For a while now, we have been comparing the various social platforms and contrasting their audiences and effectiveness as marketing tools. One thing that we haven’t covered yet is the buying habits of users on each platform- a point that comes in very handy for those of us running integrated digital marketing campaigns for clients with direct ecommerce conversions as their goal.
An interesting study came out this week from one our local State Universities (Go Corsairs!) that compared the buying habits and brand support of millennials on various social platforms.
According to University of Massachusetts Dartmouth Center for Marketing Research, and eMarketer magazine, Millennials follow brands/companies on social for a variety of reasons. Some of the key ones are listed below:
Breaking this down, we see that:
- US millennials were most likely to follow a brand or company on Twitter to get a coupon or discount, cited by 85%.
- Following brands to receive coupons and discounts was more common on Twitter than on Facebook or Pinterest.
- Millennials were also interested in supporting brands they liked, a reason to follow for nearly 80%.
- Beyond discounts and loyalty, no other reason was cited by the majority of respondents, with receiving regular updates from brands the third most popular at 47%
One of the things that we’ve known for a while is that consumers in general are trusting FB over Twitter when making purchases.This holds true among millennials. During the study period (Fall of 2014) millennials were more inclined to buy lower cost items (less than $20) via Twitter and higher priced ones (over $50) via Facebook. Crafty Pinterest grabbed the middle market with 52% of its users spending between $20-$50 .
Whats the BFD?
The main takeaways here here are:
1) Loyalty matters: Millenials are very consious and aware of brands and will follow you via social media for no other reason other than they like your brand.
2) Coupons work: Contest – not as much.
3) 140 characters is tough to get someone to convert for a product with a price over 20 bucks
4) Facebook still reigns for selling higher margin products
5) Pinterest is the place to be if your seeling products between $20-$50.