Millennials favour digital formats
The 2013 Most Memorable New Product Launch survey reveals significant findings when it comes to the Millennial generation’s media consumption, according to Sentient Decision Science and Schneider Associates. Evidence of the “M” factor in the US can be seen in specific media consumption patterns.
Key findings in this year’s MMNPL survey include:
· Millennials (also called Generation Y) are significantly more likely than other age groups to use social media as a source of new product information, rather than watching TV commercials
· Relying less on articles in magazines or newspapers, Millennials put greater trust in online searches, articles, and advertisements as information
· Watching TV is no longer an independent activity – Millennials are online at the same time, multitasking to obtain information
· While computer platforms remain the dominant device for researching and purchasing products online, mobile platforms are gaining traction. Twenty-eight per cent of Millennials have purchased a product using a smartphone, yet this group shows the lowest purchasing rate on desktop computers of any cohort
According to Joan Schneider, author of the New Launch Plan and CEO of SA, “Whether or not top US products have the so-called “Millennial” factor is meaningful because this generation of 18 – 30 somethings makes up more than 75 million of the American population. This important audience has significant purchasing power in the form of cars, homes, technology products, and even fast food. Brands taking note are now targeting their campaigns to reach and influence these consumers.
When targeting Millennials, marketing professionals best connect with this generation by moving beyond traditional media and reaching out through social and digital channels. Even though TV still ranks as the top media source across generations, only half of Millennials cite TV as a means of discovering new products, compared with 70 percent or higher for all other cohorts. Millennials still consume television media but use channels that stream programmes, not cable providers.
“It is clear that the patterns and trends of media consumption and use are different among younger audiences,” said Aaron Reid, Chief Behavioural Scientist at Sentient Decision Science. “Because this generation is quick to adapt to social trends, it’s important to see where and how Millennials are consuming media – and to further understand how to make an emotional connection with them at these touchpoints. Brands that are able to do this will create more impactful campaigns to power their new product launches.”
The most memorable product launches as rated by consumers in the 2013 survey are:
Windows 8 (#1), Twinkies (#2), iPhone 5C (#3), Taco Bell Doritos Locos Tacos Cool Ranch (#4 – tied), Wendy’s Pretzel Bacon Cheeseburger (#4 – tied), Burger King Satisfries (#4 – tied), iPad Mini (#5), Microsoft Surface (#6), Vaseline Spray & Go Moisturizer (#7), McDonald’s Steak, Egg & Cheese Bagel (#8), 2013 Dodge Dart (#9), Nintendo 2DS (#10 – tie), and 2013 Toyota Corolla (#10 – tie).