Discover the Purchasing Power of Millennials

earn-solid-cashEver asked yourself “how to create more awareness for your brand, products or services”? If you understand the importance of awareness, I invite you to continue reading. Awareness is the first step in lead generation. No matter in what business you are in. Your sales funnel starts with awareness. But before you start promoting your stuff to create awareness, you really need to know your target audience first! As an example we will focus on the wedding industry. Let’s continue…

Meet Generation Y or Millennials

When it comes to really knowing your audience in the wedding business, you need to look at Generation Y or Millennials. There are no exact dates for when Millennials or Generation Y starts and ends, but most use beginning dates ranging from somewhere from the early 1980s to the early 2000s.

bridal leads masteryLiene Stevens, author of the book, “Speak now or forever hold your piece”, explains how marketing your wedding business in today’s world works, given that millennials are the primary audience. In her book Liene shares, that today, 7 out of 10 weddings involve millennials.

Now, this youngest generation on the planet, accounts for 80 million people in the US. And according to a Comscore White paper, Millennials have a strong purchasing power, estimated to be 170 billion dollars per year.

Now, how do we define a generation? I think, this quote, by Scott Gross, the author of “Invisible: How Millennials are Changing the Way we sell” points us in the right direction to think about generations:

“A generation is determined by the values and experiences of its Youth, anchored by the music and ceremony of the Times”.

If we apply that to Millennials, here’s the experience they all share, while growing up:

As this video demonstrates, this generation is the first that grew up with the internet. Technology is something they have known their entire lives. Just listen to this conversation between Millennials:

“My mom has a new iPhone and asks, ‘How do you know how to do this?’ And I’m thinking, ‘How do you not know how to do this?’ We’ve grown up with it. I’ve done computers since I was four!” Source: Scott Gross – “How Millennials are Changing the Way we Sell”

Now, let us continue with digging a little deeper into the digital behavior of millennials and what that means for wedding businesses. I wish to share with you some fascinating results by Comscore. As you may know, Comscore is a global leader in measuring the digital world and for many the preferred source of digital marketing intelligence.

Around 240 million people in the US use the internet. And 68 million are millennials!

Video is now a regularly viewed medium among those millennials. In fact, at a given time 45 million millennials are watching 667 million videos! Millennials are the heaviest consumers of online video, and they showed a large increase in the number of videos viewed. It’s also intriguing to note that millennial men spent 3 times more time watching video than millennial women.

Watch this presentation to see some of Comscore’s graphs at the end!

According to Comscore, social networking and millennials are a match made in heaven! Social networking sites reached 99.8% of millennials. And about 40% of the total time spend online by millennials, is spend on Facebook!

Now, if we look at the smartphone audience, we see that nearly half of the total smart phone users are millennials!!!

It’s also interesting to look at the smart phone behavior. Many millennials are now using their phone as their primary camera and method of distribution. There is a digital platform shift that challenges Facebook, and is led by millennials. As Comscore’s data shows, the number of millennials, using their smart phone for videos & instant messaging has increased significantly. Social networking and blog activity ranks as top mobile activity among millennials, reaching nearly 30 million users.

Takeaway:

If you want to create more awareness for your brand, product or service, you need to speak up in a way that is relevant to today’s generation. Millennials have a lot of buying power. But you will only earn some of that money, if you know how to gain their attention. That’s the first step to lead generation. If you like to learn more about lead generation and how to engage with millennials, I invite you to check out Bridal Leads Mastery.

Let us know what you think about this or our new program Bridal Leads Mastery.

P.S. Reading tips:

3 Things Chinese Brides can teach you about Lead Generation

How Smart Marketers Lower their Cost per Lead dramatically

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