Last week we attended the Brand Innovators Mobile and Millennials Summit. We learned a lot of great information from the event’s speakers, and have a few key takeaways that should be considered by all enterprise brand managers who are ready to make their marketing efforts more relevant, contextual and Millennial-friendly.
But first, what is a Millennial?
Before reading our key takeaways, it’s important to establish a solid definition of what a Millennial is. Ages 19-34, 90% of Millennials have smart phones. They have a growing purchasing power in today’s economy and can be seen as the social, mobile and self-promoting generation. While Millennials are the current focus of most marketers efforts, it’s important to consider how millennial marketing tactics will transition to marketing for Generation Z.
Takeaway #1: You Need Content that Resonates
Best said by panelist Justin Manfredi, Sr. Director Digital Marketing, Activision, “Content is king, but great content is not enough”. Millennials are seeking authenticity and experience; a brand that can speak to its audience and reach out to different tiers of dependable influencers to push their message. From “social savvy” celebrities to Youtube influencers, Millennials are looking to these figures for brand affirmation and credibility.
Millennials don’t like brand content. They like THEIR content. This distinction played in significantly when Chris Brandt, Chief Marketing Officer of Taco Bell, began to discuss their goals and objectives in “converting Taco Bell followers into friends.” More so than anything else, creating the content is only part of the process. Brands need to have the right tools and strategy to create a local impact and disseminate their materials as quickly, easily and effectively as possible. Brands listen to their social following understand how they can appropriately comment on things and maintain a certain standard of credibility to users.
Takeaway #2 You Can’t Keep Targeting the Same group
Blake Aber, Sr. Analyst at Distillery explained Millennial impact on the economy. By 2017, Millennials will have $200B worth of purchasing power. And while marketers are ones to jump to buckets of demographics and interests to target these Millennials, it will take more a lot more convincing. It’s unreasonable for marketers to keep targeting the same group over and over again in the same way without generating skepticism. Aber suggested studying customers on an individual basis, analyzing their actions and targeting in a way that peaks their interests.
With a straightforward perspective on the truth about the hype of millennial marketing, entrepreneur Claudia Batten explained that in millennial marketing, targeting traces back to authenticity. If it doesn't make sense for your brand to cater to this audience through conventional ways, rethink your objectives . Hear what is being said by this group of customers and and develop your strategies to make sure you , stand by the brand.
Takeaway #3: You Need to Involve Your Millennial Audience
In a keynote session with Taco Bell CMO Chris Brandt, we were given a deeper understanding of Taco Bell’s goals and mission in its marketing. Brand brought up a lot of points that highlight the importance of creativity when moving the fast food chain from a friend to a “cool friend” in the eye of the consumer. As a celebration of the relationship that the brand has begun to develop with Millennial customers, to show authenticity and move into a stage of content production that is more collaborative between the brand and its customers. There is more creativity in two-way conversation and storytelling. It’s not just something millennials expect, but it’s what they demand.
It’s time to start considering your customers needs in the most real-time, hyperlocal way. Start listening, analyzing and catering to your customers the right way with Brandify.