![]() ![]() To start, companies and marketing organizations need to set and communicate clear and measurable Millennial goals. Companies must place a high priority on transforming their marketing functions by breaking down organizational silos and building the capabilities and partnerships needed to succeed in the new reciprocal-marketing ecosystem. Companies are already finding that pushing consistent, prepackaged brand messages to the masses through traditional media is not as effective and cost efficient as it once was-certainly not with Millennials, nor increasingly with Gen-Xers and boomers.Įxecutives and marketers will need a comprehensive, intimate view of Millennials across channels and media. If they have not already begun to do so, companies must make marketing to Millennials a top strategic priority and begin to master the art of two-way reciprocal marketing. Companies need to demonstrate through their values, heritage, and meaningful actions that they help those in need, are socially responsible, are good environmental stewards, protect personal data, or are transparent and sincere. One way a company can connect with this new status currency is by convincing Millennials that they are “doing good” when they purchase its brands. 3 Notes: 3 See The Resilient Consumer: Where to Find Growth amid the Gloom in Developed Economies, BCG Focus, October 2013. Millennials are also leading indicators of the new “status currency”-the status and values that consumers wish to project through their purchasing decisions and their brand affiliations. Executives and marketers must embrace the new reality: marketing is an ecosystem of multidirectional engagement rather than a process that is controlled and pushed by the company. The conventional, linear framework that most companies have used to manage brand engagement no longer holds. As a result, this generational transition is ushering in the end of consumer marketing as we have long known it. They are influencing and accelerating shifts in consumer attitudes, spending habits, and brand perceptions and preferences among Gen-Xers and even baby boomers. In marketing, as in pop culture, Millennials are leading indicators of large-scale changes in future consumer behavior. A bad-or even just disappointing-experience can turn a Millennial into a vocal critic who will spread the negative word through social media, reviews, and blogs. Companies can expect that a positive brand experience will prompt Millennials to take favorable public action on behalf of their brand. The Internet, social media, and mobile devices greatly amplify Millennials’ opinions and accelerate their impact. Through the feedback they express both offline and online, Millennials influence the purchases of other customers and potential customers. Millennials expect a two-way, mutual relationship with companies and their brands. Furthermore, they engage with brands far more extensively, personally, and emotionally-and in entirely different ways-than have other generations. Millennials are distinguished from older generations by their spending habits, brand preferences, values, personalities, and general outlook on life. It is perhaps more important that this generation is transforming consumer marketing itself. In the U.S., by 2030, Millennials will likely outnumber baby boomers 78 million to 56 million-and they are forming lifelong shopping preferences and habits now. ![]() This sum will grow dramatically, for only now are the first Millennials reaching peak buying power. The total does not include Millennial-influenced spending, such as spending by parents and grandparents. 2 Notes: 2 Of this total, $430 billion is regarded as discretionary, nonessential spending. Millennials already account for an estimated $1.3 trillion in direct annual spending. One reason, of course, is that Millennials represent the consumer market of the future. For this report, we define Millennials as people now 18 to 34 years old. 1 Notes: 1 The Millennial generation is defined in different ways. Millennials-the generation of people now 18 to 34 years old-will be critical to companies across product and service categories. The CEO’s Dilemma: Business Resilience in a Time of UncertaintyĬompanies: you should already be ready.Technology, Media, and Telecommunications. ![]()
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