Brand Love: Creating Millennial Brand Engagement
Most brand owners realize the incredible purchasing power of the Millennial generation. But developing a successful brand strategy that reaches this demographic can be tricky: affluent, non-homogenous, and always connected to peer networks via technology, they don’t necessarily respond to traditional forms of brand marketing. In his BrandSquare Live Session, Creating Millennial Brand Engagement, Jeff Fromm, president of FutureCast, provides some insights into how brand owners can successfully engage the largest and most influential generation of consumers ever.
According to Jeff, the key to engaging Millennials is by creating “brand love.” The abundant choices available to consumers means that brands must prevent boredom and create love to build consumer loyalty. To create this brand love amongst Millennials requires uniqueness, purpose, meaning, and innovation. And achieving these qualities requires a deep understanding of what he refers to as the Millennial Mindset.
The Millennial Mindset is more than just a demographic; successful brands need to understand the keys to engaging this generation in a meaningful way in order to increase brand love. The mindset can be broken into five key understandings:
1. Purpose: Driven by meaning and idealism, tapping into a key pain point or ideal helps create purpose for your brand.
2. Experience: Millennials are willing to pay a premium to collect meaningful and remarkable experiences that are connected to the sharing and co-creation they seek.
3. Discovery: Millennials seek to embrace a new consumer journey.
4. Community: Millennials seek participation and community both in the physical and digital worlds.
5. Innovation: Millennials expect innovation in all products and seek usefulness for their daily lives.
To embrace the qualities of this mindset, brands need to live up to certain brand truths that speak to the values and desires of Millennials. Brands that stand for more than just the bottom line, making the brand behavior part of its positioning, will speak to Millennials’ desire for purpose. And instead of brands embracing storytelling, they should embrace “storyliving” as proof that their behavior matches the values and idealism of the Millennial Mindset. Storyliving also helps to collect the experiential currency that feeds Millennials’ desire for experience and discovery. Finally, since the path to purchase is no longer linear but more circular, brands must achieve a frictionless journey that seamlessly integrates the physical and digital worlds, thereby building a broader, more diverse community.
For more insights on how your brand can engage Millennials effectively, be sure to watch Jeff Fromm’s BrandSquare recording on Youtube, Creating Millennial Brand Engagement.