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Wednesday, 24 September 2014 11:49
Marketing to Millennials? Tech Entrepreneur Identifies Opportunities for Businesses
When Beyoncé released her self-titled album late last year, she didn't go through any of the traditional promotional means, which she called boring. Instead, she simply posted a video featuring the new album cover and pictures of her with the caption "Surprise!" on Instagram.
That was enough for Beyoncé, one of the best-selling music artists of all time. Within the two days of that post, more than 430,000 "Beyoncé" albums were sold on iTunes for $15.99 per download.
Of course, the wildly popular album would have been a hot product no matter how Beyoncé chose to promote it, but the story is yet another testament to the power of social media, says marketing entrepreneur Robert Danard, CEO of Spriza, Inc., www.spriza.com, a global social network for group prizes from major brands.
"It's no secret that the 18- to 34-year-old demographic is the most coveted one – they are the future of any product, and if you want to reach them, then you have to have a social media strategy," says Danard, who started his career a decade ago by founding an early social media site.
"Beyoncé saved her record company plenty of money in traditional promotions, which would have been all but useless since her target audience is on social media."
Danard discusses social media marketing and the trends that are currently unfolding.
The "attention economy": This refers to the demand for companies to focus on multiple social media sites, and the underlying human need to be validated through acknowledgement. How do young adults define their worth? Increasingly, it's through the numbers of "likes," "re-tweets" and "follows" they get on social media. Companies that acknowledge and engage with individual users in real time help validate their self worth and quickly turn them into brand fans.