So, say you’re interested in a new cell phone or a new cosmetic product or even a new pair of jeans. What are the factors that go into deciding whether to buy or not? If you are like most women in America, you call a friend for advice and ask whether they have personally had experience with the product or service being considered or if they know someone who has. After all, what better source of information on a new product or service than a peer, someone who is just like you and shares similar interests? It’s common sense, and now research has shown that more than 40 percent of US Female internet users consider online product reviews or blogs by known people or people like them as the most credible according to a survey conducted by eMarketer.
Within the past 10 years, the popularity of You Tube vloggers, bloggers and online “experts” has risen at a dramatic rate. There have been more than five billion hours of beauty tutorials and instructional videos uploaded and more than 135 million how-to videos and just last year viewers pressed play on You Tube videos more than 2 trillion times! Many You Tube content creators boast subscriber numbers in the hundreds of thousands and their opinions are valuable. According to ReelSEO.com, a video marketing site, major brands have only generated three percent of the 14.9 billion beauty-related videos on You Tube and there are more than 45,000 non-brand affiliated channels specializing in beauty content. Those channels have an average of ten more views than official brand channels. What does this mean? It means that consumers trust regular people and their opinions on a product or a service more than a brand. This is in part because most consumers think that they will not get an honest opinion from a brand and are more likely to get the real deal details from a regular Joe… or Jane as the case may be.
On top of women consulting the web for reviews of a potential product or service that may be purchased, the highly coveted millennial market is using the online medium and have become the most influential consumer base in America. According to FameBit, millennials have surpassed baby boomers and now influence more than $500 billion in spending each year! The number one way to reach this market is through non-traditional media outreach, specifically You Tube. According to Entrepreneur magazine, millennials spend an average of 18 hours a day consuming media and it’s mostly content created by peers.
This translates into a missed opportunity for many businesses. Let’s take real estate for example. A home builder that doesn’t have its own regularly updated You Tube page with real life video examples of their product, and a credible base of content creators who have had experience with their product are not adequately targeting a key consumer base that can buy their product. That You Tube content creator could be a valuable asset when it comes to translating that experience into a great online review, blog or commentary that speaks highly of their product or service and can bring in new customers.
The good news is that there are options for companies that want to begin cultivating a stronger online presence. mRELEVANCE offers a number of online based advertising, reputation management and marketing options and can cultivate the ideal solution to any marketing and advertising shortfall. For additional information on our services visit www.MarketingRelevance.com or call 770-383-3360.