Millennials and their social media habits: Implications for marketing
Needless to say, social media has revolutionized how companies (including credit unions) interact with their consumers. At the same time, social media has created unique ways for consumers to share their impressions – good and bad – of companies with their friends/followers. This means that your members can have a huge impact on how your credit union’s brand is perceived – both among your current members and those who could join in the future. If ever there was a time when the “challenges equal opportunities” maxim applies, this is it.
Since Millennials (18 – 34 year olds) now comprise the single largest consumer segment in the United States, it is imperative that credit unions understand the distinct ways in which the first generation of “digital natives” use social media. So, let’s take a look at some highlights from a recent study (Levin and Lamar 2017) regarding the social media habits of Millennials as compared with those of other generations.
To begin, the study points out that Millennials have “largely abandoned traditional forms of media and entertainment, spending an average of more than three hours daily on smartphones” (Kantar 2015). The study also notes that Millennials “communicate with each other far more than any advertising campaign can. When trying to figure out whether something is worth buying, Millennials will go to their friends and social networks to see what people think” (Newman 2015). At the same time, it has been found that “Millennials are twice as likely as any other generation to share ads online” (Mulloy 2016).
With these facts in mind, we’ll move now to some specific study findings that have clear implications for generational marketing.continue reading »