Millennials are a generation of digital natives who are constantly connected, informed, and influential. They are also a huge market segment, with an estimated spending power of $1.4trillion in 2020. Statista reports that in 2020, the US had 72.26 million millennials, which is about 22% of its population. Millennials are those who were born between 1981 and 1996.
YPulse estimates that as of January 2020, millennials had an annual spending power of $2.5trillion. This is higher than what a survey predicted eight years ago, which was around 1.4 trillion US dollars (or 30% of retail spending) by 2020.Therefore, the millennial generation has shown its strength and influence.
As a marketer, you might be wondering how to reach and engage this elusive and savvy audience.
One of the most effective ways to do so is through influencer marketing. Influencer marketing is a form of social media marketing that involves partnering with influencers, who are individuals with a large and loyal following on social media platforms, to promote your brand, product, or service.
But not all influencers are created equal. Depending on your goals, target audience, and product category, you need to find the right type of influencer who can offer curated advice, stories, and suggestions to create engagement with your potential customers.
A recent study by Chopra, Avhad, and Jaju (2021) published in the journal Business Perspectives and Research explored the various aspects of influencer marketing that drive consumer behavior of millennials. The study used the theory of planned behavior and social learning theory to identify key factors of influencer marketing that impact consumer behavior.
The study revealed that both attitude toward influencers and perceived behavior control that allows increase in domain knowledge had a favorable impact on consumer behavior while the influence of peers had no effect. Further additional constructs namely personal relevance, inspiration, and trust had a positive impact on behavior while perceived risk did not have any effect.
The study also found that product influencer fitment was an important criterion for consumers, as they followed the specific type of influencers for different product categories. Depending on the posts shared by influencers, consumers are impacted at four levels: increase in brand awareness, subject matter expertise, brand preference, and preference.
So what does this mean for marketers? Here are some key takeaways from the study:
• Choose influencers who have a positive attitude toward your brand and product, and who candemonstrate their expertise and knowledge in your domain.
• Make sure that yourinfluencers are relevant to your target audience and product category, and thatthey can inspire and motivate them to take action.
• Build trust andcredibility with your influencers and their followers by being transparent,authentic, and consistent.
• Minimize theperceived risk of your product or service by providing clear information,guarantees, testimonials, and reviews.
• Measure the impactof your influencer marketing campaign by tracking the levels of brandawareness, subject matter expertise, brand preference, and preference amongyour target audience.
Influencer marketing is a powerful way to reach and engagemillennials who are looking for guidance, inspiration, and value from theironline sources. By following these tips, you can leverage the power ofinfluencers to create a lasting impression on this influential generation.