Millennials, Millennials Everywhere -- But How to Reach Them?

Millennials born 19771999 are 77 million strong on par with Boomers and represent 24 of the population 1 However more important than their sheer numbers is their purchasing power 170 billion annually Their spending will continue to grow and is expected to reach 14 trillion by 2020 2Despite Millennials39 vast numbers for most marketers reaching them is a challenge More than any other generation Millennials have been shaped by advances in technology and computing A 2014 Pew study found that 25 of Millennials believe their relationship to technology is what makes their generation unique This is a generation that has no concept of an Internetless world Their widespread ownership and usage of smartphones tablets computers and the Internet has changed how Millennials communicate and interact with each other and the world at largeMedia HabitsAs a result of their lifelong comfort and familiarity with digital media the media consumption habits of Millennials are quite different from those of previous generationsMillennials are more likely to be light users of traditional media ie linear TV and more likely to be heavy users of digital mediaamp160 According to 2014 Spring GfK MRI the Millennial index is 150 for the light TV viewing quintile and 153 for the heavy Internet usage quintileamp160And they are fast leaving traditional televisionamp160 As Claire Atkinson wrote in the New York Post on February 16 2015 amp8220So far this season younger viewers the most important audience for advertisers have ditched their TV sets at more than double the rate of previous years new Nielsen figures show Traditional TV usage which has been falling among viewers ages 18 to 34 at around four percent per year since 2012 tumbled 106 percent between September and Januaryamp8221Advertisers of course have recognized this trend and have changed the allocation of their media budgets spending more in digital media And theyamp8217ll continue to spend dollars in digital media to reach the Millennial consumerMore and more of these dollars are finding their way to Digital Place Based DPB mediaDPB media is defined as networked digital video screens with programming and content These screens reach consumers throughout their daily journeys In office buildings shopping malls gymshealth clubs barsrestaurants airplanesairports inside taxis and public transit medical offices gas stations etcAdvertisers are starting to seek DPB Media to deliver video advertising previously utilizing the TV screenamp160 According to Nielsen 63 of TV consumption comes from just 33 of consumers while 94 of online video consumption comes from only 18 of viewers In light of these figures DPB helps extend video reach without any of the fraud or viewability issues increasingly surfacing in online and mobile advertising Reach and frequency studies have shown that combinations of DPB networks also produce lower CPMsDPB Media Effective in Reaching MillennialsDPB media has proven effective in reaching Millennials Across 17 venues measured by MRI approximately 45 out of 10 viewers are Millennials an index of 142 Composition by venue ranges from a high of 51 of viewing in barspubs to 354 of viewing in medical officesDPB VenueMillennial Viewer CompositionINDEXBarsPubs51168GymsHealth Clubs488161Cafes or Delis486160Office Building Lobbies484159Office Building Elevators474156Inside Taxis457151Movie Theater Lobbies449148Convenience Stores443146Fast FoodFamily Restaurants433143Shopping Malls425140Drug Stores416137WarehouseClub Stores416137Airports396131DiscountDepartment Stores39129Grocery Stores376124SportsEntertainment Stadiums365120Medical Offices354117Average DPB Venue433142 US Adult Populationamp160304100Source 2014 Spring GfK MRIamp160amp160amp160amp160DPB has fewer wasted impressions than primetime television in reaching Millennials only 318 of viewers to the average primetime TV program are Millennials index of 105amp160Millennial Viewer Composition INDEXAverage Primetime TV Program1318105 US Adult Populationamp1603041001 Includes top 20 primetime TV programsamp160 based on 4 week reach for Millennialsamp160amp160Source 2014 Spring GfK MRIamp160amp160amp160As Christina Radigan director of marketing and communications Outdoor Media Group says quotThere are enormous benefits to engaging Millennials A key strategy to achieving this engagement is to take a videoagnostic approach one that results in the delivery of contextuallyrelevant timesensitive content combined with the flexibility to quickly change messagingquotSourcesamp160 1 Nielsen 2014MillennialsBreaking the Mythsamp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160 2 American Millennials Deciphering the Enigma Generation The Boston Consulting Group ampamp Barkleyamp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160amp160 Note Millennials are defined as adults age 1834 in the MRI analysesamp160This article was originally published at MediaVillage May 28 2015The opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of Media Village management or associated bloggersamp160

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Millennials, Millennials Everywhere -- But How to Reach Them?

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Barry Frey

Jon Miller | Cofounder Marketo, Engagio | The Gumball Machine is Broken - Rethinking B2B Marketing - By Mike Linton

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