Have you heard about our new video series: The Millennial Minute? Twice a month, we will be answering your questions about marketing and selling to the millennial generation.
Brand strategy professionals are always looking to create more value for consumers because modern consumers will reward brand leaders when they do it.
There are three key ingredients to driving brand value.
The first one is uniqueness. Being more unique drives your pricing authority. You can change your service model, you can change your product, you can change any number of things to the extent that you’re innovating around being more unique. This will drive your pricing authority.
The second ingredient is about innovation. This consumer loves brands that are hacking and are consistently and continually in a state of beta. They have little equity in old schemas. Innovative brands win.
The third thing is meaningfulness. Millennials want to co-create meaning alongside your brand. They want to make the world a better place and when you allow that to occur they are going to reward your brand by giving you permission to create more products and services that they want to consume. Why? Because they believe in brands that have a triple line bottom line – people, planet and profit.