Marketing to Millennials
Millennials crave experiences, and they want those experiences to be authentic and meaningful.
Millennials are experience-based spenders.
72% of millennials prefer to spend on experiences over things, while 84% don’t trust traditional advertising. Experiential memories get better over time, and when millennials relay a strong memory with a specific product or service, the association fosters a deep, customer connection which can eventually lead to a customer conversion. If you want to be on their frequency, you should think experientially.
- Music is millennials’ most popular cultural channel. It is a universal connector, cultural barometer, here-and-now medium, tone-setter, attitude-former and ultimate catalyst for millennial marketing relevance.
- Per Nielsen, 76% of millennial festival goers say they feel more favorable toward brands that sponsor a tour or concert, and 51% of all consumers feel this way.
- Digitally, 74% of music streamers lean toward brands that engage them through music giveaways, sweepstakes and sponsorships. (Millennial Marketing)
- More than 8 in 10 millennials (82%) attended or participated in a variety of live experiences in the past year, ranging from festivals, concerts, parties, performing arts, races and sports - and more so than older generations (70%).
- 81% say that the coolest brand experiences they’ve ever seen somehow involved music in a live setting;
- 80% say that the best and most effective way for brands to connect with them is through a branded live music event
- 72% have a positive view of brands that provide great experiences. (Limelight)
Experiential marketing is where fans and brands meet inside live events. It connects authentically and genuinely, reaching new customers naturally. Festivals and events are the only environments where advertisers are not perceived as advertisers, but as partners enhancing their patron experience. This is why:
- 93% of millennials say they like brands that sponsor live events
- 89% of millennials like brands that sponsor a live music experience
- 83% leave with a greater trust for brands that support a live music experience
- 80% purchase a product from a sponsoring brand after the experience, compared to 55% of non-attendees
- 80% recommend brands that sponsor a live music experience to their networks vs. 49% of non-attendees
- FOMO drives millennials’ experiential appetite: Nearly 7 in 10 (69%) millennials experience FOMO. In a world where live experiences are broadcasted across social media, the fear of missing out on live events drives millennials to show up, share and engage. (EventBrite)
- 72% of millennials plan to increase their spending on experiences rather than physical things in the next year, pointing to a move away from materialism and a growing demand for real-life experiences. (EventBrite)
- The demand for live experiences is also happening across the generational board. Since 1987, the share of consumer spending on live experiences and events relative to total U.S. consumer spending increased 70%. (EventBrite)
Corporate Social Responsibility
Consumers as a whole are 4-6X more likely To Purchase, Protect And Champion Purpose-Driven Companies” (Forbes). Millennials are the driving force, planting the seed that Gen Z is harvesting. In fact:
- 83% of millennials want brands to align with them on values
- 76% want CEOs to speak out on issues they care about (Forbes)
- 70% said they would be willing to pay more for a socially or environmentally responsible product (Marketing Charts)
- 55% say a brand’s CSR reputation can affect their purchase decisions (Marketing Charts)
- 52% prefer to shop at retailers that align with their values
- Festivals and live events that hold strong corporate social responsibility values generate greater enthusiasm for their brand sponsors and partners (Advertising Research Foundation)
90% of millennials say authenticity is an important factor when deciding which brands they like to support (Twitter Business). You can’t fake authenticity, which is why the festival and live event environment connects so well with them. It allows brands to connect where they connect, the way they want to be connected with. When millennials are asked about brands who sponsor festivals and live music events:
- 89% perceive those brands as being more authentic (AEG)
- 76% say they feel more favorable toward brands that sponsor a festival or concert (Millennial Marketing)
- 72% have a positive view of brands that provide great experiences (Limelight)
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"JK is a visionary, strategist and tactician - he sees the potential of any product or service clearly, crafts a potent strategy, and is an effective leader building a team who tactically can reach any goal. An early adopter, he was a leader nationally in merging business with philanthropy and community benefit, always including the ROC (return on community) to the ROI."– Gill Holland, Entrepreneur | Community Builder