Nostalgia marketing works on millennials: Kantar IMRB thought paper
‘The Early Millennials-Coming of Age’ paper says that early millennials are today’s biggest influencers
A new thought paper by Kantar IMRB says that early millennials, at 15 per cent of the major consuming classes (15-55 years SEC ABC, urban India,) form a strong 28 million base of potential consumers. ‘The Early Millennials-Coming of Age’ paper says that with a third of the early millennials having their own source of personal income and another third driving household purchase decisions, they are the biggest influencers today.
The paper also lists five tips for connecting with this category of consumers, one of which is to understand that this category is highly technology savvy and depends on it for activities like shopping, financial needs and even self-medication. In this scenario, brands need to build an engaging two-way communication platform and ensure that all the information available on all channels is updated, available and easy to retrieve.
This is a generation that has grown up on reality shows where instant realisation of dreams is the norm. Millennials have similar expectation from brands; they want it all and now. The study says that a fifth of millennials want a car which is comfortable, fun to drive, has innovative designs and the capabilities of a truck. This means that customisation and speed of delivery are a must for these consumers.
The early millennials are in the driver’s seat and believe that advertising should be in their control. With limited attention span, they know the difference between quality content and marketing promotion with nearly a fifth of millennials actively using ad blockers. For brands to communicate with such an audience, it is imperative to use immersive and engaging visual content which is ‘shareable’ i.e. which grabs their attention and encourages them to forward or post it within their communities.
The early millennials are multi-channel and multi-touch point consumers when it comes to information search and shopping. They co-consume internet while watching TV and over 40 per cent also search for products advertised on TV. So, brands need to offer a seamless and consistent experience across channels.
The millennials have often been called nostalgic futurists; they are 20 per cent more likely to listen to old film songs, tune in to remixes on radio and watch mythological shows on TV. The study said that nostalgia marketing works with this audience. Hence, brands need to share a compelling blast from the past and build an emotional connect with the early millennial.
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