Retailers and brands need to focus beyond the millennial segment.
The millennial segment is important, but one cannot ignore the existing customers from different generations on both ends. No retail brand can survive by focusing on only one category. While you must have an eye on the future, one also needs to engage and be aware of the current audience preferences.
The current audience, the ‘Xennials’ are already setting the trend. This is the target segment that is getting online and catching up with the millennials and also has the spending power to bring about a change in a brand’s life.
However, bear in mind that the Millennials, i.e, digital natives, are about to move into their prime spending years. With a majority of today’s population accessing information at their fingertips, the habits, preferences and experiences of this generation are quickly shaping the economy and changing the ways brands market their wares.
Demographics beyond millennials best positioned for brands to cash in on at present/
I will go with the micro-generation of Xennials who are in their prime which brands need to address right now.
Millennial spending is or could decline.
This is a new era we are stepping into. The traditional routes of marketing don’t work anymore. A marketer of the future will need to keep their finger on the pulse of the audience and move quickly to weave their own brand messages within the same. The economic boom will ensure that the millennial generation has the power to spend. But what will they spend on?
The good part is that whether a consumer spends on a brand or not, completely depends upon the brand itself. In the future, which is not very far away, the millennials who are currently deciding on which brands to buy based on their own customized needs and the ethos of the brand will choose based on their crowd sourced reviews. They connect with the conversation you create around your brand and the reality of the same. No more can you create a Mad Men kind of fictitious story line. Your brand conversations have to be rooted in reality for the millennial generation to be a brand loyalist and the brand will have to work to retain that loyalty every single Day.
It is already happening and we will see more of this.
Brands/retailers can enhance the spending prowess of consumers/millennials in the digital age.
Be where your audience is, is pretty simplistic and understood. But what are you communicating to them is more essential. One of the greatest tools that a marketing professional has today is a digitally integrated world. While the omni channel route has become pretty standard today, what one needs to focus on is the brand experience.
While digital platforms have opened up a world of multi channels that are a direct connect to the consumer, the stories we create around a brand will define the brand experience and are essential. The power to create a great story, right messaging, values that they care about and ideas that matter will define it. Delve deeper into subjects like sustainability, community building, gender equality, eco-consciousness and the likes that your brand can champion and stand by it. This is completely in the hands of the brand. One needs to go a step ahead and beyond traditional marketing. Learn to engage with your audience via meaningful content you create and bring about value to their lives. Encourage your audience to be a part of a relevant conversation that you create around your brand.
At Baggit, which is a 30-year old vegan brand we just did a campaign around mansplaining and it resonated fabulously well with the audience. It cut across generations helping new and potential customers discover the brand and proudly re-connect with the existing ones.
Your audience needs to know that you stand by the messaging and that it is not just a campaign. It has to be above and beyond of just selling a product to them.