5 truths about Millennials
Posted by francesca.pezzoli | 04 July
Much has been said and written about Millennials (maybe too much), but here are 5 truths that we passionately believe brands must understand if they want to engage successfully with the most over-marketed group in history.
1. Not all Millennials are the same
From the ‘Hip-ennial’ to the ‘Millennial Mom, this a group with widely varying aspirations and lifestyle behaviors. How can you connect with them all?
2. They don't buy, they make life statements
It’s not just a purchase, it's a statement about how they choose to live their lives. Millennials demand a brand has a deeper role beyond consumption. How can you help them make that statement?
3. Experiences trump ownership
This is a generation that is interested in spending more time and money on experiences than physical possessions - constantly in search of originality and personal adventure. How can you satisfy their desire to create, share and ‘own’ a memory’?
4. Loyalty can be bought – if you use the right currency
Incentives can work to build loyalty in a supposedly disloyal generation – they just have to be individualized incentives. Token one-size-fits-all rewards won’t cut it. How can you create tailored, targeted rewards that offer meaningful value?
5. They will win the price competition
Millennials will ruthlessly exploit technology to test if you’re the cheapest or not. They will use ‘tech-in-the-aisle’ to price-check and won’t be afraid to walk away if the price isn’t right. How can you switch the argument from price to value when you have them in the ‘buy-line’?
At TLC we specialize in creating experiential rewards that will help your brand answer all the questions posed of it above. We know how to change the potential nightmare challenge of engaging Millennials into results that are a dream come true. We would like to share this with you.