
As someone interested in trends among the millennial generation,
there was one particular statistic that caught my eye and continues to
pop up on the radar: Only six percent of 12- to 17-year-olds who use the
web want to be friends with a brand on Facebook, according to a
Forrester 2011 report.
Circumstantially, this was supported by a millennial conference I
attended when a panel of college students all raised their hands when
asked if they were thinking about logging out of Facebook for good.
While it wasn't a scientific study, the observation spoke volumes as to
where Facebook may be heading.
And now, fairly recent research backs it up. With more than
half of teens stating social media plays a role in purchases, Twitter
has surpassed Facebook as the site deemed most important, according to a
fall survey by investment-banking firm
Piper Jaffray.
The report also found Facebook's popularity is diminishing among this
key demographic, with 23 percent of teenagers stating it is the most
important social network site, down from 33 percent six months ago and
42 percent a year ago.
In the past
Facebook has denied
this trend is occurring, but in its third-quarter earnings call this
month, the company finally acknowledged the fact the social network site
is waning among youths.
"Our best analysis on youth engagement in the U.S. reveals that usage
of Facebook among US teens overall was stable from Q2 to Q3, but we did
see a decrease in daily users, specifically among younger teens," CFO
David Ebersman said.
What's going on here? In addition to the obvious problem of having to
accept friend requests from grandma and long lost relatives, privacy is
a big concern. Facebook just cut
a privacy setting
that kept all user names out of the social network’s graph search. It
also specifically targeted the teen demographic when it decided to allow
13- to 17-year-olds
the ability to share photo, updates and comments with the public, not
just friends. The result? Advertisers now have access to private user
information they didn't have before, a move that may not bode well with
teens.
So how should marketers respond to this rapidly changing social
environment? Here are three tips for approaching millennials -- no
matter what social platform they flock to in the coming years:
Listen rather than speak. "[Brands] might be better
off being more reactive than proactive, and they should listen,"
according to the same Forrester report referenced earlier.
Indeed, the advantage that the proliferation of social platforms and
social media monitoring tools
now offer brands is an opportunity to easily keep their pulse on what
consumers think and, possibly even more important, if there is anything
going wrong. If you sell something, chances already are that someone,
somewhere, is already talking about your product.
Act on those insights. By focusing on listening to
those conversations already taking place, brands can provide better
customer service, respond to problems before they escalate and easily
identify areas for innovation. The simple act of tweeting information
back or addressing customer service issues upon learning of problems can
lead to big public relation wins for brands. Why? Millennials aren't
necessarily expecting a brand to personally reach out to them to fix
problems. In fact, it's even considered "cool" among millennial
consumers when a brand takes the time to personally reach out.
Beyond being a nice gesture, why does this matter? We're talking
bottom line impact if done right. According to a 2012 survey by American
Express, social media users are willing to reward companies for
top-notch service,
spending 21 percent
more with those that provide it. And thanks to the millennial
consumers' larger presence on social networks companies that provide
excellent customer service reap huge rewards when a happy millennial
consumer shares one of these memorable moments with his or her friends
and associates via Facebook or Twitter.
Seek out and engage your biggest brand advocates. If
you're taking time to listen to what's being said out there about your
brand, you'll not only be able to identify potential problems and
opportunities to provide better customer service, but you'll also know
who your biggest brand advocates are.
The benefit? These individuals are the ones who are already more
likely to want to engage and help support your brand. It gets to that
80/20 rule: Twenty percent of the consumer base is typically responsible
for 80 percent of the profits. Utilize the access those social media
platforms provide by reaching out and engaging them. It could range from
customer surveys you may be conducting to getting their feedback on
marketing campaigns or even getting their input on new product
development. As
research
has uncovered, millennials enjoy collaborating and knowing that they've
made an impact on things, especially if it involves your next, new
product offering.
Combining these tips together, brands will be poised to win no matter what social platform millennials choose to flock to next.