Are Millennials Still Hot Stuff? Understanding Emerging Consumer Audiences

Are Millennials Still Hot Stuff_ Understanding Emerging Consumer Audiences .docx

Marketing companies have been competing for the minds of millennials fiercely over the last few years – and for good reason.

Millennials represent about a quarter of the entire US population, and have over $200 billion in annual buying power. Though they have less discretionary income than Baby Boomers and older generations, they have a lot of influence – and are hard to reach with traditional marketing methods.

But are millennials still the hottest consumers out there? Or should we be focusing our efforts on a new generation of consumers? Here’s the scoop.

Millennials Are Still The Most Important Consumer Generation – For Now

Millennials are defined as individuals who were between 18-34 in 2015 by the Pew Research Center. They are just now entering the prime of their lives as consumers.

As millennials age, their income continues to grow as a generation. Most millennials are now out of college and working in professional careers, and millennials are the most educated generation to date.

This means that the buying power of millennials is only going to grow in future years, as they begin to start families and earn more discretionary income.

However, millennials will not stay at the top of the heap forever. As time goes on, Generation Z continues to grow – and a new generation of consumer is born.

Gen Z – The Largest Consumer Generation In History

Generation Z is defined as the “post-millennial” generation. While most definitions vary, it’s agreed that most Gen Z individuals were born around the year 2000 or later. This generation already makes up 25% of the population, and is forecasted to continue to grow.

As Gen Z becomes older, and younger people begin to enter the consumer market, they are likely to become the most highly sought-after consumer generation, just as millennials were before them.

Focus On Millennials In Marketing Efforts – But Don’t Forget About Gen Z!

How should brands market their products? Luckily, millennials and Gen Z both share a few common attributes. Consumers from both generations are tech-savvy and have quite a bit of influence on the market – and both Gen Z and millennial consumers do not respond well to traditional advertising methods.

While millennials should be the focus on most marketing efforts, Gen Z should not be overlooked. Brands should be using social media platforms like Snapchat, Instagram and Twitter to reach a younger audience, and should always be on the lookout for hot trends that could appeal to Gen Z consumers.

Conclusion

As time goes on, millennials will become less important as a consumer audience, and the importance of Gen Z will grow. So focus on millennials for now, but don’t forget about the younger generation.

It’s called a brief, so let’s keep it that way.

mens-underwearOkay people, let’s get down to business here. How many of you have written creative briefs for your agency that included page-upon-page of research, data, analysis and much more? I’m assuming most of you. Now, this is NOT a bad thing. In fact, it’s a GREAT thing to provide. So we applaud you for overdelivering on the background info we might need.

BUT… when it comes down to the heart of what you want the agency to deliver for you creatively, it’s best to keep it short and sweet. The immersion is the key area where we intend to learn anything and everything about your brand, business, category and consumer. This is where the data-dump should take place.

Whereas the actual initiative we are working on should be able to be interpreted in one-page or less. References to examples that you’d consider benchmarks are always a plus.

If you do this and hear crickets, then the agency just doesn’t get it and maybe the long-form is necessary. However, more times than not, the agency will appreciate the synthesis of your objectives, and be able to move ahead much more efficiently with the task at hand.

So the next time you’re getting ready to pull the trigger on that brief, try and remember this tip. It will save you time on both ends.

Thanks for reading, and let us know if this was helpful, or if you need help crafting that brief.

Headline vs Body Copy

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When we see an article, advertisement or even a movie title, our interest is typically based on the headline or body copy. A catchy headline can draw you in to want to experience the body copy, which is the general idea of marketing. This same principle also applies to how we profile the people we work with. Are you a person that just wants the high level facts? Or, are you more analytical and someone who wants all the details? Also a great tool to use for prospecting, and getting to “know” your audience before you engage them. (Psst, agencies, do this when meeting new clients… it will help you determine who you can connect with when in a room.)

It also very much the practice of how we engage with brands that are marketed to us. And as marketers, this is something we must always consider when strategizing around how to connect with our customers. While imperative to a comms strategy, keep in mind that this approach does vary by placement. For instance, at the point-of-sale, it’s all about the headline, a.k.a. an eye-catching design that visually lures you in. But, while a catchy headline may do the trick at retail, most online shoppers want the specifics before they hit ‘buy’. Therefore, body copy can make a world of difference between conversion and abandonment when it comes to digital commerce.

Nevertheless, it’s important to find a balance between the two. To understand the appropriate place to lean at the appropriate time. So, when you’re implementing your marketing communications strategy, think of it as if you were a boxer — determine which blow will have a stronger impact, head or body. It’s all the difference in determining whether you win the bout against your competition, or have to head back to training camp.

P.S.
Me, personally, I’m a headline. I like to get to the point within five seconds or less. So if we ever email, you’ll likely feel that in our exchange. However, this post is more for the body copy lovers out there. Hope you found it insightful and applicable. 

AOR: Agency of Return

When agencies see or hear the term ‘AOR’, they typically drop everything and start to think about how they can position themselves to win. And when marketers are looking for an ‘AOR’, they’ve thought long and hard about the list of KPIs they’re looking to achieve, right?

But these days, it’s not so much about becoming the Agency of Record, but more the Agency of Return. Both marketers and agencies must start looking at how they either choose their agency, or position themselves to win the business, differently. Rediscover what value means to you.

boomerang (1)Think of it like a classic IRA, where it can issue 8% returns annually on your investment. Before you choose that IRA, you study its record of performance year-over-year, and ultimately make a decision on the one that you feel will bring the most value. And in our world, the term value can mean many things. It can be the actual sales increase you see as a result of your marketing efforts, the awareness and buzz created from a new campaign or package redesign, or even just delivering on a scope of work. It really all depends how you want to view it, and what’s most important to you.

From a marketers perspective, it’s more than likely going to be tied to sales. You want to show that the agency investment literally paid off. And from the agency side, the value comes from a satisfied client, and the positive reflection you hope they shine upon you in the trade. Thus, generating new opportunities from like-minded clients.

In the grand scheme of it all, we’re in it to find some sort of return or value. And while that is measured in outcomes, it all is tightly tied to the idea of a much grander hope. The hope of a reciprocating partnership that delivers positive results on both sides, and in return, is quite rewarding for everyone.

So think about how you choose your next agency, long and hard. And ask yourself, do they want to be my “Agency of Record” or my “Agency of Return”, and what type of return is of real value to you. That goes the same for us agencies.

Nebulous To Tangible In 4 Steps

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How do you turn a nebulous goal like “be more creative” into something tangible? Everyone has vague goals at one point or another, and they’re especially common in the creative marketing, branding and advertising industries. This week, Dr. Heidi Grant Halvorson published a small tool on Harvard Business Review‘s website, designed to help you reach your nebulous goals in 4 steps.

The tool takes you through four rounds of questions that help you first name the goal, then define sub-goals and what actions will be taken (by whom, when, and where). In addition to this, the tool asks you to create an “if, then” plan, which, as Dr. Halvorson explains, “[humans are] neurologically wired to make”. Essentially, under the specific sub-goals and tasks that you need to complete, you are asked to write a sentence detailing “if x, then y”. By framing actions this way, we are working with our neurological inclinations to accomplish the tasks that comprise our larger, vaguer goals.

Check out the tool here, and see what ambiguous goals it can help you nail down.

What Sparks Our Fire: Turning goal setting into goal accomplishing