Millennials are the largest generation alive today, and they are set to take over the Baby Boomer generation by $3 trillion worth of spending power in 2018. With this in mind, marketers are shifting their focus on how to market their products and services to this generation.
Over the years, the number of people watching sports in a ‘traditional’ way, like television has been decreasing. In a world where our mobile devices can have multiple functions besides just the normal calling and texting, people, especially millennials, do not spend time watching live sports on television anymore.
Millennials follow sports in a different way. Nowadays, they get their updates through social media, and catch highlights through video applications such as YouTube. This is how they stay updated with the latest sports news.
With ITK (In The Know) accounts on Twitter and Facebook, millennials can even get transfer news from inside sources before they become official. Some of them are just transfer rumours, but some of them turn out to be real. Social media is also a platform where millennials can share their thoughts and engage with others as well.
Retweets, likes, reactions, comments give them an outlet to share their judgment on things the like and dislike.
Unlike other generations, technology plays an important role in the lives of millennials. They see it more than just a device for communication, but also feel that technology is the way of life, to communicate and share opinions with friends and even as a source of inspiration to improve their lives.
A study done by Comscore showed that online advertisements which are targeted to millennials should be 5-6 seconds for it to be effective. Companies would need to quickly get the attention and make their case in that few seconds. We can tell that this also meant that the attention span of millennials are shorter than the other generations, and sports marketers would need to be updating fresh content as much as possible to keep up with millennials.
Millennials do not only use technology to get latest updates and stay connected to the world, they also use it for other purpose, and one of them is shopping. 67% of millennials prefer to shop online than in store. (Source: BigCommerce) Online ecommerce websites such as ASOS and Zalora have become popular amongst the millennials, this also led to the increase in online sports club merchandise stores, and the biggest sports online store, ProDirect.
When millennials shop online, the biggest factors that would impact millennials buying decision are how fast their products take to deliver and shipping fees. With relatively cheap shipping fees and quick delivery, it is no surprise why ProDirect is the most well-known sports online store.
Understanding Millennials behaviour is also important when sports marketers try to sell their products to them. Studies have shown that Millennials do not like it when brands explicitly sell their products to them, but by telling a story, and showing how their products or services are adding value to the lives of Millennials.
Brands that explain and engage with Millennials tend to be successful because Millennials would feel that they are understood and their needs are being met.
Millennials are the biggest generation in the world right now and will be for a while.
The use of technology has made a big impact in their lives and sports marketing has changed because of that as well. If brands choose not to focus on this generation, it would only cause them more harm than good.