The Evolving Role of Brands for the Millennial Generation

The Evolving Role of Brands for the Millennial Generation

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  Edelman 8095®, namedfor the years in which the generation was born, 1980 to 1995, is an insights group studying the Millennial generation and their relationship with brands. Following a benchmark study in 2010, Edelman now unveils 8095® 2.0, an updated look at Millennials, their new aspirations and the role that brands play in their lives. 8095® 2.0 SURVEY MILLENNIALS HAVE BEEN SHAPED MILLENNIALS ARE ALPHA-INFLUENCERS BY THE GLOBAL RECESSION With many Millennials entering parenthood and 4,000 Millennials in 11 countries They are growing up, and so too are their building careers – their sphere of influence views of success. Coming of age in the continues to expand – 74% believe they influence AUSTRALIA INDIA global recession has closed many traditional the purchase decisions of those around them. And BRAZIL TURKEY paths to success, forcing them to push back they expect a two-way dialogue: typical stages of adulthood, but has also 7 IN 10 MILLENNIALS THINK IT’S THEIR RESPONSIBILITY TO CANADA UAE created a new breed of entrepreneurs. SHARE FEEDBACK WITH COMPANIES AFTER A GOOD OR BAD EXPERIENCE WITH THEM. CHINA UK OF MILLENNIALS SAY THAT OWNING THEIR FRANCE US OWN BUSINESS IS A 90% 90% 82% 81% TOP LIFE GOAL GERMANY INDIA CHINA BRAZIL UAE WHY MILLENNIALS MATTER FRIENDS OF BRANDS TO MARKETERS 75% 72% 67% 66% Millennials are surprisingly open to brand engagement and advertising, but only if BIG: brands have the right approach. TURKEY GLOBAL AVERAGE US UK The largest generation alive today – 1.8 billion globally 8 IN 10 MILLENNIALS EXPECT BRANDS TO ENTERTAIN THEM. HOW DO THEY WANT TO BE ENTERTAINED? 64% 61% 59% 57% INFLUENTIAL: Impact purchase decisions of ALLOW ME TO CO-CREATE AUSTRALIA FRANCE GERMANY CANADA peers & parents and will outpace 40% YOUR PRODUCTS Boomer earnings by 2018 ANSWER MY QUESTIONS/ CONNECT ME TO OTHER UNIQUE: 33% COMMENTS IN REAL TIME IN SOCIAL MEDIA 21% FANS OF THE BRAND/COMPANY The first inherently digital I DON’T EXPECT BRANDS/ generation that does not know a 32% SPONSOR ENTERTAINING EVENTS 20% COMPANIES TO ENTERTAIN ME world without the Internet or smartphones 31% CREATE ONLINE CONTENT SUCH AS VIDEOS, PHOTOS, GAMES AND BLOGS 19% PARTNER WITH A CELEBRITY OR PUBLIC FIGURE I ADMIRE
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  WHAT THIS MEANSFOR MARKETERS For brands to matter to Millennials, “average” is no longer enough. A whole new level of engagement, authenticity and purpose is necessary. Here are seven implications for marketers coming out of the 8095® study. • MILLENNIALS AREN’T KIDS ANYMORE. • IT’S NOT YOUR BRAND ANYMORE. • “SMART AND FUNNY IS THE NEW ROCK AND ROLL.” The oldest are 33, the youngest 18. They It belongs to your customers. Marketers This quote from Nick Shore at MTV are not the next frontier, they are the here must be willing to give up some brand summarizes an approach more marketers and now generation with spending power, control. Millennials want to co-create with need to take. When we asked Millennials careers and families. As the world’s top you, and have two-way dialogue 24/7/365. what brands need to do to capture their alpha-influencers, every company needs to Be agile, collaborative and prepared to attention, their #1 answer – use humor. see Millennials as influencers for the support the Action Consumers promoting While business is often serious, you don’t purchase of their products or services. your brands. always need to take your message so And we mean EVERY company. seriously. Find opportunities to be humble • EXPERIENCES OVER STUFF. and witty. • SHIFT AWAY FROM TRADITIONAL SEGMENTATION. Focus on how your product or service Wake up, people! The world has changed. enables life experiences. Millennials want “Minority” births now outnumber to buy into new ideas and be able to share Caucasian births in the U.S. and the world those ideas and experiences with friends is more diverse than ever before. Gender and family. Be social, and enable social lines are being blurred, and more men are experiences. taking over traditional female roles, and vice versa. It’s time to lessen the focus on • HELP MILLENNIALS BECOME AN EXPERT ON YOUR gender and other specifics and think about BRAND, PURPOSE AND STORY. messages that appeal to the blurring of the Millennials have a strong desire to share masses. and learn from each other. They want brands to entertain them. Share your • ENGAGE MILLENNIALS IN SURROUND SOUND. back-story, your history, the reasons why While inherently digital and dominant in you make the products you make or social media, they crave face-to-face deliver the service you deliver. It’s not engagement and in-real-life (IRL) enough for brands to be great storytellers. experiences. To successfully engage them, You need to enable your consumers to be you need to reach them from all sides, and powerful storytellers on your behalf. Be make sure your brand story is being told in authentic, transparent and communicate many of the sources of information they your larger purpose. use to make brand purchase decisions.