While millennials are already represent a potent force, they will truly come into their own by 2020, when their spending in the United States is expected to reach $1.4 trillion annually.1 If you haven’t noticed, Millennials are using smart devices at an unprecedented rate. While on those devices, the majority of time is spent on social networks. This said, your business needs to be shaped to cater to the ever-changing business dynamics and demographics who make up the connected world. It is very possible today that a startup worth virtually nothing today can be worth 1 billion in less than 5 years. Look at companies like Amazon, Netflix, Google, Apple, Facebook, SnapChat and others who have “ripped the face off” of their slow, lazy and fat competitors… I won’t even begin to name them, since there are so many…. I’d love to, but I won’t.
Take a look at the stats below. If your company is not prepared to deal with the changing economy led by millennials, you are in BIG trouble. Many corporate leaders and company executives who are made up mostly of baby boomers and Gen X are putting their companies at risk and they don’t even know it because they are ignoring a very important demographic. Whether you are a technology company, a bank, car manufacturer, hotel chain or retail business, your strategy better include marketing to millennials. The Millennial Effect is real!
Companies and Brands need to get the attention of the Millennial demographic. The most effective way to do that, is by entering the social marketing game and by tapping into Influencer Marketing. Campaigns need to include exposure on Facebook, Instagram, Twitter, LinkedIn, YouTube and SnapChat and others. Be sure to get your Social Game on and who knows, you to use Koodzo to facilitate your content distribution and reach the right audience.