According to the Center for Marketing Research at UMass Dartmouth, millennials have a combined purchasing power of approximately $2.45 trillion worldwide. With that fact in mind, it’s no wonder they are the most coveted demographic target group today among healthcare marketers who continuously pursue them.
However, research shows traditional advertising tactics are falling short of getting responses out of millennials. Although millennials’ influence is quite different from baby boomers’, one thing is for sure, both groups are very concerned about their healthcare. Boomers, used to traditional advertising channels such as newspapers, television and radio, tend to be more receptive. They haven’t had access to the internet for the majority of their lives like millenials.
Unlike boomers, millennials are less influenced by traditional marketing but are highly influenced by social media. Here are a couple of facts according to a Harris Poll (“Millennial Mindset: The Worried Well”):
- Millennials are five times more likely to trust a pharmaceutical company-sponsored social media platform than those aged 66 and older (31% versus 6%) and nearly three times more likely than those between 45 and 65 (13%).
- Comparatively speaking, social media does not resonate nearly as well among general consumers, with just 21% of respondents indicating that they trust it as an authority.
One thing to bear in mind when attempting to reach millennials through social media is that this group typically shares social content among friends that they follow on various platforms. Therefore, it’s critical for brands to understand they actually play a secondary role and should focus on delivering content accordingly. Marketers need to sit up and take notice since millennials are also twice as likely as other generations to take action based on health advice via social media channels or online.
Word of mouth is also powerful among millennials. The Harris Poll goes on to share that 84% of millennials will trust the advice of a friend or family member over a professional. If you are going to use social media, think of it as a two-way conversation versus talking at your “listener.” Create that meaningful content, target it to your brand’s specific audience segment and get the conversation going! This will help increase shares and your reach.
Keep it real when targeting millenials. One sure way to resonate with the millennial audience is to tell real stories and share a brand image that rings true to this group. Millennials are loyal to brands that correlate with their own interests and principles, so focus on value-based messaging for this target.
Since millenials trust what their friends think, marketers can strike a chord with experiential messaging. When making healthcare decisions, millennials, more than any other group, hop online for info gathering, recommendations and reviews. A good way to completely capture their attention is to pair up experiential messaging and online reviews with formal word-of-mouth referrals.
- Let go of the traditional marketing mix and use a cross-channel strategy instead, ensuring the use of social media and mobile.
- Sync up your marketing language, brand identity and messaging to be authentic and meaningful.
- Convey how product and experience tie back to the brand promise and credibility.
- Target millennials using a value systems approach and other non-traditional points.
If you’d like to talk to us about an upcoming healthcare marketing project or extending the reach of your brand, please give us a call. We’re happy to help!