Jeff Fromm, Executive Vice President, Barkley defined Millennials as those born between 1977 and 1995; 60 million people in the USA whose mind-set is also affecting the buying habits of their parents.
For Millennials, the most respected companies and the best companies to work for are the same: No.1 is Google, No.2 is You-Tube (Google-owned) and No.3 is Amazon. Apple is No.11. The products they look for must have the usual functional and emotional advantages over the competition, but in addition they must now offer “participative benefits”.
The new consumers want to be treated not as a target audience but as a partner in the product development process with a view to becoming active co-creators of the next generation of products.
Other words of wisdom from his book “Marketing to Millennials” included:
- · Millennials are 2.5x more likely to be early adopters of anything new.
- · You must engage the early adopters.
- · Move from storytelling to storydoing.
- · Great storydoing brands can be outspent by their competitors but are rarely outperformed. They stand for more than the bottom line.
- · Design a sense of adventure and fun into new products e.g exotic but affordable new food.
- · Millennial mums demand “useful” products. (Useful is the new Cool).
- · Millennials don’t simply buy a product or service; they buy into a “brand idea”.
- · Millennials are not loyal to a product or service and have great power to change things. They have yet to reach their maximum earning capacity.