The millennial generation has proven to account for $900 billion in spending power in 2013, and is growing rapidly. Millennials are the first generation to outgrow the baby-boomer generation – and the boomer generation of businesses and marketers have on the whole not adapted as quickly as they should have.
Millennials spend 25 hours a week online – largely on their smart phones. They’ve proven to be radically different from their parents and grandparents before them – not marrying, still living with parents for a few years out of college, and focusing more on their own individual paths as opposed to ones laid out for them by past generations. Millennials like having options. This has created many great marketing opportunities – and challenges.
Bonnie Fuller recently wrote for of how many baby boomer CEOs with whom she has spoken conceded to being overwhelmed by the growing number of digital media options as their disposal – the same ones millennials have grown up with, grown accustomed to and in some cased, created themselves.
As a result, many advertising campaigns are being handed over to agencies which still focus most of their attention on traditional media, and while that remains a pivotal factor, it leaves the digital front underserved in many cases. One CRO told Fuller, “There is a perception that digital doesn’t do a good job at branding as traditional media.”
The problem is traditional media doesn’t connect to millennials on a regular basis the way digital does. And not just the legacy brands, which often gets more attention in digital advertising campaigns. Demographic-focused content sites, which offer specifically tailored content to audiences, are proving to be the most popular way to reach millennials.
The bottom line: aligning with the right medium is crucial when it comes to reaching this ever growing demographic.
Whether it is for a high school student, undergraduate or graduate student, many consumers are in the market for graduation gifts right now. And according to the NRF, nearly $4.6 billion will be spent this graduation season, down from $4.7 billion.
A survey of over 5,000 adults in May 2013 showed that the average amount spent on a graduate is $49, often on case (56%) a card (42.8%) or a gift card (32.1%). Adults ages 35 through 44 are proving to the best most generous, spending upward of $100.
Between the Ravens’ Super Bowl Championship and the Orioles’ postseason run in 2012, Baltimore has had a lot to cheer for recently. What’s been good for the teams has also been good for newspaper and their advertisers – a recent study by the Newspaper National Network shows that more male sports fans choose their local newspaper for updates more than any other source of news.
72% of those polled indicated they believed newspaper had more depth of coverage on the team and players they cared about, while 63% said they enjoyed specific writers.
Have you ever sat back and thought to yourself … How can I increase revenue to my business today? Here are our hottest Top 10 Revenue Generating Ideas for the “any size” business…available now through BSMG.
Killer Event Marketing – People respond to event advertising – open houses, expos, meet the experts, cooking schools, etc. Events are a great way to generate foot traffic. What events do you have planned each month that can bring NEW customers into your doors? Are you putting these events in your window, or in front of the audience of the #1 news and event source in the region?
Mobile/Print Combo Promotions – Use QR Codes to make money – lucrative, successful, trackable and easy! Don’t have a QR code? We can help with that! Great for tracking print, front page notes, direct mail and even digital – and getting the customer to interact with your brand.
Contests on Steroids – We’re talking serious money when the right contest is developed. Maybe it’s a getaway for two. Maybe it’s a shopping spree. Let us help your business get creative, help develop a database of interested prospects and generate buzz in the marketplace. People LOVE a chance to win!
Taking Daily Deals to the Next Level – Local deals are one of the hottest marketing tools in the market. And wouldn’t you know it … BMore Bargains is one of the best deal sites around. This site is cross-promoted in print and online through Baltimore Sun, so it goes over and above the daily subscriber. No risk to your business, only gain.
Digital Plus – are you on it? Did you know we can put your digital advertising in front of readers of ESPN.com, CNN.com, and other high caliber sites? Take advantage of our presence in the national and global media marketplace, reaching readers close to home who may be browsing sites other than our own … exclusively through BSMG’s Digital+ Program.
Web. Mobile. Social – We’ve taken social marketing to the next level. Need a website? We can help. Need help getting your website easily navigable from a mobile phone? We can help. Need someone to manage your social media (Facebook, Twitter, Google+, LinkedIn)? We can do that, too. All for the best price points in the marketplace. Our Web/Mobile/Social package is great for the small business on a budget.
Lead Generation – Prepare to diversify how you’re reaching clients – and cash in on the results. Whether looking to generate leads in print or online, we have solutions to help. We also have a data analytics team that can take a look at your current clients, and generate look-alike targets for you in the marketplace. What better clients to target than the twins of those you already have?
Successful Coupon Strategies – Print, digital and mobile combos can really enhance your coupon redemption rates. Our Print and Deliver program is a perfect way to capture an audience of savvy coupon-clippers! Another great way to reach your target audience is our Email Marketing Program – delivering coupons right to their inbox!
Co-op, co-op, co-op – There is no better incentive to run a vendor’s brand in your advertising than the fact they give you the money to do it. Our comprehensive co-op department will research dollars available to you through the brands you carry, seek pre-approval on all advertising through those vendors, as well as generate tear-sheets for reimbursement purposes. Use the co-op dollars available to you this season, otherwise they just disappear!
Total Solutions – One Point of Contact. In this fragmented marketplace, why risk putting your eggs in 40 different vendors baskets, when you can have consolidated solutions with one point person? Our BSMG portfolio can help with your digital, direct marketing, mobile, magazine community newspaper and regional newspaper needs. Saves you time, saves you money, saves you headaches. Win, win, win!
The holiday shopping season isn’t coming. It’s already here. Is your business ready?
The National Retail Federation reported that 2 out of 5 web users began their holiday shopping last month, with another 2/5 preparing to begin within the next few weeks – well before “Black Friday.”
Many businesses have already taken note – 38.5% of online retailers began their marketing campaigns at the same time, with another quarter beginning in early November. The early start has merit; Rackpace Hosting says U.S. Retailers will make 25% of their holiday sales online, and holiday sales in general are slated to hit 54.47 billion, up 16.8% from last year.
Businesses are also learning how to better leverage mobile marketing in the months to come. 43% of respondents to a Bronto survey said they are devoting more resources to improving mobile websites and their customers’ mobile experience. Mobile purchases are expected to rise 11% in 2012, while 4 out of 5 shoppers are planning to use their smartphones in some capacity while shopping, whether it is in shopping for deals, comparing prices or staying up to date on special offers or promotions.
Women are not an isolated demographic worth targeting in specific marketing campaigns; far from it. They are increasingly becoming the primary breadwinners in families and for themselves, decision-makers whose tastes & opinions need to be accounted for by businesses on a regular basis.
Recent studies indicate that women influence 73% of consumer spending in the United States, and single women account for ¼ of all U.S. households. The Pew Research Center revealed earlier this year that women now surpass men in the importance they place on having a high-paying career or profession by 7%.
This doesn’t mean family values have been forgotten however. For both men & women, good parenting and a strong marriage still rank as the highest priorities in life. What is becoming more evident in 2012 is the stronger emphasis on balancing that with a good career, for both genders. More women have been enrolling in college, holding bachelor degrees and entering the workforce than men since the 1990s, and the gap has been growing ever since
Women are also a strong reason why social media has taken off the last several years. 73% of U.S. female internet users use Facebook, and are 12% more engaged with brands via social media than just two years ago. They are:
46% more likely to read reviews about a product on line
33% more likely to recommend a specific product or service
30% more likely to write a review of a product or service
The influencing power of women can be summed up even further by one stat: more than half of U.S. female internet users directly feel a responsibility to help friends and family make strong purchasing decision, and 50% have done so in the past.
Contact your BSMG sales representative or call 410-332-6300 to learn more about specific ways to attract women with your advertising.
The more likely a consumer is to make large purchases on a consistent basis, the more valuable they become as a potential customer. Not only do they have the economic means, but they are more likely to engage with several of the latest digital media marketing strategies that businesses are incorporating these days.
Affluent consumers are:
77% more likely to read a newspaper or visit a newspaper website
80% more likely to view newspaper content with their mobile device
20% more likely to visit a social network
30% more likely to visit a social network via their mobile device
37% more likely to view online video
A significant reason for these stats is that affluent users are more likely to have the devices that allow them to be so engaged. Over half of adults with incomes between $75,000 & $100,000 have smart phones, and over 30% of them own a tablet – and those who don’t have these devices are 25% more likely to buy one in the near future.
The significantly high engagement rates point further to the importance of having a wide spread marketing strategy, both in digital & print.
A few tips for reaching affluent customers
Make them feel special via exclusivity. Loyalty programs, like The Sun’sSun Insider, create a direct line of communication between consumers and a brand, but rewarding customers for their loyalty, the connection becomes stronger.
Use digital media platforms like video & social media. They’ve proven to be more engaged with these methods, and it’s always wise to interact with customers in an area where they are already familiar or involved.
Keep old-fashioned tactics in mind as well. Affluent customers still see value in print, and are still a great advertising avenue.
Sources: eMarketer | Luxury Institute and Plastic Mobile | comScore | Orlando Sentinel Media Group | IPSOS Media; Mendelsohn | The 2012 Scarborough Multimarket Study, Release 1 | Totally Uncorked on Marketing| Martini Media | Digiday
Retailers might already have the December shopping months on their minds, but they should not disregard October: the National Retail Federation revealed in a study last month that Halloween spending is expected to go up nearly 3% from last year in 2012.
71.5% of Americans will acknowledge or celebrate Halloween in some way, with revenue expected to reach $8 billion. The ways in which consumers will celebrate (and spend) vary:
51.4% will decorate their home
45% will dress in costume
36.2% will throw or attend a party
33.2% will go trick-or-treating
15.1% will dress a pet in a costume
Respondents to the NRF’s survey said they found inspiration for costume or decoration ideas largely from retail (35.7%) or interpersonal relationships (23.7%). Social media sharing platforms like Facebook or Pinterest also play a role.
For many the Halloween season is a fun foray into the fall, and a lead-up to the holiday activities to close out the year right. Retailers can close their year out right by focusing on these consumers early.
As businesses adapt their marketing methods to the rapidly growing digital movement, it’s worth taking a look at the demographic responsible for a significant portion of that growth: the millennials.
The exact definition and parameters of the millennial generation vary, but they are generally regarded as between the ages of 17 and 34 years old, and are more tuned in to the technology around them, and more importantly, the implications of that technology.
60% are employed
61% are single
39% are in a couple
12% are living together
32% are parents (predominantly with younger children)
42% are homeowners
63% are college-grads
22% are Latinos
12% are “faithful” vegetarians
Millennials have a few other common elements worth noting. Many delay marriage, but not commitment; as noted above, 39% are in a couple. They are likely to have children without marrying, viewing parenting as an experience to be done with a village to support new moms and dads. They have more intense focus on their careers as well. Growing up doesn’t mean giving up the carefully tailored identities they’ve created for themselves.
As noted earlier, they are also among the heaviest technology users. According to a recent study by AdAge.com, the average twenty-something switches media venues about 27 times per nonworking hour. 38% of college students cannot go 10 minutes with checking their email, tablet, laptop or smart phone, and nearly 35% of those polled follow the news either most or all of the time via each of those methods. Also worth noting that 24% of those polled said they used newspapers to follow current events, second only to television.
For the millennial generation, what it boils down to is constant access. They expect to be able to get content from anywhere at any time, and they believe they should have options, as well. They will go through multiple channels, but the content itself is paramount to securing their attention, given the sheer number of options of which they can and will take advantage.
While mobile has emerged as the preferred channel, they also have not responded well to channeling content to one source. They want content on their terms, not a company’s.
The bottom line: the millennial generation is setting the tone for media consumption in the 21st century. Being tuned into their habits is essential for businesses moving forward.
Digital revenues continue to trump print revenue, but that does not mean print has lost its value. Even in the age of social media, mobile apps & digital subscriptions, consumers still look to newspapers and magazines.
Magazine ad revenue growth is expected to rise from 1.9% to 2.6% from last year, with the revenue itself rising to $15.15 billion, according to a new study from eMarketer.
Although newspapers have yet to enjoy a similar increase in ad revenue, their key audience is growing stronger. Studies show consumers with an income of $250k (ultra affluents) are 6% more likely to read a print product than other affluence consumers.
Ultra affluent consumers are also twice as more likely to read 1 or more newspapers, according to the study. Travel (56%), News (54%), Women’s Publications, (52%), Fashion (47%) and Editorial (47%) are among the most popular.