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?
Improve your social media metrics
The Social Marketing Forum published this great white paper from Vocus on 10 key blogging, content and social media metrics and how to improve them. Read it here.
I recommend you read the full article and white paper if you have the chance, but I’ll share a few of the tips here.
Social Media Referrals
Visitors who link to your site through social media sites such as Facebook and Twitter indicate your reach and influence…. they also indicate if your content marketing strategy is working. Referrals are important but you should also consider what visitors do when they visit your site/blog/landing page.
- Adapt the content you want your audiences to find according to the networks you use
- Focus more on share-worthy content
- Engage influencers and connect with peers
- Be relevant and consistent
Search Engine Ranking
Where you rank in search engines is increasingly defined by social media engagement and the relevance of your site content.
- Test content formats
- Focus on good incoming links
- Mind your keywords
Email List Size
Email is a proven and effective form for communicating with your customer and converting social contacts. Its success is dependent upon a large and actively engaged subscriber list.
- Create great content
- Target and segment
- Provide choice
- Offer more in your newsletter
Other metrics to consider:
- Mentions – How often your site is mentioned in news articles or blog posts lets search engines know that you are credible, as well as builds exposure to potential customers.
- Email opens – Email open rates are a great predictor of how many customers are receiving your message.
What metrics have you found to be most effective for keeping your brand message fresh and relevant?