In the next decade and beyond, the impact of the generational shift in small to medium-size businesses will be both significant and challenging. As the last remaining Traditionalists and Baby Boomers retire, many ways of how we do business and innovate will change. It is essential to be aware of these challenges and plan how you can sustain and grow your business by realigning and modernizing it ahead of time.
Millennials are fast becoming the primary force in the economy. For some brands, they are the only force to be reckoned with.
In front of our eyes, the relationship that brands previously had with their intended consumers is transforming. The bottom line is that as marketers, we either adapt our brands or they will potentially fail.
Millennials believe that due to their use of technology, their generation is unique. Technology has connected them to brands like no generation before, and as a result, they have a stronger relationship with the brands they choose to engage with. This is in large part due to their access to manufacturers websites, the user experience they provide and connecting with brands on a weekly basis through their social media feeds.
Over the past decade, there has been a dramatic shift in the retail business as Millennials have taken over financial control from the Boomers. Digital technology has become more pervasive in modern culture, smartphones have become a global standard, and social media can communicate with the market unlike any previous advertising method was able to do before.
Some of the world’s biggest brands have either disappeared (as in large retail outlets such as Sears) or downsized to sustain their businesses. This evolution will endure as the internet continues to dominate and e-commerce sales are increasingly putting pressure on brick and mortar stores.
As crucial as engaging effectively with the Millennial shopper online is, alone it is not a guarantee of survival.
The key to the survival of a brand is to ensure it stays relevant and can evolve as tastes and preferences change. Strategic brand discipline is more important now than ever before. That is where Y5 Creative can help. Give us a call to discuss the many possibilities for keeping your brand strong, relevant and successful.
See what a few successful Millennials have to say…
Understanding millennials isn’t just about understanding young people, it’s about understanding the future. The values of this generation and the things they want from brands are not going to disappear from this generation as we age and in fact, they will become the values of the generations that follow millennials.
– David D. Burstein, Author of “Fast Future: How the Millennial Generation is Shaping Our World”
What has worked in the past is not going to work in the present or the future. Millennials don’t connect with businesses or brands in the same ways as their parents and grandparents. A brilliant advertising campaign, when executed across traditional channels like print and television, won’t reach the typical modern millennial. To make a lasting impact, businesses must permeate the millennial consumer’s social and cultural bubble. Marketing for millennials must be innovative, provocative and potentially viral.
– Alisha Self, Product Manager Thismoment Inc.
Companies have to be “cool” and talk about how their product will help a millennial be better or different. They need to focus on what is unique about their brand because millennials do not want to be the same as everyone else.
– Justin Orlick, Chief Creative Officer Mojo-Fashions
We need to realize that millennials will reshape markets in their image within the next 10 years. We would also be wise to understand that they are very different consumers than their parents.
– Carson Ward, Online Marketing Manager Clearlink
As business changes hands from generation to generation it is important to understand trends.
– Richard J. Lopez, Events Program Manager
Call Y5 at 778-379-2177 or contact us to chat about new branding for your business and why working with us can help you reach your goals.