Magazine article CRM Magazine

Millennials Drive Cocreation Marketing: Young Hypertaskers Prefer User-Generated Content to Traditional Media

Magazine article CRM Magazine

Millennials Drive Cocreation Marketing: Young Hypertaskers Prefer User-Generated Content to Traditional Media

Article excerpt

While roughly 63 percent of consumers say they still exhibit brand loyalty, the number of digital hypertaskers is growing so quickly that the two consumer groups could soon be neck and neck. According to new research from Ernst & Young, 24 percent of consumers consider themselves to be hypertaskers, meaning they love to shop around, and are doing so by constantly engaging with brands through various channels.

"Consumers aren't just checking how much an item costs online compared to in the store. They are actively engaging with brands through multiple avenues and being selective about which experiences and interactions they prefer," says Marcie Merriman, a consultant at Ernst & Young. Younger generations can be particularly selective, and catering to this group's multichannel behavior requires a new approach--cocreation marketing.

According to the report, shoppers between the ages of 15 and 29 lead the way in product and service development and are three times more likely to engage in cocreation initiatives, or campaigns that give consumers an opportunity to customize their experiences with the brand, than older generations. From sourcing user-generated content to encouraging consumers to take part in polls and surveys, a cocreation campaign can take many forms. What makes it uniquely powerful, according to Matt Gibbs, cofounder of SparkReel, a user-generated content platform, is that it builds consumers' virtual clout, a status symbol on the social Web.

"With a smartphone in every pocket, interacting with brands is easier than ever for consumers," Gibbs says. "In the past, if a brand invited a customer to record a video and share it with that brand, it would have been such a hassle. Now it couldn't be simpler. The barrier for customers to share content with brands is very low, but the opportunity for them is very high," he says.

And that opportunity doesn't even have to be as lucrative as winning a prize for submitting the best piece of content; the payoff for content submission can be as minor as being featured on a brand's social media page, getting a retweet, or earning a slew of "likes" from fellow followers. …

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