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.

Top 10 Ways to Digitize Your Brand for Success

Top 10 Ways to Digitize Your Brand for Success

We live in a tech-infused world – that is a fact. However, many small business owners refuse to change their old ways and continue to employ outdated marketing tactics. That can only be a recipe for failure or, at best, stagnation.

Here’s the thing: if you want to survive in today’s business environment and grow a successful brand, then you must go digital. But, because technology and society evolve faster than your organization may adapt, you shouldn’t get hooked on fads and trends. Instead, focus on developing an online marketing strategy that will serve you in the long run.

The question you may be asking yourself now is how you can prepare your business for the digital world?

Here are ten possible solutions. 

  1. Consult with Digital Experts: The hard truth is that you will not be able to turn your business digital by yourself. Even if you spend a lot of time reading and doing research on the best digital marketing practices, it may still be hard to understand how this world functions. Don’t hesitate to ask for the help of experts and hire an agency to help you create your online marketing strategy.
  1. Use Freelancers: The days when you needed an office and employees available in a set location are long gone. Now, with the help of the internet, you can secure talent from all corners of the world. A lot of young professionals prefer mobility and flexible hours rather than high compensation or status.
  1. Pick the Best and Most Effective Digital Channels for Your Business: If you’ve got a retail brand, considering social media may just be the best way to double your conversions. However, the channels that may work for a brand may prove to be ineffective for you. Explore your customer preferences and test more than one digital channel to see what makes them tick.
  1. Be Ready to Turn Your Brand into a Story: You should consider turning your business strategy into a narrative that resonates with your audience. Digital storytelling is a growing trend among organizations and for good reasons. The ones that tell the best stories are the ones with the most devoted customers.
  1. Center Your Brand’s Story around Solutions, rather Than Products: Hear this– a writer can never create a good story around mere objects, and a company can’t build a business strategy solely around their products. Of course, your customers need your products, but they need them because they help them overcome certain problems. Try focusing your narrative on your customers’ pain points and the best solution rather than your products. 
  1. Be Customer-Centric: People are tired of aggressive communication and are becoming very cautious about the brands they choose. Make sure to invest in user experience, both online and offline and show your customers that you care about more than just their wallets.
  1. Adapt: Sure, turning digital is mostly about technology, but it is also about people.  Keep your team educated about the importance of change and help them greet innovation with enthusiasm.
  1. Track Your Progress: Use analytics to discover where your audience is coming from so that you can intensify interactions in those areas.
  1. Leverage Social Media Platforms: Facebook, Twitter and most notably, LinkedIn all offer marvelous opportunities to grow online. Be sure to plan your social media strategies well-ahead, and always deliver quality content.
  1. Be Social: So you’ve started your social media campaigns, and everything is looking pretty well. Sustain this by engaging with your prospects and building meaningful relationships with them.

Conclusion

The digital era is at its dawn; there’s a whole lot more to unfold, so be prepared. When taking the digital road, you will encounter a variety of risks. But the benefits are well worth it.

How Experiential Marketing Can Do Wonders for Your Brand

How Experiential Marketing Can Do Wonders for Your Brand

Today’s marketing revolves around the idea that the customer is in charge of the brand, not the other way around. As such, the user experience is the primary focus in today’s business world, and companies are spending a lot of time and resources trying to figure out why people pick one brand or product over another.

Sure, prospects may choose a product out of curiosity first, but they won’t repeat the purchase if the solution doesn’t deliver on its promises. More often than not, customer satisfaction largely depends on how well your brand delivers experiences.

The idea is rather simple: if you want to win over your audience and turn them into loyal customers, then you need to do more than just advertise to them. You also need to ensure that they’re having the best possible experience when using or interacting with your brand.

That’s where experiential marketing can come in handy

Message Broadcasting Is Slowly Turning Obsolete

Every brand has a message, but that’s not enough for the 21st century consumer. Sick of the same old “buy from the best there is” advertising tune, customers will slowly turn their eyes to wherever some new, fascinating experiences may arise.

That’s because experiential marketing is all about engaging all five senses and not merely sending a message. Consumers care more about having their senses caressed than they care about what you are trying to tell them. They’ll surely understand your message better if you give them an actual taste of it.

Focus your brand strategy on how and what your prospects feel. Align your business with your audience’s expectations if you want to deliver great experiences.

The Benefits of Experiential Marketing

Young consumers view experiences as more valuable than things. As such, they are more likely to buy products from someone who engages with them directly rather than a business that uses advertising to communicate. Experiential marketing is all about creating peer-to-peer interaction and engaging audiences in ways that will make your brand stay top of mind.

That’s not to say that you should ignore conventional tactics, such as social media, content marketing or email marketing. These are still beneficial and will bring impressive results to your business. However, make sure to mix these strategies with experiential marketing tactics and create interactions that will enable your audience to connect to and absorb your brand’s values.

For example, you could organize events where people can taste, hear or feel your products and get a close look at what your brand is about.

Another excellent and simple way of putting experiential marketing to work is by giving away product samples. Just think about it: what protein bar are people more likely to buy – the one they see advertised on TV all the time or the one that organizes funky events at their local gym?

It’s not that hard to guess the correct answer.

Keep in mind, though that this type of marketing is not just about food samples and parties. Due to recent developments in technology, you may also lure your prospects into your brand’s narrative through virtual reality. If you own the right infrastructure, you can have worldwide expositions of products or services and grow your customer base in ways that couldn’t have been possible otherwise.

Conclusion

Whatever the case, sharing positive experiences with your prospects builds trust and deep relationships that can ultimately translate into loyalty. Nowadays, your value relies on what your audience feels about your brand. Make sure they get it right.

Top 10 Brand Resolutions

Resolutions
Each year you have a plan in place to enhance the “health and wealth” of your brand. And It’s always helpful to cross-reference it against others. Here’s a ready reference list of brand and business resolutions we hope you’ll find helpful:
  1. Digital Surround: Be certain your digital surround content is current, relevant and practical.
  2. Tell Human Stories: Make sure you add human and thought-provoking commentary.
  3. Get Strategically Fit: Renew your strategy for success with fresh insights.
  4. Save Money: Make sure you’re getting the most value for your marketing dollars.
  5. Share with Others: Create content that drives engagement, excitement and loyalty.
  6. Get Real: Develop smart, real world guerrilla marketing to captivate your audience.
  7. Push Emotional Keys: Leverage emotional branding “keys” that strike a chord.
  8. Go on More Dates: Explore working with agencies that take you out of your comfort zone. (hint: Canopy)
  9. Add a New Skill: Integrate new technology marketing tactics into your mix (like AR or Bots).
  10. Feature Immersive Experiences: Create rich and highly immersive, in-and-out-of-store, brand experiences for customers.

Now, you don’t have to do all of these, but try picking out a few. It could make all the difference in this being a great year for your brand and business.

Thanks as always for listening. And we wish you a Happy New Year!

Unplug to Recharge

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It was at a recent Dave Chappelle concert when it dawned on me the importance of disconnecting from the world. In between the profanities and lewd, vulgar, yet funny content, I found myself socializing and engaging with those around me more than usual. Was it because we shared a common emotion of laughter? Or the increased consumption of alcohol? NOPE! It was mostly due to the privacy and security precautions the venue took as part of the concert experience. (Really?!)

Before entering, each patron was asked to “lock” their phones in a sack, making them inaccessible until after the show. Part of this was to avoid anyone sharing the contents of the event. The other, which was not as overt, was to bring us back to a simpler time — a time when engaging and socializing with a human being was all we knew. A time when our eyes and ears were glued to a live event or conversation, rather than a screen in the palm of our hands. (Ahhh, the good old days!)

While some may think “down time” should be time spent being productive — I beg to differ. It should be time used to reconnect and recharge. I personally love when I am taking a flight somewhere and have to go into airplane mode. I am disconnected, and able to put my mind at ease for those few hours. I look at it as a reboot — an escape from the flood of information and content that invades my headspace almost every waking moment of the day.

Our brains already consume way too much information (11million bits per second to be accurate), and are more than likely overwhelmed and exhausted. Imagine a hamster on a wheel, at some point it’s little legs get tired and has to get off. Now imagine that hamster never getting off… that’s our brains. So it’s important to find ways to disconnect. If that means taking a walk outside, while leaving your phone at your desk, or just going into silent mode for a bit, I highly recommend it. You’ll find yourself and mind refreshed, making you a more productive and sharper you.

So let’s see if you can integrate this into your everyday. Try allotting 15min to your schedule for that walk, or going into silent mode (label it “Unavailable” on your shared calendars). See if you can make it a routine, and let us know how it’s working for you. I know from our side, it helps everyone here think clearer, which results in bigger ideas, better creative, and happier clients.