A recent study has found that 84 per cent of 18-34 year olds no longer respond to traditional advertising strategies. Millennials no longer trust traditional advertising platforms-TV, radio and print. Instead they want to engage with brands through the “people-powered market’.
This research, by US marketing and strategy firm The McCarthy Group marketing, was part of a panel discussion during the recent Social Media Week in New York. The forum, led by marketing experts from Crowdtap, Weight Watchers and MRY, discussed the changing dynamic between advertisers and consumers.
Young consumers trust the information on digital (35.3 per cent) and social media (22 per cent), over TV (20 per cent) and newspapers (9 per cent).
Even with this mistrust, Millennials are a highly brand-focused group and a recent study by Havas Worldwide found that 45 per cent believe that brands play an ‘essential’ role in their lives.
Sean Foster, CEO of branding agency Crowdtap, believed social media has changed the way that young consumers interact with the brands they love. Foster said that brands of the future “need to inspire consumers to become advocates and influencers, to talk about the products they love and share content about the brands they genuinely like”.
Millennials believe that their friends on social media are more trustworthy sources of information then traditional advertising.
The McCarthy group research suggests that advertising companies should engage the Millennials friendship circle in order to reach their desired audience. Recently more advertising companies have utilised social media and people-powered marketing strategies to engage the Millennials.