Advertising is no longer a one-way street. Advertisers have always been the ones doing the talking, but now consumers have platforms to talk back. And just like the housing situation, it is now a buyer’s (consumer’s) market. Social media has exploded the world into a ‘right here, right now’ state of mind and advertisers had better get on board!
The Boston Consulting Group recently put together a study, “the Millennial Consumer: Debunking Stereotypes”. The research touched on several key points, including instant gratification, friends vs corporate mouthpieces and the use of social platforms.
They found that 79% of millenials and 59% of non-millenials use social media, 46% have 200 or more Facebook “friends”, 53% explore brands on social networks and 50% use a mobile device to read user reviews and research products while shopping. Almost half of millenials stated that their lives feel richer when they’re connected to people through social media.
What does this mean? People are sharing their opinions on everything from the big games to social hangouts and yes, YOUR products and services. If I want to go to a new restaurant, of course I’ll look at their website but there are other avenues I’ll take before deciding to spend my money. What’s being said on their Facebook and Twitter? How many of my friends have liked this place, their food, service and prices?
We are in a sharing society. “Mum” is no longer the word. It’s now “Tweet”, “Like” and “Tag”. Companies and advertisers should take heed from the social media platforms and not gear their advertisements at consumers, but actively engage them. If it’s not right trust me, you’ll hear about it and hopefully you’ll be able to get it right before the wrong goes viral.