Over the last decade, a significant economic change has been taking place. Millennials, one of the most marketable demographics for start-ups and entrepreneurs, have stopped collecting ‘things.’ According to several studies, 20-35-year-olds are now more concerned with investing in experiences than they are trinkets, gadgets, and possessions.
The question is, where does this leave brands? What can companies do to capture the attention of younger buyers and convince them that their products represent an essential experience? Well, if you are a brand activation manager, you need to be offering three things – customisation, practicality, and excitement.
Keep reading for some great tips and ideas on how to keep millennials invested in your brand.
In an age of increasing frugality, particularly among millennials, the importance of exclusivity is growing. It is not that people will not spend cash, it is that they will not spend it on things that everybody else has. Younger consumers want to be a part of something special. For instance, think about how Taco Bell launched its breakfast menu in 2014.
It gave out prepaid burner phones to 1,000 people across the country. They were encouraged to call the headquarters and receive secret missions, which were carried out via Twitter. The campaign attracted 16,000 tweets in ten days because it convinced young people to bid to for the chance to take part in a rare experience.
The demand for customisable content and products is huge right now. If you are a brand activation manager, you can use this to your advantage. The Coca-Cola ‘Your Name on a Bottle’ campaign is the most high-profile proof that this works and it was absurdly simple.
When planning your next product launch, think about ways to tailor the product experience. Whether it is picking out the most compatible products from a new line, so that customers do not have to browse or adding personalisation options as part of the purchasing experience; customisation is what millennials want.
This last strategy will not work for all companies, but it is growing in popularity at the moment. As millennials prioritise experience over things, many are choosing to invest their money in brands which give back in a practical way. In other words, they want a multidirectional relationship with their brands. The best way to provide this is by getting consumers involved.
Host research groups, sponsor brand ambassador programs and get millennials sharing their opinions. Brands benefit as well because customer feedback is the best way to create products which set the market on fire and become big sellers. Be a brand activation manager who gets the millennial vote, because you care about what the demographic wants.
by: Antony Hampel