Blockbuster with DVD rentals Kodak with cameras, Marvel with comic books and Readers Digest with magazines – all companies who filed for bankruptcies due to the changing behaviour of the millennials.
Millennials are game-changers who are infamous for destroying companies and entire industries.
Who are the millennials?
Born after 1982, they grew up with the diffusion of the internet and the following rapid technological development. This did not only bring us new and modern products but also changed the way we live our lives.
With constant changes in their lives and an overload of information, millennials developed a fear of missing out. Marketers now find it nearly impossible to capture their attention, as millennials filter out any noise from advertisements.
Having now established a strong purchasing power and by saving less than 5 % of their income, the millennials have become a very attractive target group!
To make sure to spend their money somewhat wisely (and to still have the time to frequently check any social media updates) they prefer to buy from brands whom they trust will create value for them.
What to do in your marketing?
This creates a big change for the marketers as the behaviours of the millennials do not compare to the previous generations’. Where previously marketers could aggressively persuade potential customers to consider their products, today they instead need to develop trust!
Content is not king for the millennials. They instead focus on value created by companies to make their lives easier or better is heavily rewarded. The marketing requires better knowledge of millennial behaviour and involvement in their interests. If you can succeed in this, you will get them to feel strongly connected to your brand.
What is your strategy on how to connect with the millennials?