How earphones can stand out in a crowded Millennial marketplace.
Headphones have been prevalent on the streets since Sony unveiled the Walkman. But never have they been so ubiquitous – or noticeable.
For years, smaller was deemed better. Earbuds were to be heard but not seen. Fashions change. Prominent over-the-ear sound systems are the latest style. And consumers are paying more attention – and money – than ever to what the put in, on, or over their ears.
Numbers on the value of the total earphone market are hard to come by, but sales appear brisk and dollar value sales even brisker. With the advent of MP3-equipped smartphones, more people are buying one or more set of earphones – and spending more on each set.
In-store choice paralysis, a current problem realized in the burgeoning earphone market, can be understandable when faced with literally hundreds of options ranging from a few dollars to a few hundred. How to choose?
Companies are trying to differentiate themselves with celebrity endorsements or in-the-face design. Monster Beats by Dr.Dre has grabbed a big market share of the most visible headphones, with the comparatively understated Skullcandy leading the in-ear market.
Differentiating themselves from the competition is no easy task in most marketing endeavors these days. Given that a huge proportion of new earphone sets are snapped up by 18 to 30 year old Millennials, any manufacturer would do well to consider one of the crucial factors that defines that demographic.
Millennials vote with their wallets, supporting companies that support the same things they support. For a real leg up, earphone brands could help Millennials make the kind of statement this generation finds most meaningful: Give them a chance to do good in the world and be seen by their peers to be doing good.
CampusAuction: Bid for a Better World is the pre-eminent online marketing platform to connect businesses with Millennials through conspicuous corporate social responsibility. That value proposition, in a crowded marketplace, can make a difference (in every sense of the word). Contact us at partnerships@campusauction.com for more information.
