Baby boomers and millennials have very different spending habits, thanks to the technology surge and influx of shopping options that have appeared over the past decade. Many companies struggle to keep up with the rapidly changing market, so The Public Relations and Marketing Group is sharing some statistics that may help.

Information and measurement company Nielsen recently released data concerning millennial spending that pointed to mobile apps, social media, and digital channels as prime opportunities for marketing and advertising.

According to the data, while baby boomers value brick-and-mortar stores for things like groceries, clothes and toiletries, millennials are three times more likely to purchase these goods online. Fifty-one percent of consumer packaged goods (CPG) online transactions in the U.S. are made by millennials. The group aged 18-34 is nearly four times more likely to use Facebook and Instagram to find new products and 50 percent said they discover new products from sources outside the store. Millennials have made Cyber Monday almost as popular and financially successful as Black Friday. Further, evidence points to the fact that mobile discovery leads to mobile purchasing, so companies that offer online payment options are much more likely to find success.

But it isn’t just an online market. In fact, 57 percent of millennials surveyed said that they enjoy wandering through the store to find new products, and they are 1.6 times more likely to try new products. This means that novelty and personal expression are integral parts of successful product campaigns.

If you’re noticing a lack of young consumers, try to permeate the digital world and create a sense of novelty for your product. Involving your company in social media, creating online coupons and methods of payment, and re-branding to keep your product modern are all ways to increase revenue. With their purchasing power growing exponentially, you can’t afford to ignore millennials’ needs.

The Public Relations and Marketing Group offers digital advertising, social media management, web development and optimization, as well as traditional advertising services, to help you reach millennials and other consumers. To learn more, please contact us at 631-207-1057.

Facebook CEO Mark Zuckerberg announced last fall that the social media site would feature a new “dislike” option following the more than six-year success of its “like” button. “Reactions”, a limited new feature which allows users to express themselves with additional emoticons “Love,” “Haha,” “Yay,” “Wow,” “Sad,” and “Angry,” was introduced as a means to convey empathy for friends and family, but will also be used to show irritation or discontent with brands and business with an online presence.

Social media has a huge impact on business success, evolving into a new – and permanent – word of mouth. In the age of online reviews, where any imperfect interaction can result in very loud discontent, businesses need to be very aware of what their consumers are thinking and feeling – particularly with regard to their product. Reactions, which is still in development with test-users based in Spain and Ireland, will provide consumers a “dislike” option when implemented. Though potentially dangerous for business, this feedback option will help companies respond to consumer complaints in real-time, ultimately upping their public status and their sales.

The problem with catch-all negative options “Sad” or “Angry” is that it will be difficult for companies to parse why their consumers are unhappy. Luckily Facebook’s comments option is increasingly popular and can be utilized to voice complaints or concerns. With the combination of a dislike and an explanatory comment, businesses know what is working and what to re-evaluate.

This direct consumer-to-brand communication is key to consumer happiness as long as businesses are responsive and follow through on the feedback they receive. Seventy-two percent of people who complain on social media platforms expect a response within one hour, according to a study by Lithium Technologies. If companies aren’t regularly monitoring their social media, this could be colossally damaging to their public reputation. But it works both ways; according to a study from the London School of Economics and the Listening Company, a seven-point increase in word of mouth advocacy can increase revenue by one percent.

When a business understands its customers’ wants and needs, it prospers. Studies show emotion is the number one factor in customer loyalty, which explains why sentimental commercials generally do better than commercials that don’t elicit emotion. Businesses that understand and reflect empathy are more competitive and more successful. If you are able to respond quickly and adapt accordingly, having a dislike button on a social media giant like Facebook will have a more positive than harmful effect on your business.

The Public Relations and Marketing Group, LLC (PRMG) is a full-service public relations and marketing agency. PRMG offers social media content creation and ad management, paper advertising, blog article content creation and website search optimization, in addition to digital marketing.

PRMG is dedicated to helping businesses, professionals, non-profit organizations, government entities, attorneys and law firms leverage their time, talents and resources by using effective public relations and marketing techniques. For more marketing advice, please contact us at (631)-207-1057 or at johnzaher@theprmg.com.