Advertisers Spend the Most On Millennials

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As Millennials begin to shift the behavior of consumers, advertisers have started to invest the money to reach them. Turn, an advertising technology firm based in Silicon Valley has analyzed advertiser’s spending, and found they are now spending nearly 500% more to reach millennials. This spending breaks down to four times as much spending on display, four times as much on social media, four and a half times as much spending on mobile, and six times as much on video advertising targeted at millennials than all other age groups combined, as reported by Adweek. The industries most actively targeting millennials includes financial services, travel, autos, health, and electronics, amongst others.

According to Adweek, there are 75 million millennials in the U. S. Turn compiled their research based on buying habits and interests of millennials across various backgrounds including: income level, political affiliation, lifestyle interests, entertainment interests and homeownership. From their research, Turn was able to break the large millennial group into four different groups.

  1. The first group, the “Struggling Aspirationals,” emcompasses the majority of millennials, about 57%. The Struggling Aspirational millennial is “green, healthy, and fit,” according to the Turn. He or she seeks bargains and good deals, and is an excellent target for promotions and limited-time offers. Currently, the food industry and the auto industry is spending the most on Struggling Aspirationals.
  2. The second group is designated as the “Successful Homeowners,” and includes 18% of millennials. Those with the highest income among millennials, and individuals most likely to be homeowners, fall within this group. These millennials are the prime audience for “high-impact media,” and video advertising, since they are “ready to spend.” Companies within the financial services industry, as well as the telecom industry are spending the most trying to reach Successful Homeowners.
  3. The third group, the “Active Affluents” includes millennials who are have families, or are new parents. They are typically athletic foodies who enjoy leisure travel. This group is most accessible through mobile campaigns, and is the target for many electronics and financial services companies.
  4. The final and smallest group, the “Comfortable TV Watchers” love TV, no matter the genre. They are currently the target for many auto, food, and travel companies.

 

Millennials have become a valuable target for advertisers, and the research compiled by Turn reflects their importance in the digital advertising realm. The shift in their behavior is a call to advertisers to change their strategies and reach this indispensable group of influencers.

To read more about Turn’s findings, visit their site, here.

To read more on Adweek, click here.

Facebook’s Growing Relationship With TV Audiences

Whether you are watching your favorite television show, sporting event, award show, or political debate, research has shown that there are high chances that you interact with friends, family and strangers over social media. More specifically, you are likely using Facebook or Twitter. These big social platforms are well aware that usage spikes during primetime events and they have actively sought out ways to capitalize on this knowledge. Currently, Facebook is on the offensive and now offering viewers new ways to interact while watching these big, primetime events. In many ways, Facebook seems to be leaving Twitter in the dust although the microblogging giant shouldn’t be underestimated.

According to Facebook’s research team, 85 percent of viewers who connect to social media while watching TV are connecting to Facebook. This shows that out of Facebook’s 213 million (let that number sink in) monthly active users, many are glued to their mobile devices and computers.

Facebook and Twitter now remain locked in an ongoing battle over control of this new frontier of the digital mixing in with the world of television. Experts call this use of devices, often mobile, to enhance the viewing experience, “second screen” viewing. This is huge and it presents unique opportunities to digital advertisers worldwide. Social media has made the collection of data, which is always necessary to determine where, when and to whom an ad will be served.

For a while, Twitter seemed like the ideal platform for this due to the ability to quickly and continuously post short blurbs that can be connected via hashtags to form a larger more general conversation around a certain topic. Agencies can easily collect data on the participants and Twitter can facilitate these goals. The ease with which Twitter can be incorporated into live events, particularly on Television, gave rise to “live tweeting,” which is the act of posting on Twitter throughout the course of an event to share what’s happening as well as your thoughts/reactions. During events like political debates, as we witnessed in the previous election cycles after the rise of platforms like Twitter (c. 2007+), regular users as well as more influential users like celebrities and politicians would frequently engage in live-tweeting these types of events. During the primary debates for the Republican and Democratic parties this year, live tweeting has been incredibly popular. More so when it is a figure like Donald Trump live tweeting throughout the first debate round for the Democrats.

Facebook, however, has started rolling out new ways and new partnerships with major events which they hope will only increase usage of the social network during prime hours. If you watched the last debates for either party, you will notice that Facebook played a big role in both which included having their name and logo plastered everywhere. Had you logged onto Facebook around the time of the debates your status box would include a section for you to say whether you were watching or not. One can only imagine how this information would be useful for Facebook and debate organizers (especially the parties themselves) in the future. As you post a status, you can check yourself as watching the debate and this opens up a whole new connection to others who are following the same thing through Facebook’s trending feature. On Twitter, during the first Democratic debate, #DemDebate was the official trending tag and even Republican candidates were taking advantage of it to interact with Twitter’s user base. For now, it seems like official hashtags, which are powerful in their own ways, are the biggest perk that Twitter has. Hashtagging is not as popular on Facebook being that it is a newer function on there.

Facebook has rolled out 3 new ways for users to interact, and on the other end, these are also 3 new ways that broadcasters can enhance the viewer’s experience by making them feel more connected to what they are watching.

1. Hashtag based polling and voting – Facebook is allowing broadcasters to gauge the audience’s thoughts and interactions in real time by being able to conduct polls during a live broadcast. The results and responses can also be integrated into the broadcast itself.

2. Uploading videos and photosA great example of this feature comes from the last debates where users were able to submit video questions to the candidates which were then featured on air. Late night talk shows have also begun using this feature to generate more engagement from their regular viewers.

3. Event specific icons This feature was pioneered by Twitter and Facebook is not reluctant to incorporate it either. Award shows like the Emmy’s get their own custom icon which appears when you post something as you watch it (Facebook asks if you are), and for the recent debates both parties had their animal symbols turned into icons.

Facebook Telescope

All of this is made possible by a partnership between Facebook and Telescope.tv, a platform that facilitates live user engagement during major television and digital streaming events.