Millennials Re-define Brand Value

“Millennials don’t just want to buy your brand, they want to be a part of it.”

Wow, that’s the best summary I’ve ever heard of what Millennials stand for with their buying power.

In this article by Jeff Fromm, he talks about the importance of participation.  As a Millennial myself, I know the role social media has played on my generation’s forms of entertainment and communication. It has morphed beyond just my generation to impact people of all ages around the world. Online engagement is now expected in nearly every segment of our lives, work and personal.

The Participation Economy
(emotional benefits + function benefits + participative benefits)/price = brand value.

There are three key areas of engagement for Millennials to connect with brands. They want to cocreate the products and services that you sell. Millennials want to cocreate the customer journey (customer experience). They want to cocreate the marketing, which goes beyond just social media.

Numerous brands are incorporating these strategies as seen by the increase in user-generated flavors, custom products/services and lots of surveys for key feedback in developing new products..

As brand develop new ways to engage Millennials, they should also keep in mind ways to make them share their experience. Common roads to shareworthiness include purpose and disruption. Does your marketing make them feel better about themselves at the end of the day? Is your idea causing them to stop, pay attention and engage with your brand?

Fromm states: “Millennials will impact companies’ bottom lines unlike any generation before. Already, Millennials are estimated to have $1.3 trillion in spending power, which is 21 percent of the current consumer discretionary spending. This number will only increase as the cohort matures and fully enters the workforce.”

Brands that begin to engage Millennials now will create long-term relationships and hopefully see the results in their sales.

Millennials want to be part of your brand and know WHY you do what you do… How will you engage them?