How Social Media influences Millennials’ Purchasing Decision Making
In the past several years, millennials have become one of the most lucrative customer segments, which explains why so many marketers have focused their attention on reaching out to them. Digital marketing is a serious undertaking, which can be expensive, and is a very competitive environment. However, companies are committed to engaging with their customers on social media.
The answer as to why they do it is simple – despite all challenges and obstacles the rewards are huge.
When it comes to influencing millennials, there is no better tool than social media. And here is why:
- Friends’ and Family’s opinion is important to Millennials
Recommendations from friends and family can result in a lot of positive things and companies know it. According to Hubspot, over 70% of millennials are more likely to make a purchase if the product or service comes recommended by others. This may be caused by millennials inherent distrust of brands and conventional ways of advertising. Millennials simply prefer to rely on the opinion of their peers, friends and family members when it comes to making purchasing decisions.
- User generated content matters
According to Gartner research, over 80% of millennials are likely to be influenced to make a purchase based upon user generated content that is created by strangers. While many brands are already using user generated content to increase their followers and further branding, this can act as additional motivation to encourage followers to share content such as reviews, images, and experiences.
- Engagement – not promotion or advertising – is often the drive behind purchasing decisions
Despite the aforementioned facts, brands still hold a lot sway over their customers. There is no doubt about that. However, it is vital to remember that these days the name of the game is engagement, not promotion.
Businesses that are pursuing to influence the millennials should definitely use social media to connect with them. However, in order to be successful, it is vital to realize exactly how millennials act on each specific social media platform. It’s not the promotion and advertising that make a difference these days, but sincere, honest feedback from the like-minded people. Get that right and the millennial market will be looking much more promising to your brand.