Proposed Brand Response to Digital Natives
Individual members of the millennial generation are indeed unique and often resist the thought of being bucketed into one defined category. In fact, standing out and embracing diversity of thought, expression, etc. is a defining characteristic of the most diverse and educated generation yet. Despite this reaction, the world is changing and so should marketing approaches. Several important trends have emerged about both millennials and Gen Z that brands and their marketing teams should note if they want to stay relevant.
- Balance. Cost savings is important, but not as important as our time and convenience. We often spend money on experiences, like travel, over purely material things as we love to learn and embrace the separation between work and life
Solution: Brands can tap into the reason behind why millennials buy. What kinds of experiences are we hoping to achieve, and how can a new hairstyle, better shoes, or a certain kind of tent help us achieve our dreams?
Solution: Brands can tap into the reason behind why millennials buy. What kinds of experiences are we hoping to achieve, and how can a new hairstyle, better shoes, or a certain kind of tent help us achieve our dreams?
- Engagement. Millennials are used to sharing personal opinions openly on social media and enjoy instant gratification through Likes, comments, and other forms of feedback.
Solution: “If you want to know what we think, we are right here, all around you. All 140 million of us. Just ask us.” (Wharton). It's also easier than ever to push anecdotes aside and observe Millennial behavior through user data. One approach that may ease ethical tensions is compensating the younger generations fairly for providing user data that will result in benefits like product optimization.
Solution: “If you want to know what we think, we are right here, all around you. All 140 million of us. Just ask us.” (Wharton). It's also easier than ever to push anecdotes aside and observe Millennial behavior through user data. One approach that may ease ethical tensions is compensating the younger generations fairly for providing user data that will result in benefits like product optimization.
- Activism and Authenticity. The world as millennials and Gen Z's know it is changing rapidly. Most will not achieve the fortunes, status, wealth, or prosperity that was available to their parents due to the rapidly increasing inequality gap.
Solution: Brands can feel more confident taking a stance as it will resonate with activist millennials. They should be very clear about the ways they give back to the community, fight climate change and pollution, and contribute to a more peaceful world. "Today, only a minority of millennials believe businesses behave ethically (48 percent vs 65 percent in 2017) and that business leaders are committed to helping improve society (47 percent vs 62 percent in 2017)." (Deloitte).
Solution: Brands can feel more confident taking a stance as it will resonate with activist millennials. They should be very clear about the ways they give back to the community, fight climate change and pollution, and contribute to a more peaceful world. "Today, only a minority of millennials believe businesses behave ethically (48 percent vs 65 percent in 2017) and that business leaders are committed to helping improve society (47 percent vs 62 percent in 2017)." (Deloitte).
Read more about Digital Natives here
http://knowledge.wharton.upenn.edu/article/viewing-your-company-through-a-digital-natives-eyes/
Deloitte Millennial Survey Results 2018
https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
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