The Evolving Role of Brands for the Millenial Generation

Edelman 8095®, named for 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 4,000 Millennials in 11 countries

AUSTRALIA

INDIA

BRAZIL

TURKEY

CANADA

UAE

CHINA

UK

FRANCE

US

MILLENNIALS HAVE BEEN SHAPED

BY THE GLOBAL RECESSION They are growing up, and so too are their views of success. Coming of age in the global recession has closed many traditional paths to success, forcing them to push back typical stages of adulthood, but has also created a new breed of entrepreneurs.

OF MILLENNIALS SAY THAT OWNING THEIR OWN BUSINESS IS A TOP LIFE GOAL

GERMANY

WHY MILLENNIALS MATTER TO MARKETERS BIG:

The largest generation alive today – 1.8 billion globally

INFLUENTIAL:

Impact purchase decisions of peers & parents and will outpace Boomer earnings by 2018

UNIQUE:

The first inherently digital generation that does not know a world without the Internet or smartphones

FRIENDS OF BRANDS Millennials are surprisingly open to brand engagement and advertising, but only if brands have the right approach.

8 IN 10 MILLENNIALS EXPECT BRANDS TO ENTERTAIN THEM. HOW DO THEY WANT TO BE ENTERTAINED?

MILLENNIALS ARE ALPHA-INFLUENCERS With many Millennials entering parenthood and building careers – their sphere of influence continues to expand – 74% believe they influence the purchase decisions of those around them. And they expect a two-way dialogue:

7 IN 10 MILLENNIALS THINK IT’S THEIR RESPONSIBILITY TO SHARE FEEDBACK WITH COMPANIES AFTER A GOOD OR BAD EXPERIENCE WITH THEM. 90%

90%

82%

81%

INDIA

CHINA

BRAZIL

UAE

75%

72%

67%

66%

US

UK

TURKEY

GLOBAL AVERAGE

64%

61%

59%

57%

AUSTRALIA

FRANCE

GERMANY

CANADA

40%

ALLOW ME TO CO-CREATE YOUR PRODUCTS

33%

ANSWER MY QUESTIONS/ COMMENTS IN REAL TIME IN SOCIAL MEDIA

21%

CONNECT ME TO OTHER FANS OF THE BRAND/COMPANY

32%

SPONSOR ENTERTAINING EVENTS

20%

I DON’T EXPECT BRANDS/ COMPANIES TO ENTERTAIN ME

31%

CREATE ONLINE CONTENT SUCH AS VIDEOS, PHOTOS, GAMES AND BLOGS

19%

PARTNER WITH A CELEBRITY OR PUBLIC FIGURE I ADMIRE

WHAT THIS MEANS FOR 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.

The oldest are 33, the youngest 18. They are not the next frontier, they are the here and now generation with spending power, careers and families. As the world’s top alpha-influencers, every company needs to see Millennials as influencers for the purchase of their products or services.

And we mean EVERY company.

SHIFT AWAY FROM TRADITIONAL SEGMENTATION.

Wake up, people! The world has changed.

“Minority” births now outnumber Caucasian births in the U.S. and the world is more diverse than ever before. Gender lines are being blurred, and more men are taking over traditional female roles, and vice versa. It’s time to lessen the focus on gender and other specifics and think about messages that appeal to the blurring of the masses.

ENGAGE MILLENNIALS IN SURROUND SOUND.

While inherently digital and dominant in social media, they crave face-to-face engagement and in-real-life (IRL) experiences. To successfully engage them, you need to reach them from all sides, and make sure your brand story is being told in many of the sources of information they use to make brand purchase decisions.

•

•

•

IT’S NOT YOUR BRAND ANYMORE.

It belongs to your customers. Marketers must be willing to give up some brand control. Millennials want to co-create with you, and have two-way dialogue 24/7/365.

Be agile, collaborative and prepared to support the Action Consumers promoting your brands.

EXPERIENCES OVER STUFF.

Focus on how your product or service enables life experiences. Millennials want to buy into new ideas and be able to share those ideas and experiences with friends and family. Be social, and enable social experiences.

HELP MILLENNIALS BECOME AN EXPERT ON YOUR BRAND, PURPOSE AND STORY. Millennials have a strong desire to share and learn from each other. They want brands to entertain them. Share your back-story, your history, the reasons why you make the products you make or deliver the service you deliver. It’s not enough for brands to be great storytellers.

You need to enable your consumers to be powerful storytellers on your behalf. Be authentic, transparent and communicate your larger purpose.

•

“SMART AND FUNNY IS THE NEW ROCK AND ROLL.”

This quote from Nick Shore at MTV summarizes an approach more marketers need to take. When we asked Millennials what brands need to do to capture their attention, their #1 answer – use humor.

While business is often serious, you don’t always need to take your message so seriously. Find opportunities to be humble and witty.