A few Myths about Millennials:
Myth: They don’t have any disposable income, so why should we care?
- They already have 21% of consumer discretionary purchasing power or $1.3 Trillion and influence many purchase decisions made by Gen X and Boomers.
Myth: Millennials are a selfish generation that only care about themselves.
- They are interested in making a difference and are more likely, than non-Millennials, to support a friend or family in causes they care about. They are also more likely to donate their time than non-Millennials. Secrets to creating more MILLENNIAL BRAND LOVE®.
Secrets to creating more MILLENNIAL BRAND LOVE®
There are a myriad of ways that brands can embrace the participation economy:
Co-create products, services & experiences
- Millennials want to have a shared voice in building their optimal brand and brand experiences. Allow them to co-create and you’ll be amazed by their interest, ideas and engagement.
Leverage technology within their brand authority
- Millennial Mindset® consumers know that Useful Is The New Cool® and great brands are simplifying the consumer journey and creating added value consistent with their brand authority. Nike is a perfect example of this. Nike started in 1964 simply as a distributor for a Japanese shoe company. Instead of just selling shoes, they have decided to reinvent their company, becoming the authority for athletic footwear and apparel. Now their mission is to bring inspiration and innovation to every athlete through products and sponsorships well beyond footwear.
Act with authenticity
- Millennials expect more honest and genuine behavior from today’s great brands. #Enoughsaid.
Engage in transparency
- Millennials want brands to admit errors, attempt to share more and hide less and be act like “friends” they would trust which is often difficult for CEOs who grew up in a different era. Brands like Chipotle have done a great job in this arena and have scored big with Millennials because of it.
Stand for a purpose that is beyond the products you sell
- If you stand for more than your bottom line Millennials will more favorably view your products/services. If you stand for nothing but your bottom line, you limit your potential. Millennials care about causes and are actually more likely to show a preference toward companies that support causes – even if it means paying more for that company’s product.
Act like a conscious capitalist
- Making a profit is a good thing but being sensitive to the entire business eco-system including your employees, vendors, the environment as well as shareholders.
Treat your consumer as your partner not your target audience
- Millennials don’t want to be treated like a target audience and expect to have a shared voice in your brand planning and activation. Stop thinking target audience and start thinking consumer partner.
Know millennial employee love is required
- Great brands like Google, Amazon, Chipotle & Target are keenly aware of the importance of tapping into employee brand passion. Many of your front-line employees are Millennials. Creating extra-ordinary passion with your employees increases the odds your consumers will feel their enthusiasm.
What is the new definition of brand value?
In The Participation Economy, Brand Value = Emotional benefits + Function benefits + Participative Benefits / Price.
Only High Participation/High Shareworthy Brands Will Enable Surprise and Delight
Brands that will win with Millennials will fall within the high-participation/high-shareworthy section of the above graph. Participation is co-creation of products and services, marketing and experiences. Brands that have high participation are brands invite Millennials into each one of these processes. When we dissect the meaning of highly shareworthy, it is not just about creating easily shared content; it is about creating shareworthy experiences that will add to the Millennials story and/or life. Many of the most loved brands – Warby Parker, Ball Jar, Tom Shoes – create surprise and delight by being high participation and high shareworthy at the core.