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Friday, February 21, 2014

SNCR Millennial Report Abstracts

SNCR Supported Study ....  (Society of New Consumer Research)

Millennials are leading the social commerce movement. They are more likely than any other group to like/follow/pin companies and brands. They are enticed by coupons and discounts, purchase hair/beauty products and apparel, often using mobile phones and tablets. They are multi-channel shoppers, buying both online and in-store. This cohort is active online in ways that allow them to connect, organize and stay informed and shop.  ...  by Dr. Nora Ganim Barnes, Ph.D., and Ava Lescault, of the Center for Marketing Research at the University of Massachusetts Dartmouth. Dr. Barnes is a Senior Fellow and Research Co-Chair of the Society for New Communications Research.

Key findings of this study include:
- Facebook is the most popular platform among Millennials when looking to interact with companies/brands online.  Sixty-two percent of respondents currently like at least one brand on Facebook.  Twitter has 23% of respondents following a brand and Pinterest has 11% of Millennials pinning a brand (Nike is the most liked/followed brand). 

- Across all platforms, the top reason why Millennials ‘like/follow/pin’ is to support a brand.  Being unlike any other generation, Millennials pick and choose not only which information they will be exposed to, but also how the information is delivered.  By liking/following/pinning a particular brand they support, Millennials are customizing their exposure to advertising based on their preferences.

- Of those who reported they had never purchased something after liking, following or pinning it online, offering a coupon or discount was the most frequently cited lead conversion tactic for Millennials.  Respondents indicated this is the top motivator leading to a sale.  Similarly, Millennials indicated that companies giving exclusive offers or appealing to their interests were more likely to see an increase in sales as a result of online interaction.

- Relative to users of larger platforms, Pinterest has the highest sales conversion rate.   The user-friendly highly visual design of the website facilitates information search and evaluation of alternatives.  Pinterest makes the transaction process flow with optimal ease for consumers. 

- Facebook, Twitter and Pinterest contribute to both online and in-store purchasing.  Seventy-seven percent of Facebook users, 66% of Twitter users and 63% of Pinterest users are multi-channel shoppers.

Full Study Report  

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