Video content is dominating the digital media space, with 100 million hours of video content watched on Facebook and 10 billion videos watched on Snapchat every day. It is therefore not surprising that Cisco predicts video to account for 82% of all internet traffic by 2021. Although much of the current video content is produced by amateurs, the proportion linked to video marketing is steadily on the rise. Companies who wish to enjoy a slice of the $200 billion spent annually by millennials need to include video marketing as a critical component of their digital strategy. After all, this consumer segment is driving the massive increase in online video consumption and is choosing to connect with brands and companies through this communication medium. Animoto reports that 80 percent of millennials consider video when making a purchase decision, with 76 percent indicating that they follow companies or brands on YouTube.
Mind The Gap
For family businesses, there are obvious commercial benefits to flexing this medium and, in the process, to develop and leverage the skills and know-how of their own next-generation members. The generation gap between millennials and baby boomers, or even Generation X, is significant. To illustrate this, millennials are 150% more likely than baby boomers to comparison shop using video and three times more likely to watch a video on a mobile device. Considering the spending power of the millennial segment, it is crucial to understand their purchase behavior and how best to connect with them. This is why family businesses should appoint their up and coming millennial members into positions where they can manage the digital strategy, as they are best positioned skill-wise, and most likely to understand the language and needs of the target audience. An example of a millennial leading the way in video marketing and content creation is Pascal Guzzo, a 19-year old based in Montreal who owns M&S Production.
According to Guzzo, there are three key considerations when developing video content:
Speak Their Language
- The millennial generation is digitally native, having never known a world without the Internet, and are therefore way more likely to reject marketing schemes or spam-like promotional engagement. Authentic video content is therefore important.
- Millennials are impressed by experts. So much so, that 44 percent of them say they’re more likely to trust experts who happen to be strangers. So, bring in an expert to endorse your message, if you want your video to influence the purchase decisions of the millennial consumer.
- Determine which video format will resonate best with your audience, whether it is a how-to video to help with assembling a product or a humorous video for social sharing.
Create Entertainment
- Millennials love animation. Most of the popular movies that millennials grew up with were animated. Custom animated videos are the best way to connect with a youthful audience.
- A report by Aimia shows that almost half of millennials are willing to promote brands on social media in exchange for rewards, so consider how to encourage fun user-generated video content that endorses your business or brands eg. Video product reviews
- The boom in video has resulted in increased competition for viewing time, leading to some highly innovative and novel advancements. Emerging technology such as virtual reality, augmented reality and 360-degree video are not only captivating, but very effective at the same time.
Be Consistent
- A one-off video is just not going to cut it. If millennials are forming relationships with brands through online video content, then an ‘always on’ approach needs to be considered to keep these consumers attached.
Other suggestions include adding company culture videos into the mix, as these types of videos can really enhance the connection between a millennial and your products and brands. Incorporating video into your email newsletters can also be effective. After all, 60 percent of Millennials report that they’d rather watch a company video than read a newsletter — and half of them would rather open an email that contains video.
Marketers need to realize that a good video needs to tap into people’s emotions. It comes down to personalized storytelling and meaningful engagement. The objective should be not to just attract but to keep the audience’s attention, which is challenging considering that millennials are the core target audience. To maintain this connection over a sustained period of time, it is essential that companies employ the right individuals who intimately understand this audience.
