As Millennials are the largest generation since the Baby Boomers, advertisers must find successful ways to market to them. According to a study on comScore, Millennials have an estimated purchasing power of $170 billion dollars per year. ComScore vice president Bert Miklosi states, “Their comfort-level with the Internet and technology in general makes the digital medium an ideal platform for reaching these individuals. But as is typical with younger people when compared their older counterparts, Millennials are generally more difficult to persuade via advertising, amplifying the importance of creative and messaging optimization in driving worthwhile returns from an investment in advertising to this segment.”
This does not come as a surprise that Millennials respond more to advertising on a digital medium especially versus the television. In fact, people are constantly becoming more and more dependent on these digital mediums, specifically the mobile phone, that 4 billion people own a mobile device worldwide. Do you find that surprising? Compare it to the estimated 3.5 billion who own a toothbrush worldwide (Booz & Company). Now, that puts things in a slightly different perspective.
Q Scores conducts studies to assist their clients in understanding the emotional bonds consumers have with brands. Both males and females take part in this study as well as children, teenagers, and adults to see what responses are given from different logos. Studies like this will show research analysts essential information and provide the information Miklosi is seeking.
As a Millennial and also an advertiser, I can agree that I am more likely to respond to advertising online. My parents, who are in Generation X, wouldn’t be responsive to an advertisement online at all though. I probably spend at least five times more time surfing the Web than my parents do (if not more). And when my parents are online they typically ask me how to do something. Now, not everyone in Generation X is quite as computer illiterate as my parents are, but relatively speaking Millennials are a little more Web savvy, as we have never lived in a world without this technology. So if my thought that Millennials are more Web savvy is correct (does anyone agree or disagree?), and it has been proven that Millennials respond more to advertisements in digital mediums than television and print – how is it that Generation X is actually the ones who use the Internet the most? After reading, “Advancing Digital Commerce Capabilities to Drive Financial Value Perspective and Benchmarking Framework” by Booz & Company, “Next-Generation Strategies for Advertising to Millennials” report by comScore, and “Database of Brands (targeted to kids, teens or adults)” by Q Score, I wanted to look into things a little more. According to a Wikibon report, Generation X spends 33 hours and 4 minutes online a week compared to the Millennials who spend 25 hours and 54 minutes online a week (http://morganlinton.com/which-generation-spends-the-most-time-online/). So, why do it is that Generation X isn’t most responsive to advertisements in this digital medium like Millennials?