at The American Genius. She has a Master's degree in music from Indiana University and a Bachelor's degree in music and creative writing from the University of Michigan. In addition to writing, she has performed as an opera singer on major international stages. When she isn't making her voice heard by pen or in song, she is a serious amateur chef.

Business Marketing

Use the ‘Blemish Effect’ to skyrocket your sales

(MARKETING) The Blemish Effect dictates that small, adjacent flaws in a product can make it that much more interesting—is perfection out?

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Presenting a product or service in its most immaculate, polished state has been the strategy for virtually all organizations, and overselling items with known flaws is a practice as old as time. According to marketing researchers, however, this approach may not be the only way to achieve optimal results due to something known as the “Blemish Effect.”

The Blemish Effect isn’t quite the inverse of the perfectionist product pitch; rather, it builds on the theory that small problems with a product or service can actually throw into relief its good qualities. For example, a small scratch on the back of an otherwise pristine iPhone might draw one’s eye to the glossy finish, while an objectively perfect housing might not be appreciated in the same way.

The same goes for mildly bad press or a customer’s pros and cons list. If someone has absolutely no complaints or desires for whatever you’re marketing, the end result can look flat and lacking in nuance. Having the slightest bit of longing associated with an aspect (or lack thereof) of your business means that you have room to grow, which can be tantalizing for the eager consumer.

A Stanford study indicates that small doses of mildly negative information may actually strengthen a consumer’s positive impression of a product or service. Interesting.

Another beneficial aspect of the Blemish Effect is that it helps consumers focus their negativity. “Too good to be true” often means exactly that, and we’re eager to criticize where possible; if your product or service has a noticeable flaw which doesn’t harm the item’s use, your audience might settle for lamenting the minor flaw and favoring the rest of the product rather than looking for problems which don’t exist.

This concept also applies to expectation management. Absent an obvious blemish, it can be all to easy for consumers to envision your product or service on an unattainable level.

When they’re invariably disappointed that their unrealistic expectations weren’t fulfilled, your reputation might take a hit, or consumers might lose interest after the initial wave.

The takeaway is that consumers trust transparency, so in describing your offering, tossing in a negative boosts the perception that you’re being honest and transparent, so a graphic artist could note that while their skills are superior and their pricing reasonable, they take their time with intricate projects. The time expectation is a potentially negative aspect of their service, but expressing anything negative improves sales as it builds trust.

It should be noted that the Blemish Effect applies to minor impairments in cosmetic or adjacent qualities, not in the product or service itself. Delivering an item which is inherently flawed won’t make anyone happy.

In an age where less truly is more, the Blemish Effect stands to dictate a new wave of honesty in marketing.

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Business Marketing

7 ways Instagram Stories get people pumped about your brand

(MARKETING) Instagram stories are widely used, so why shouldn’t marketers get in on the Insta-story action?

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Instagram Stories long ago surpassed Snapchat at it’s photo-sharing joy, and has found to be a great place to build brand awareness and build your customer base.

Here are a few ways that you can use stories to get people excited about your brand, products, and service.

1. Share the story of your business

Showcase the creation of a product or service, or share something (legal and fun) that your team is working on. These behind the scenes productions humanize your brand and can really get people excited about it. Check out what Union Fare does!

2. Preview live broadcasts

Are you doing a Facebook Live or WebEx demonstration? Use Instagram Stories to tease and generate some excitement or pull attendees from one social media platform to the other.

3. Showcase your stuff in action

Whether it’s demonstrating an application, showing off a recipe, or showcasing an outfit, you can use stories to show what the end result of a product is and help them generate ideas on how to use that stuff! Because Instagram Live can be done spontaneously, you can show authentic, non-scripted demonstrations easily.

4. Brag time

When you support a brand, you get excited that you are a part of their wins. Share relevant milestones (subscriber counts, new products, new revenue, new contracts, new products, etc.) with your base. This helps build connection with your base.

5. Countdowns and giveaways

You can use stories to facilitate ways to get people excited about upcoming giveaways or new launches. Unlike static marketing, the use of countdowns can really get people emotionally excited and build anticipation for new products or services. You could also use stories to give special sales or unique giveaways that give a more “exclusive” feeling.

6. “Takeovers” from influencers or partnerships

If you are working with a promoter or influencer, you can have them generate content to send them over to you to use their voice to target your audience. The influencer can send you pictures and videos that you upload yourself, rather than handing over your account username or password (like with Snapchat). This is a great way to work with someone who already has a following that can help you expand your service or product reach.

7. Create unique content

Odds are, especially for smaller businesses and new entrepreneurs, you don’t have a lot of time to invest in production value for other advertising. Instagram Stories with the use of stickers, paintbrush, and text can be a great place for raw, but still polished content that has a one of a kind feel. Familiarize yourself with the tools, and don’t be afraid to get artsy.

Make Instagram work for you

Instagram is constantly adding new features, so make sure you stay tuned for updates and play around with those features often. For example – Instagram stories can rewind or being hashtagged. Or use the eraser brush to do slow teases or product reveals.

Given that users can now bookmark content as well, you can create demonstrations or examples and give your audience a quick reference to your content. Get learning, check out stories, and start building those unique, intimate, and creative engagements with your consumers.

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Business Marketing

Half of all Instagram users buy immediately after seeing an ad

(MARKETING) If you’re advertising on Instagram and yielding no results, read on – it’s a gold mine for *some* types of brands.

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If you’ve been on Instagram you’ve likely fallen victim to the algorithm’s knack for showing you advertisements for something that seems exactly suited to your tastes. Or, someone you follow on the app tags their post with the name of the brands that make up their cute outfit and you decide to see what else they might offer. I’ve ended up with more than one pair of sneakers this way.

Instagram’s popularity and effectiveness have made it a marketing powerhouse. Over 130 million people look at product tags on the app each month.

Recently, Facebook commissioned a study asking users to explain what their interaction with companies and brands on Instagram was like. A whopping 66% of people said that the used Instagram to interact directly with brands — and 54% of users said they purchased something immediately after seeing an ad in their Instagram feed. Ads that are in the “stories” feature, independent of users’ feeds are especially effective.

After it was acquired by Facebook, Instagram has grown to account for over 19% of the tech-giant’s advertising spending — nearly double what it was in 2018.

Facebook is planning on continuing to capitalize on Instagram. They announced that soon users won’t need to navigate out of their feed to the retailer’s website purchase items, but rather have the ability to buy things in-app.

Instagram will take a cut of these in-app purchases and partner with PayPal to process payments, adding a new revenue stream to the growing platform.

As part of expanding its foray into shopping, Instagram is also partnering with its most popular influencers.

These people will be able to directly sell the products that their sponsors are offering through their accounts, rather than direct them to their sponsor’s account. At the beginning, only major accounts belonging to celebs like Kylie Jenner or Gigi Hadid will have this option, but it seems like after its initial launch more sellers will be to take advantage of the feature.

So, be prepared to have even more sneakers in your future, friends. It looks like those Instagram ads are going to get even more powerful.

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