Millennial Marketing…
…and Marketing to Millennials
Let me ask you a question… How are you going to be a relevant brand to Millennials?
There is much written these days about the huge opportunities that Millennials provide to marketers of consumer goods. That Millennials are an exceptional target for beverage marketers is an understatement. The fact that Millennials were raised by Boomer parents, who discovered wine, fancy coffee and other upscale products is not lost on savvy marketers. There are some reports that today’s Millennials represent $155B in untapped spending potential when comparing their current incomes with pre-recession (2007) spending levels. That’s a lot of consumer power.
Millennials know quality, are willing to pay a premium for products, but unlike their parents and other consumer groups, Millennials are unique. In short, they demand a voice in their brands’ lives. It’s as if Millennials will only commit to those brands that commit to them.
What are the key elements to success with Millennials? Interestingly, it’s pretty simple: honesty and transparency. Millennials are demanding several important traits in brands before they will commit to true brand commitment:
Honesty: The story the brand tells better be truthful; it should be based in honesty, with a good amount of humility. Provenance is important to Millennials. It’s not the perfection of the brand or its story that’s important, but rather that there is a story to tell.
Transparency: The corollary to honesty is transparency. Millennials are activists in their own way. They demand that their brands be transparent in all activities and transactions. This demand for transparency actually gives brand owners an opportunity to set themselves apart. Think of transparency less as living in a glass house, and more as an invitation to share your thoughts, aspirations and frustrations with your consumers
Substance: In short, brands need to stand for something beyond their profit goal. Millennials will align more readily with brands that have a mission that is greater than themselves. And interestingly, Millennials that identify with their brands’ missions will act as an accelerator in supporting those brands and getting those messages and values elevated.
So, in a way, today’s Millennial consumers are really the “synergy” that brands have been seeking: doing things about, for and with the brand that benefits the entire brand ecosystem. Now, how are you going to be relevant brand to Millennials?
Drink Well.
