Millennials social media consumption
Millennials under 35 represent a large proportion (65%) of the Indian population. There are 700 million millennials in India alone. They are undoubtedly better educated and more tech savvy than their predecessors. They’re more likely to engage and shop online and they have a clear set of characteristics that define how marketing companies and brands should engage with them. They’re comfortable with the changing business landscape in India. Updating skills and learning new approaches is key to this demographic. Highly flexible, in thinking and action, in an ever-changing job market and social environment. It also gives them the confidence to define their own futures, demonstrated by the fact that many are opting to start their own businesses. Social media accounts for 28% of the digital advertising market in India—thanks to the 241 million active users on Facebook. India is the third-largest market for Instagram with 59 million active monthly users. Millennials do not believe in brand loyalty, and they are not brand conscious either. If a brand matches their lifestyle and helps them to look different, they’ll try it. Besides changing its medium for communication from TV to over-the-top media services and social media platforms, most marketers are engaging with millennial influencers, like bloggers; changing portfolios with products more suited to the millennials’ lifestyle, and increasing presence on online.
Problem Statement we addressed-
Millennials share their feelings, experiences through comments on social media platforms.
Social media is all about impressions and creating a more personal conversation between the brand and clients. By monitoring your conversations, you can take appropriate actions to better the impression of the brand. Comments can also help you generate more traffic so a great idea to prepare how to handle good and unwanted comments.
The methodology we followed -
Tool for social media listening and monitoring which is sentimental analysis. Sentiment analysis is contextual mining of text which identifies and extracts subjective information in source material and helping a business to understand the social sentiment of their brand, product, or service while monitoring online conversations.
With the recent advances in deep learning, the ability of algorithms to analyse text has improved considerably. Creative use of advanced artificial intelligence techniques can be an effective tool for doing in-depth research. We believe it is important to classify incoming customer conversation about a brand based on the following lines:
1. Key aspects of a brand’s product and service that customers care about.
2. Users’ underlying intentions and reactions concerning those aspects.
These basic concepts when used in combination, become a very important tool for analysing millions of brand conversations with human level accuracy.