TV Impacts Millenials!
Stop reading if you haven’t heard this from a client, “We need to reach Millennials, it is the future of our business.” Now, how many times have you heard that today? Past week? Month?
Without going into all the data that supports the buying power, consumer activity, and value of age groups outside the Millennials, the reality is that businesses need to reach consumers between 18-35. (Pew Research Center defines Millennials as beginning in the year 1982. (Side Note: in 1982, Henry Fonda and Katharine Hepburn won Academy Awards for their performances in On Golden Pond. Chariots of Fire, a film about two British Olympic runners in their early 20’s….original Millennials maybe?…won Best Picture.)
Today, unlike 1982, there are a mind-boggling number of ways to reach Millennials ranging from traditional media to all things digital.
However in 2017, just like in 1982, the first step in making a Millennial a customer is to become part of the consideration set when that consumer is in the market to make a purchase. How does a client build awareness? How does a client influence a Millennial, or any customer, with a media mix?
Marshall Marketing data is a key component in positioning television as a key player in building awareness.
This aided question from a Marshall Marketing station in the south that determines the influence of media is a good start in positioning television as the anchor of awareness building.
Which one of the following media types is most influential?
This question yields even more important data when broken down by age group.
Note that television ranks first among all age segments, even Millennials.
It is also important to note that Millennials rank Internet and Social Media higher than the other age segments.
Remember, building awareness and being part of the consideration set result in higher sales. How does awareness building help when a consumer is in the market and online?
Businesses that are familiar to the customer get the first opportunity to capture them. The same is true by age segment
Reality in 1982, viewers of On Golden Pond and Chariots of Fire were key consumers to reach. Reality in 2017, Millennials are a key consumer group to reach.
The American Research Foundation released a study last year that analyzed over 5,000 advertising campaigns in over 100 categories. Some of the key findings are….
- Spending across multiple platforms delivers greater ROI than any single platform – including for Millennial consumers. TRANSLATION: TV AE’s need to expertly utilize Marshall Marketing data to pinpoint the most effective medium.
- “Silo-investing” – too much frequency via a single platform can lead to diminishing returns.
TRANSLATION: No advertiser can build sales using one medium.
- To jump start growth, marketers can take advantage of the “kicker effect” of smart spending with specific combinations of traditional plus new media on the right platforms.
TRANSLATION: Use Marshall Marketing data to position TV as the BEST traditional medium to use with digital to increase sales.